Three-Family Triplex with Separate
For Sale
$679,000
21 James Street, New Bedford, MA 02740
Vacant three-unit property with a recently replaced roof and three gas-fired boilers.
Property Size3,408 SF
Price / SF$199.24
Days on Market177
Property Features for 21 James Street
General Information
Standard status
Active
Size
3,408 SF
Property subtype
Multi-family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic repairs
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
Lanagan & Co
Listed By:
Jason P. Lanagan
(781) 878-2478
Source:
Trufantre
Added: Mar 7
Changed: Aug 29
Last Checked: Aug 30 at 6:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lanagan & Co
Investment Insights
Based on property information with market context.
Built in 1910, this 3,408-square-foot triplex contains three residential units within a period-style property at 21 James Street. The building is currently vacant and includes separate utilities for each unit. Recent capital improvements include a replacement roof and the installation of three gas-fired boilers.
The property occupies the corner of Maple Street and James Street in New Bedford’s West End, a few blocks from Buttonwood Park and Downtown New Bedford. The third floor includes a large area requiring completion for additional living space, while remaining work is primarily cosmetic. The property is being delivered without tenants, providing a clear starting point for renovation and leasing plans.
The property occupies the corner of Maple Street and James Street in New Bedford’s West End, a few blocks from Buttonwood Park and Downtown New Bedford. The third floor includes a large area requiring completion for additional living space, while remaining work is primarily cosmetic. The property is being delivered without tenants, providing a clear starting point for renovation and leasing plans.
Key Highlights
- 3‑family triplex with 3,408 SF
- Built in 1910
- Separate utilities for all units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,988
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$979,760
$979.8K
Cap Rate 7%
$699,829
$699.8K
Cap Rate 9%
$544,311
$544.3K
Market Conditions
NOI Build-Up for 3,408 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.7K $22.20/SF
− Vacancy
−$5.7K −$1.67/SF
EGI
$70.0K $20.54/SF
− OpEx
−$21.0K −$6.16/SF
NOI
$49.0K $14.37/SF
Area
New Bedford, MA
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$979,760
Cap Rate 7%
$699,829
Cap Rate 9%
$544,311
Alternative Uses
Best Use
Multifamily LT 5
$699.8K
$612.4K – $816.5K
NOI $48,988 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$642.5K
$562.2K – $749.6K
NOI $44,974 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.00M
$879.3K – $1.17M
NOI $70,341 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 02740, MA
45,166
Population
20,532
Households
2.2
Avg Household Size
39
Median Age
18%
College-Educated
77%
High-School Grad
5.7 sq mi
ZIP Area
7,924
Density / Sq Mi
$54,563
Median Household Income
$39,310
Median Earnings
$1,052
Median Rent
$303,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Vacant three-unit property with a recently replaced roof and three gas-fired boilers.
Where is this triplex located?
The property is located at 21 James Street New Bedford, MA.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: 3‑family triplex with 3,408 SF; Built in 1910; Separate utilities for all units
