Corner-Lot Three-Unit Multifamily
For Sale
$725,000
290 Mt Pleasant Street, New Bedford, MA 02746
Three residential units offer varied bedroom layouts, central heat in two apartments, and convenient access to schools and public transportation.
Property Size3,765 SF
Price / SF$192.56
Days on Market203
Property Features for 290 Mt Pleasant Street
General Information
Standard status
Active
Size
3,765 SF
Total Parking Spaces
2
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
RB
Units
Unit Mix
2 x 3BR, 1 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,650
Amenities
No
Hardwood
3.0
Full
Living Room, Dining Room, Kitchen
3
3.00
Frame
Level
Porch
Building Details
Year Built
1914
Listing Agency:
ERA The Castelo Group
Listed By:
Jose Castelo · License #87480
(508) 995-6291
Source:
Compass
Added: Feb 13
Changed: Aug 31
Last Checked: Aug 29 at 6:08PM
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 ERA The Castelo Group
Investment Insights
Based on property information with market context.
This 1914 frame triplex contains three residential units on a level corner lot in New Bedford. The first- and second-floor apartments each have three bedrooms, while the third-floor apartment provides two bedrooms. Interior features include hardwood flooring and separate living room, dining room, and kitchen areas. Central heat serves the first two units, and the property also includes porches and updated electrical service.
A new roof with 50-year shingles is supported by a 20-year workmanship guarantee. The property is situated near schools and public transportation, with access to local amenities and transit options. Zoning is RB, and the configuration supports either an owner-occupant arrangement or a multifamily investment strategy.
A new roof with 50-year shingles is supported by a 20-year workmanship guarantee. The property is situated near schools and public transportation, with access to local amenities and transit options. Zoning is RB, and the configuration supports either an owner-occupant arrangement or a multifamily investment strategy.
Key Highlights
- Three‑unit property with 3 bedrooms in each of the first 2 units and 2 bedrooms on the third floor
- New roof with 50 yr shingle and 20 year workmanship guarantee
- Updated electrical service and central heat in the first and second units
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
$54,120
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
7.46%
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%
$1,082,400
$1.1M
Cap Rate 7%
$773,143
$773.1K
Cap Rate 9%
$601,333
$601.3K
Market Conditions
NOI Build-Up for 3,765 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
$83.6K $22.20/SF
− Vacancy
−$6.3K −$1.67/SF
EGI
$77.3K $20.54/SF
− OpEx
−$23.2K −$6.16/SF
NOI
$54.1K $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%
$1,082,400
Cap Rate 7%
$773,143
Cap Rate 9%
$601,333
Alternative Uses
Best Use
Multifamily LT 5
$773.1K
$676.5K – $902.0K
NOI $54,120 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$709.8K
$621.1K – $828.1K
NOI $49,686 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$1.11M
$971.4K – $1.30M
NOI $77,710 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Explore this area
Business Placement
Demographics for 02746, MA
17,355
Population
7,640
Households
2.3
Avg Household Size
33
Median Age
10%
College-Educated
67%
High-School Grad
2.8 sq mi
ZIP Area
6,198
Density / Sq Mi
$41,023
Median Household Income
$33,472
Median Earnings
$1,100
Median Rent
$324,400
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?
Triplex - Three residential units offer varied bedroom layouts, central heat in two apartments, and convenient access to schools and public transportation.
Where is this triplex located?
The property is located at 290 Mt Pleasant Street New Bedford, MA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Three‑unit property with 3 bedrooms in each of the first 2 units and 2 bedrooms on the third floor; New roof with 50 yr shingle and 20 year workmanship guarantee; Updated electrical service and central heat in the first and second units
