Remodeled Four-Unit
New
For Sale
$649,000
224 Tripp Street, Fall River, MA 02724
Updated interiors and individually metered electric provide a practical multifamily configuration.
Property Size2,184 SF
Price / SF$297.16
Days on Market7
Property Features for 224 Tripp Street
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Residential Income
Zoning
IND
Net Operating Income
$64,800
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,228
Building Details
Building Size
2,184 SF
Year Built
1900
Buildings
1
Stories
4
Listing Agency:
eXp Realty LLC
(508) 990-7775
Listed By:
Mario J Pereira
Source:
Insightrealtygroup
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 12:34PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 2,184-square-foot quadplex contains four one-bedroom residences in a building constructed in 1900. Since 2020, each unit has received updates that include new flooring, kitchens, and bathrooms. Electric service is separately metered for each residence, supporting distinct utility tracking across the property.
The property also includes a sizable yard and is positioned near shopping, restaurants, schools, and major highway access. The zoning designation is IND. The third floor has been identified as an area with potential for additional living space, subject to buyer and buyer’s agent due diligence.
The property also includes a sizable yard and is positioned near shopping, restaurants, schools, and major highway access. The zoning designation is IND. The third floor has been identified as an area with potential for additional living space, subject to buyer and buyer’s agent due diligence.
Key Highlights
- Four one‑bedroom units in a quadplex configuration
- 2,184 square feet of total living space
- Units updated since 2020 with new flooring, kitchens, and bathrooms
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
$39,030
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
6.01%
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%
$780,600
$780.6K
Cap Rate 7%
$557,571
$557.6K
Cap Rate 9%
$433,667
$433.7K
Market Conditions
NOI Build-Up for 2,184 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
$60.3K $27.60/SF
− Vacancy
−$4.5K −$2.07/SF
EGI
$55.8K $25.53/SF
− OpEx
−$16.7K −$7.66/SF
NOI
$39.0K $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%
$780,600
Cap Rate 7%
$557,571
Cap Rate 9%
$433,667
Alternative Uses
Best Use
Multifamily LT 5
$557.6K
$487.9K – $650.5K
NOI $39,030 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$518.2K
$453.4K – $604.5K
NOI $36,272 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,101 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 02724, MA
18,050
Population
8,808
Households
2
Avg Household Size
38
Median Age
15%
College-Educated
76%
High-School Grad
1.8 sq mi
ZIP Area
10,028
Density / Sq Mi
$49,809
Median Household Income
$42,334
Median Earnings
$1,105
Median Rent
$368,300
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 - Updated interiors and individually metered electric provide a practical multifamily configuration.
Where is this quadplex located?
The property is located at 224 Tripp Street Fall River, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Four one‑bedroom units in a quadplex configuration; 2,184 square feet of total living space; Units updated since 2020 with new flooring, kitchens, and bathrooms
