6-Unit Apartment
New
For Sale
$975,000
229 Tripp St, Fall River, MA 02724
Three-story property with two-bedroom residences, assigned off-street parking, and a fenced yard.
Property Size4,968 SF
Lot Size0.14 Acres
Price / SF$196.26
Days on Market3
Property Features for 229 Tripp St
General Information
Standard status
Active
Size
4,968 SF
Total Parking Spaces
6
Lot size
0.14 Acres
Property subtype
Investment
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$86,000
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$9,354
Building Details
Building Size
4,968 SF
Year Built
1900
Buildings
1
Stories
5
Units
6
Listing Agency:
(508) 951-6600
Listed By:
Mario Pereira
(508) 951-6600
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 11:07AM
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 Mario Pereira
Investment Insights
Based on property information with market context.
Built in 1900, this fully occupied three-story apartment property contains six two-bedroom residences and 4968 square feet of living space on a .14 acre lot. The building includes six assigned off-street parking spaces and a fenced yard. Separate electric and gas meters serve the units, and lead paint certificates are in place.
Updates completed since 2019 include remodeled bathrooms, new flooring, and new appliances. Unit 3S has a new heating/cooling split system. The current occupancy profile includes one unit on a lease, with the remaining units occupied on a TAW basis.
Located at 229 Tripp St in Fall River’s South End, the property offers highway access and is a short drive from Fall River Depot Station (MBTA).
Updates completed since 2019 include remodeled bathrooms, new flooring, and new appliances. Unit 3S has a new heating/cooling split system. The current occupancy profile includes one unit on a lease, with the remaining units occupied on a TAW basis.
Located at 229 Tripp St in Fall River’s South End, the property offers highway access and is a short drive from Fall River Depot Station (MBTA).
Key Highlights
- Six fully occupied two‑bedroom units in a three‑story building
- 4968 square feet of living space on a .14 acre lot
- Six assigned off‑street parking spaces and a fenced yard
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
$82,510
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
8.46%
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%
$1,650,200
$1.7M
Cap Rate 7%
$1,178,714
$1.2M
Cap Rate 9%
$916,778
$916.8K
Market Conditions
NOI Build-Up for 4,968 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
$161.0K $32.40/SF
− Vacancy
−$10.9K −$2.20/SF
EGI
$150.0K $30.20/SF
− OpEx
−$67.5K −$13.59/SF
NOI
$82.5K $16.61/SF
Area
Bristol County, MA
Vacancy
6.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,650,200
Cap Rate 7%
$1,178,714
Cap Rate 9%
$916,778
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,510 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.53M
NOI $211,780 @ 7.0% cap · market cap 21.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
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?
Apartment building - Three-story property with two-bedroom residences, assigned off-street parking, and a fenced yard.
Where is this apartment building located?
The property is located at 229 Tripp St Fall River, MA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six fully occupied two‑bedroom units in a three‑story building; 4968 square feet of living space on a .14 acre lot; Six assigned off‑street parking spaces and a fenced yard
