Renovated Duplex with In-Law
New
For Sale
$730,000
247 Pitman St, Fall River, MA 02723
Fully updated two-unit property with modern kitchens, upgraded systems, and flexible auxiliary living space.
Property Size3,000 SF
Price / SF$243.33
Days on Market6
Property Features for 247 Pitman St
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Residential Income
Net Operating Income
$30,000
Taxes and HOA fees
Annual Taxes
$7,406
Amenities
landscaped backyard
front porch
rear deck
Building Details
Building Size
3,000 SF
Year Built
1925
Stories
3
Listing Agency:
Pina & Savage Realty Inc.
Listed By:
Yvonne M Pina
(508) 930-4625
Source:
Laerrealty
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 4:40AM
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 Pina & Savage Realty Inc.
Investment Insights
Based on property information with market context.
Built in 1925, this duplex has been comprehensively rebuilt with updated roofing, siding, windows, doors, electrical, plumbing, heating, central A/C, insulation, flooring, and lighting. Lead certifications are in place. Both units offer refreshed interiors, contemporary kitchens with new cabinetry, quartz islands, and stainless-steel appliances, along with renovated bathrooms featuring tile floors, glass-enclosed showers, and modern vanities.
Unit 1 includes an additional in-law suite reached by spiral staircase, with a separate walk-out to the backyard. The property also includes a landscaped rear yard, front porch, and rear deck. Located at 247 Pitman St in Fall River, Massachusetts, the property combines two-unit residential income use with adaptable space for guests, family, or a private office.
Unit 1 includes an additional in-law suite reached by spiral staircase, with a separate walk-out to the backyard. The property also includes a landscaped rear yard, front porch, and rear deck. Located at 247 Pitman St in Fall River, Massachusetts, the property combines two-unit residential income use with adaptable space for guests, family, or a private office.
Key Highlights
- Duplex at 247 Pitman St, Fall River, MA 02723
- Comprehensive renovation includes roof, siding, windows, electrical, plumbing, heating, central A/C, and insulation
- Both units feature updated kitchens with quartz islands and stainless‑steel appliances
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
$53,613
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
7.34%
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%
$1,072,260
$1.1M
Cap Rate 7%
$765,900
$765.9K
Cap Rate 9%
$595,700
$595.7K
Market Conditions
NOI Build-Up for 3,000 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
$82.8K $27.60/SF
− Vacancy
−$6.2K −$2.07/SF
EGI
$76.6K $25.53/SF
− OpEx
−$23.0K −$7.66/SF
NOI
$53.6K $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%
$1,072,260
Cap Rate 7%
$765,900
Cap Rate 9%
$595,700
Alternative Uses
Best Use
Multifamily LT 5
$765.9K
$670.2K – $893.6K
NOI $53,613 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$711.8K
$622.8K – $830.4K
NOI $49,825 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,886 @ 7.0% cap · market cap 17.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 02723, MA
16,084
Population
7,976
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
10,053
Density / Sq Mi
$41,789
Median Household Income
$40,140
Median Earnings
$1,058
Median Rent
$312,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully updated two-unit property with modern kitchens, upgraded systems, and flexible auxiliary living space.
Where is this duplex located?
The property is located at 247 Pitman St Fall River, MA.
What is the asking price?
The asking price for this property is $730,000.
What are key features of this property?
This property features: Duplex at 247 Pitman St, Fall River, MA 02723; Comprehensive renovation includes roof, siding, windows, electrical, plumbing, heating, central A/C, and insulation; Both units feature updated kitchens with quartz islands and stainless‑steel appliances
