Remodeled Two-Family with
For Sale
$649,000
Pending
278 Division St, Fall River, MA 02721
Remodeled two-family home features a townhouse-style second unit with an enclosed sunporch and sliders, delivered vacant at closing.
Property Size2,727 SF
Days on Market121
Property Features for 278 Division St
General Information
Standard status
Pending
Size
2,727 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,778
Building Details
Building Size
2,727 SF
Year Built
1900
Listing Agency:
Lion Gate Real Estate, Inc.
Listed By:
Wendy Sampson
(508) 264-5538
Source:
Paulgrover
Added: May 11
Changed: Aug 8
Last Checked: Jul 26 at 2:06PM
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 Lion Gate Real Estate, Inc.
Investment Insights
Based on property information with market context.
This beautifully remodeled two-family property offers well-sized, flexible living arrangements with significant recent upgrades. The first-floor unit includes three bedrooms and is currently occupied. The expansive townhouse-style second unit features an enclosed sunporch with sliders, two bedrooms on the main level, a large upper-level bedroom with two bonus rooms, and two full bathrooms. The second unit will be delivered vacant at closing.
Additional major updates include a roof replacement in 2016, all new electrical and all new plumbing, and a tankless heating system. The property has fully remodeled interiors and four full bathrooms throughout. There is also additional lower-level space that can add further flexibility.
The home is conveniently located near highways, shopping, restaurants, and waterfront attractions.
Additional major updates include a roof replacement in 2016, all new electrical and all new plumbing, and a tankless heating system. The property has fully remodeled interiors and four full bathrooms throughout. There is also additional lower-level space that can add further flexibility.
The home is conveniently located near highways, shopping, restaurants, and waterfront attractions.
Key Highlights
- Remodeled two‑family home with a first‑floor unit (3 bedrooms) currently occupied
- Townhouse‑style second unit with an enclosed sunporch with sliders; includes 2 bedrooms on the main level and a large upper‑level bedroom plus 2 bonus rooms
- Second unit 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
$48,734
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
7.51%
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%
$974,680
$974.7K
Cap Rate 7%
$696,200
$696.2K
Cap Rate 9%
$541,489
$541.5K
Market Conditions
NOI Build-Up for 2,727 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
$75.3K $27.60/SF
− Vacancy
−$5.6K −$2.07/SF
EGI
$69.6K $25.53/SF
− OpEx
−$20.9K −$7.66/SF
NOI
$48.7K $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%
$974,680
Cap Rate 7%
$696,200
Cap Rate 9%
$541,489
Alternative Uses
Best Use
Multifamily LT 5
$696.2K
$609.2K – $812.2K
NOI $48,734 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$647.0K
$566.1K – $754.9K
NOI $45,291 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,249 @ 7.0% cap · market cap 17.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,306
Businesses Nearby
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
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 - Remodeled two-family home features a townhouse-style second unit with an enclosed sunporch and sliders, delivered vacant at closing.
Where is this duplex located?
The property is located at 278 Division St Fall River, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Remodeled two‑family home with a first‑floor unit (3 bedrooms) currently occupied; Townhouse‑style second unit with an enclosed sunporch with sliders; includes 2 bedrooms on the main level and a large upper‑level bedroom plus 2 bonus rooms; Second unit delivered vacant at closing
