Building Details

Building Size 3,452 SF

Year Built 1883

Buildings 1

Stories 4

Listing Agency: Roberts Associates Real Estate Show Phone

Listed By: Brendan Roberts Show Phone

Source: Churchillprop

Added: Jun 8 Changed: Oct 6 Last Checked: Oct 14 at 9:40PM

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Investment Insights

Based on property information with market context.

Built in 1883, this historic residence is configured as a four-family property on a corner lot. The first-floor unit provides approximately 1,800 square feet of living space, including a spacious kitchen, formal dining room, living room with leaded glass details, two bedrooms, and two full bathrooms. Original architectural features add character to the owner's residence or restoration project.

The property includes a detached two-car garage and ample off-street parking, with additional outdoor space that could accommodate a future patio. Located at 216 Prospect St in Fall River, Massachusetts, the property is zoned A-2 and offers a residential configuration suited to multifamily ownership or a potential return to single-family use.

Key Highlights

• Four‑family residence configured on a corner lot
• First‑floor unit offers approximately 1,800 square feet with two bedrooms and two full bathrooms
• Detached two‑car garage and ample off‑street parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$61,691

Cap Rate

6.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,233,820 $1.2M

Cap Rate 7%

$881,300 $881.3K

Cap Rate 9%

$685,456 $685.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,452 SF

Gross rent

$95.3K $27.60/SF

− Vacancy

−$7.1K −$2.07/SF

EGI

$88.1K $25.53/SF

− OpEx

−$26.4K −$7.66/SF

NOI

$61.7K $17.87/SF

Area

Bristol County, MA

Vacancy

7.50%

Lease Rate

$27.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,233,820

Cap Rate 7%

$881,300

Cap Rate 9%

$685,456

Alternative Uses

Best Use

Multifamily LT 5

$881.3K

$771.1K – $1.03M (±1% cap)

NOI $61,691 @ 7.0% cap · market cap 6.50%

Second Best

Apartment 5plus

$819.0K

$716.7K – $955.5K (±1% cap)

NOI $57,332 @ 7.0% cap · market cap 6.04%

Theoretical Best

Office A

$2.10M

$1.84M – $2.45M (±1% cap)

NOI $147,155 @ 7.0% cap · market cap 15.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Locksmith Pet Grooming Service Garden Center Tattoo & Piercing Shop Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

2,213

Businesses Nearby

Explore this area Business Placement

Demographics for 02720, MA

31,209

Population

14,940

Households

2.1

Avg Household Size

41

Median Age

21%

College-Educated

81%

High-School Grad

13.2 sq mi

ZIP Area

2,364

Density / Sq Mi

$62,907

Median Household Income

$45,199

Median Earnings

$1,177

Median Rent

$361,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Corner-lot residence with a detached garage, off-street parking, and original architectural details.

Where is this quadplex located?

The property is located at 216 Prospect St Fall River, MA.

What is the asking price?

The asking price for this property is $949,000.

What are key features of this property?

This property features: Four‑family residence configured on a corner lot; First‑floor unit offers approximately 1,800 square feet with two bedrooms and two full bathrooms; Detached two‑car garage and ample off‑street parking