Two-Unit Property with
For Sale
$599,900
228-230 Mt Pleasant Street, New Bedford, MA 02746
Corner-lot duplex with enclosed sunrooms, a fenced yard, and full basement access for laundry and storage.
Property Size3,490 SF
Price / SF$171.89
Days on Market195
Property Features for 228-230 Mt Pleasant Street
General Information
Standard status
Active
Size
3,490 SF
Total Parking Spaces
5
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
RB
Net Operating Income
$45,600
Taxes and HOA fees
Annual Taxes
$6,111
Amenities
No
Hardwood
2.0
Full, Walk Out, Interior Access, Concrete Floor, Unfinished Basement
2
2.00
Fenced/Enclosed, Fenced
Frame
Shingle
Corner Lot
Fenced Yard, Porch, Porch - Enclosed
Porch, Enclosed
Building Details
Year Built
1915
Listing Agency:
RE/MAX Vantage
(508) 999-4424
Listed By:
Melisa Gagne · License #9551506
(508) 999-4424
Source:
Compass
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 10:20PM
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 RE/MAX Vantage
Investment Insights
Based on property information with market context.
Located at 228-230 Mt Pleasant Street in New Bedford, this 1915 duplex contains two three-bedroom residences. The property has a frame exterior with vinyl siding, enclosed sunrooms serving both units, hardwood flooring, and cast-iron baseboards. The second-floor apartment has an updated interior, including a recently renovated bathroom, while the upper residence also connects to a cottage-style third-floor area that can provide storage or additional living space.
Exterior amenities include a two-car garage, driveway parking for 3+ vehicles, a fenced yard, and an enclosed front porch. The full basement has laundry facilities, a concrete floor, and both interior and driveway access. Kitchen appliances on both floors are included. The front porch was redone and the roof was replaced in 2016. The second- and third-floor areas will be delivered vacant at closing, and the property is identified as FHA and VA friendly.
Exterior amenities include a two-car garage, driveway parking for 3+ vehicles, a fenced yard, and an enclosed front porch. The full basement has laundry facilities, a concrete floor, and both interior and driveway access. Kitchen appliances on both floors are included. The front porch was redone and the roof was replaced in 2016. The second- and third-floor areas will be delivered vacant at closing, and the property is identified as FHA and VA friendly.
Key Highlights
- Two‑unit property with 3 bedrooms in each residence
- Two‑car garage plus driveway parking for 3+ vehicles
- Second- and third‑floor areas delivered vacant at closing
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
$50,167
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
8.36%
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%
$1,003,340
$1.0M
Cap Rate 7%
$716,671
$716.7K
Cap Rate 9%
$557,411
$557.4K
Market Conditions
NOI Build-Up for 3,490 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
$77.5K $22.20/SF
− Vacancy
−$5.8K −$1.67/SF
EGI
$71.7K $20.54/SF
− OpEx
−$21.5K −$6.16/SF
NOI
$50.2K $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%
$1,003,340
Cap Rate 7%
$716,671
Cap Rate 9%
$557,411
Alternative Uses
Best Use
Multifamily LT 5
$716.7K
$627.1K – $836.1K
NOI $50,167 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$657.9K
$575.7K – $767.6K
NOI $46,056 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$1.03M
$900.4K – $1.20M
NOI $72,034 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 02746, MA
17,355
Population
7,640
Households
2.3
Avg Household Size
33
Median Age
10%
College-Educated
67%
High-School Grad
2.8 sq mi
ZIP Area
6,198
Density / Sq Mi
$41,023
Median Household Income
$33,472
Median Earnings
$1,100
Median Rent
$324,400
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 - Corner-lot duplex with enclosed sunrooms, a fenced yard, and full basement access for laundry and storage.
Where is this duplex located?
The property is located at 228-230 Mt Pleasant Street New Bedford, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit property with 3 bedrooms in each residence; Two‑car garage plus driveway parking for 3+ vehicles; Second- and third‑floor areas delivered vacant at closing
