Renovated Three-Unit
For Sale
$695,000
283 Pleasant St, New Bedford, MA 02740
Three-bedroom apartments, updated interiors, off-street parking, and a detached garage support flexible multifamily use.
Property Size3,919 SF
Price / SF$177.34
Days on Market11
Property Features for 283 Pleasant St
General Information
Standard status
Active
Size
3,919 SF
Property subtype
3 Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Amenities
off-street parking
1-car garage
Building Details
Building Size
3,919 SF
Year Built
1871
Listing Agency:
RE/MAX Vantage
(508) 951-4104
Listed By:
Team ROSO · License #452508574
(508) 951-4104
Source:
Iverty
Added: Aug 2
Changed: Aug 11
Last Checked: Aug 11 at 6:15AM
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 RE/MAX Vantage
Investment Insights
Based on property information with market context.
This 3,919-square-foot triplex, built in 1871, contains three three-bedroom apartments. The first- and second-floor units have renovated interiors with updated finishes, while the second-floor apartment includes two full bathrooms. Off-street parking and a detached one-car garage add practical amenities for residents and ownership use.
The property is located at 283 Pleasant St in New Bedford, near Historic Downtown, the waterfront, restaurants, shopping, public transportation, commuter rail, and major highways. Its three-unit configuration offers a choice of multifamily ownership or an owner-occupied arrangement, subject to the buyer’s intended use.
The property is located at 283 Pleasant St in New Bedford, near Historic Downtown, the waterfront, restaurants, shopping, public transportation, commuter rail, and major highways. Its three-unit configuration offers a choice of multifamily ownership or an owner-occupied arrangement, subject to the buyer’s intended use.
Key Highlights
- Three three‑bedroom apartments in a triplex configuration
- 3,919 square feet; built in 1871
- First- and second‑floor apartments feature renovated interiors and updated finishes
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
$56,334
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
8.11%
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%
$1,126,680
$1.1M
Cap Rate 7%
$804,771
$804.8K
Cap Rate 9%
$625,933
$625.9K
Market Conditions
NOI Build-Up for 3,919 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
$87.0K $22.20/SF
− Vacancy
−$6.5K −$1.67/SF
EGI
$80.5K $20.54/SF
− OpEx
−$24.1K −$6.16/SF
NOI
$56.3K $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%
$1,126,680
Cap Rate 7%
$804,771
Cap Rate 9%
$625,933
Alternative Uses
Best Use
Multifamily LT 5
$804.8K
$704.2K – $938.9K
NOI $56,334 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$738.8K
$646.5K – $862.0K
NOI $51,718 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,888 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,956
Businesses Nearby
Explore this area
Business Placement
Demographics for 02740, MA
45,166
Population
20,532
Households
2.2
Avg Household Size
39
Median Age
18%
College-Educated
77%
High-School Grad
5.7 sq mi
ZIP Area
7,924
Density / Sq Mi
$54,563
Median Household Income
$39,310
Median Earnings
$1,052
Median Rent
$303,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-bedroom apartments, updated interiors, off-street parking, and a detached garage support flexible multifamily use.
Where is this triplex located?
The property is located at 283 Pleasant St New Bedford, MA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Three three‑bedroom apartments in a triplex configuration; 3,919 square feet; built in 1871; First- and second‑floor apartments feature renovated interiors and updated finishes
