Two-Unit Property with
New
For Sale
$495,000
22 Third St, Attleboro, MA 02703
Flexible duplex configuration combines a primary residence with a separate second-floor efficiency apartment.
Property Size1,945 SF
Price / SF$254.50
Days on Market4
Property Features for 22 Third St
General Information
Standard status
Active
Size
1,945 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
R1
Taxes and HOA fees
Annual Taxes
$6,204
Building Details
Building Size
1,945 SF
Year Built
1900
Stories
4
Listing Agency:
The Mello Group, Inc.
(401) 644-6704
Listed By:
Tina Hartley · License #29796
Source:
Insightrealtygroup
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 4:05AM
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 The Mello Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1900, this duplex-style property pairs a multi-bedroom main residence with a separate efficiency apartment on the second floor. The primary home includes a family room with beamed ceilings and a wood-burning fireplace, along with a formal dining room, eat-in kitchen, first-floor bedroom, and full bath. Two additional bedrooms, an office or den, and another full bath are located upstairs. The apartment has its own kitchen, full bath, and bedroom-living area.
An oversized one-car garage and driveway provide on-site parking and storage. The property is zoned R1 and is located at 22 Third St in Attleboro, within walking distance of schools, train service, downtown, parks, shopping, restaurants, and local amenities. The layout supports use as a two-family property while retaining the room arrangement of the main residence.
An oversized one-car garage and driveway provide on-site parking and storage. The property is zoned R1 and is located at 22 Third St in Attleboro, within walking distance of schools, train service, downtown, parks, shopping, restaurants, and local amenities. The layout supports use as a two-family property while retaining the room arrangement of the main residence.
Key Highlights
- Two‑family layout with a separate second‑floor efficiency apartment
- Main residence includes 3 bedrooms, office/den, and 2 full baths
- Family room with beamed ceilings and wood‑burning fireplace
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
$34,759
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
7.02%
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%
$695,180
$695.2K
Cap Rate 7%
$496,557
$496.6K
Cap Rate 9%
$386,211
$386.2K
Market Conditions
NOI Build-Up for 1,945 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
$53.7K $27.60/SF
− Vacancy
−$4.0K −$2.07/SF
EGI
$49.7K $25.53/SF
− OpEx
−$14.9K −$7.66/SF
NOI
$34.8K $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%
$695,180
Cap Rate 7%
$496,557
Cap Rate 9%
$386,211
Alternative Uses
Best Use
Multifamily LT 5
$496.6K
$434.5K – $579.3K
NOI $34,759 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$461.5K
$403.8K – $538.4K
NOI $32,303 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,913 @ 7.0% cap · market cap 16.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
Business Placement
Demographics for 02703, MA
46,389
Population
19,014
Households
2.4
Avg Household Size
42
Median Age
34%
College-Educated
90%
High-School Grad
26.8 sq mi
ZIP Area
1,731
Density / Sq Mi
$93,352
Median Household Income
$51,637
Median Earnings
$1,446
Median Rent
$409,400
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?
Duplex - Flexible duplex configuration combines a primary residence with a separate second-floor efficiency apartment.
Where is this duplex located?
The property is located at 22 Third St Attleboro, MA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑family layout with a separate second‑floor efficiency apartment; Main residence includes 3 bedrooms, office/den, and 2 full baths; Family room with beamed ceilings and wood‑burning fireplace
