Cottage-Style Two-Family Near
For Sale
$449,900
Pending
311 Purchase St, New Bedford, MA 02740
Spacious two-family home with recent upgrades and income potential.
Property Size2,410 SF
Days on Market135
Property Features for 311 Purchase St
General Information
Standard status
Pending
Size
2,410 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1886
Listing Agency:
RE/MAX Synergy
(508) 857-5392
Listed By:
Luis Martins Realty Team
(508) 857-5392
Source:
Lockandkeyre
Added: Apr 8
Changed: Aug 20
Last Checked: Aug 20 at 4:24AM
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 Synergy
Investment Insights
Based on property information with market context.
This cottage-style two-family property is located minutes from the downtown area. Unit one features a double parlor, three bedrooms, and one bathroom. The second unit, recently renovated, includes four bedrooms, one bathroom, and an oversized double parlor. Recent renovations and upgrades include newer windows, hot water tanks, and a new roof. The third level offers the potential to add four bedrooms or an additional unit. The property is located on a major bus route and is minutes from the highway and shopping center, offering accessibility.
Key Highlights
- Two‑family home ideal for a growing family or investor.
- Potential to add 4 bedrooms or an extra unit on the third level for increased profit.
- Recent renovations include newer windows, hot water tanks, and a new roof.
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
$34,643
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
7.70%
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%
$692,860
$692.9K
Cap Rate 7%
$494,900
$494.9K
Cap Rate 9%
$384,922
$384.9K
Market Conditions
NOI Build-Up for 2,410 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
$53.5K $22.20/SF
− Vacancy
−$4.0K −$1.67/SF
EGI
$49.5K $20.54/SF
− OpEx
−$14.8K −$6.16/SF
NOI
$34.6K $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%
$692,860
Cap Rate 7%
$494,900
Cap Rate 9%
$384,922
Alternative Uses
Best Use
Multifamily LT 5
$494.9K
$433.0K – $577.4K
NOI $34,643 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$454.3K
$397.6K – $530.1K
NOI $31,804 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$710.6K
$621.8K – $829.0K
NOI $49,742 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,107
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?
Duplex - Spacious two-family home with recent upgrades and income potential.
Where is this duplex located?
The property is located at 311 Purchase St New Bedford, MA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Two‑family home ideal for a growing family or investor.; Potential to add 4 bedrooms or an extra unit on the third level for increased profit.; Recent renovations include newer windows, hot water tanks, and a new roof.
