Duplex with
For Sale
$500,000
23 Rodney St, New Bedford, MA 02744
Two residential units each include a sunroom, providing flexible space for occupants and separate living arrangements.
Property Size1,743 SF
Days on Market11
Property Features for 23 Rodney St
General Information
Standard status
Active
Size
1,743 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,181
Building Details
Building Size
1,743 SF
Year Built
1904
Buildings
1
Listing Agency:
Freedom Realty Group LLC
Listed By:
Bonnie Braun · License #9629011
(774) 361-2794
Source:
Allisonmazer
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 4 at 1:10PM
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 Freedom Realty Group LLC
Investment Insights
Based on property information with market context.
This two-family residential property contains 1,743 SF and was built in 1904. Each unit includes its own sunroom, adding dedicated space with natural light to both residences. The configuration supports owner occupancy, rental use, or generational living.
Located at 23 Rodney St in New Bedford, the property is near Fort Tabor and coastal amenities. The property is zoned RB.
Located at 23 Rodney St in New Bedford, the property is near Fort Tabor and coastal amenities. The property is zoned RB.
Key Highlights
- Two‑family property with two residential units
- Each unit includes a separate sunroom
- 1,743 SF property built in 1904
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
$25,055
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
5.01%
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%
$501,100
$501.1K
Cap Rate 7%
$357,929
$357.9K
Cap Rate 9%
$278,389
$278.4K
Market Conditions
NOI Build-Up for 1,743 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
$38.7K $22.20/SF
− Vacancy
−$2.9K −$1.67/SF
EGI
$35.8K $20.54/SF
− OpEx
−$10.7K −$6.16/SF
NOI
$25.1K $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%
$501,100
Cap Rate 7%
$357,929
Cap Rate 9%
$278,389
Alternative Uses
Best Use
Multifamily LT 5
$357.9K
$313.2K – $417.6K
NOI $25,055 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$328.6K
$287.5K – $383.4K
NOI $23,002 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$513.9K
$449.7K – $599.6K
NOI $35,976 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Explore this area
Business Placement
Demographics for 02744, MA
13,055
Population
5,609
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
10,042
Density / Sq Mi
$54,841
Median Household Income
$36,799
Median Earnings
$1,133
Median Rent
$344,800
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?
Duplex - Two residential units each include a sunroom, providing flexible space for occupants and separate living arrangements.
Where is this duplex located?
The property is located at 23 Rodney St New Bedford, MA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑family property with two residential units; Each unit includes a separate sunroom; 1,743 SF property built in 1904
