Renovated Three-Unit
For Sale
$599,999
304 County St, New Bedford, MA 02740
Updated multifamily property with dedicated storage and varied unit amenities.
Property Size2,436 SF
Days on Market10
Property Features for 304 County St
General Information
Standard status
Active
Size
2,436 SF
Property subtype
Investment
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,688
Amenities
in-unit laundry
dedicated storage area
Building Details
Building Size
2,436 SF
Year Built
1877
Buildings
1
Stories
3
Units
3
Listing Agency:
RE/MAX Vantage
(508) 496-4055
Listed By:
Tiffany Vieira · License #9567590
(508) 496-4055
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 20 at 8:14AM
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 three-unit multifamily property contains two two-bedroom apartments and one one-bedroom apartment. Each residence has been renovated within the last five years, with a newer roof and brand-new hot water tanks included among the improvements. Heating is provided by newer gas space heaters on the first and second floors, while the third-floor apartment uses electric baseboard heat.
The first-floor unit offers in-unit laundry and driveway access, and every apartment has a dedicated storage area in the basement. Current occupancy includes two tenants at will in the first- and second-floor apartments, while the third-floor lease runs through February. Located at 304 County St in New Bedford, the property has a 83 walk score, a 53 bike score, and a 32 transit score. Built in 1877.
The first-floor unit offers in-unit laundry and driveway access, and every apartment has a dedicated storage area in the basement. Current occupancy includes two tenants at will in the first- and second-floor apartments, while the third-floor lease runs through February. Located at 304 County St in New Bedford, the property has a 83 walk score, a 53 bike score, and a 32 transit score. Built in 1877.
Key Highlights
- Two 2‑bedroom apartments and one 1‑bedroom apartment
- All three apartments renovated within the last five years
- Newer roof and brand‑new hot water tanks
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
$35,016
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
5.84%
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%
$700,320
$700.3K
Cap Rate 7%
$500,229
$500.2K
Cap Rate 9%
$389,067
$389.1K
Market Conditions
NOI Build-Up for 2,436 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
$54.1K $22.20/SF
− Vacancy
−$4.1K −$1.67/SF
EGI
$50.0K $20.54/SF
− OpEx
−$15.0K −$6.16/SF
NOI
$35.0K $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%
$700,320
Cap Rate 7%
$500,229
Cap Rate 9%
$389,067
Alternative Uses
Best Use
Multifamily LT 5
$500.2K
$437.7K – $583.6K
NOI $35,016 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$459.2K
$401.8K – $535.8K
NOI $32,147 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$718.3K
$628.5K – $838.0K
NOI $50,279 @ 7.0% cap · market cap 8.38%
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
1,538
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated multifamily property with dedicated storage and varied unit amenities.
Where is this triplex located?
The property is located at 304 County St New Bedford, MA.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Two 2‑bedroom apartments and one 1‑bedroom apartment; All three apartments renovated within the last five years; Newer roof and brand‑new hot water tanks
