Historic Four-Family
For Sale
$949,000
216 Prospect St, Fall River, MA 02720
Corner-lot residence with a detached garage, off-street parking, and original architectural details.
Property Size3,452 SF
Price / SF$274.91
Days on Market85
Property Features for 216 Prospect St
General Information
Standard status
Active
Size
3,452 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
A-2
Net Operating Income
$57,600
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,798
Building Details
Building Size
3,452 SF
Year Built
1883
Buildings
1
Stories
4
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 8
Changed: Aug 31
Last Checked: Aug 31 at 2:06PM
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 REMAX Executive Realty
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.
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 = 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
$61,691
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
6.50%
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%
$1,233,820
$1.2M
Cap Rate 7%
$881,300
$881.3K
Cap Rate 9%
$685,456
$685.5K
Market Conditions
NOI Build-Up for 3,452 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
$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 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%
$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
NOI $61,691 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$819.0K
$716.7K – $955.5K
NOI $57,332 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,155 @ 7.0% cap · market cap 15.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
