Two-Unit Duplex with
For Sale
$479,900
24 Belleville Rd, New Bedford, MA 02745
Fully vacant property includes a two-bedroom first-floor unit and a three-bedroom townhouse-style upper unit.
Property Size2,700 SF
Price / SF$177.74
Days on Market8
Property Features for 24 Belleville Rd
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
RC
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,945
Building Details
Building Size
2,700 SF
Year Built
1908
Stories
3
Listing Agency:
Redlon Realty LLC
(508) 440-6100
Listed By:
Adam J Walorz · License #9570473
Source:
Laerrealty
Added: Aug 13
Changed: Aug 17
Last Checked: Aug 20 at 4:35AM
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 Redlon Realty LLC
Investment Insights
Based on property information with market context.
This 2,700-square-foot duplex, built in 1908, contains two separate residential units. The first floor offers two bedrooms, while the upper residence is a three-bedroom townhouse-style layout. Both units are vacant and include appliances. Additional features include a finished basement room, a storage shed, and a vinyl-sided exterior.
The property includes a rear off-street parking area with a driveway. Its RC zoning and two-unit configuration support continued residential use, while the vacant delivery allows an owner occupant or investor to take possession without an existing tenancy in place.
The property includes a rear off-street parking area with a driveway. Its RC zoning and two-unit configuration support continued residential use, while the vacant delivery allows an owner occupant or investor to take possession without an existing tenancy in place.
Key Highlights
- Two‑unit duplex with 2,700 square feet
- First‑floor 2‑bedroom unit and second‑floor 3‑bedroom townhouse unit
- Both units delivered fully vacant
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
$38,811
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
8.09%
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%
$776,220
$776.2K
Cap Rate 7%
$554,443
$554.4K
Cap Rate 9%
$431,233
$431.2K
Market Conditions
NOI Build-Up for 2,700 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
$59.9K $22.20/SF
− Vacancy
−$4.5K −$1.67/SF
EGI
$55.4K $20.54/SF
− OpEx
−$16.6K −$6.16/SF
NOI
$38.8K $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%
$776,220
Cap Rate 7%
$554,443
Cap Rate 9%
$431,233
Alternative Uses
Best Use
Multifamily LT 5
$554.4K
$485.1K – $646.9K
NOI $38,811 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$509.0K
$445.4K – $593.9K
NOI $35,631 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$796.1K
$696.6K – $928.8K
NOI $55,728 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 02745, MA
25,336
Population
10,649
Households
2.4
Avg Household Size
41
Median Age
20%
College-Educated
83%
High-School Grad
9.8 sq mi
ZIP Area
2,585
Density / Sq Mi
$73,154
Median Household Income
$46,978
Median Earnings
$1,104
Median Rent
$339,600
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 - Fully vacant property includes a two-bedroom first-floor unit and a three-bedroom townhouse-style upper unit.
Where is this duplex located?
The property is located at 24 Belleville Rd New Bedford, MA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,700 square feet; First‑floor 2‑bedroom unit and second‑floor 3‑bedroom townhouse unit; Both units delivered fully vacant
