Renovated Duplex with Double
For Sale
$449,900
Pending
311 Purchase St, New Bedford, MA 02740
Residential Income, New Bedford, MA
Property Size2,410 SF
Lot Size0.06 Acres
Days on Market135
Property Features for 311 Purchase St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4
Elementary school
Gomes Elementry
Middle school
Roosevelt Middle
High school
New Bedford High
Directions
County St take left on Grinnell then take a left on Purchase St
Standard status
Pending
APN
M:0036 L:0399,2888384
Size
2,410 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4392
Building Details
Year built
1886
Floors in Building
3
Number of units
2
Listing Agency:
RE/MAX Synergy · RE/MAX International
(508) 857-5392
Listed By:
Luis B Martins
(508) 857-5392
Added: Apr 8
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 73498761
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This cottage-style two-family duplex offers two kitchens and flexible living space, with a layout that includes multiple double parlor areas. Unit one features three bedrooms and one bathroom, along with a large double parlor suited for gatherings. The upstairs unit is described as recently renovated and includes four bedrooms and one bathroom, plus an oversized double parlor.
Recent upgrades and renovations are noted, including newer windows, hot water tanks, and a new roof. The property is built in 1886 and totals 2,410 SF. A third level is included with the ability to potentially add four bedrooms or an extra unit, supporting flexible use of the existing layout.
The property sits on a 0.0566-acre lot and is located on a major bus route, with access described as minutes from the highway and a shopping center. Zoning is RB.
Recent upgrades and renovations are noted, including newer windows, hot water tanks, and a new roof. The property is built in 1886 and totals 2,410 SF. A third level is included with the ability to potentially add four bedrooms or an extra unit, supporting flexible use of the existing layout.
The property sits on a 0.0566-acre lot and is located on a major bus route, with access described as minutes from the highway and a shopping center. Zoning is RB.
Key Highlights
- Two‑family duplex with two kitchens and multiple double parlor spaces
- Recently renovated upstairs unit with four bedrooms and one bathroom
- Unit one layout includes three bedrooms and one bathroom
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family duplex on a 0.0566-acre lot, zoned RB, featuring recently renovated interiors and exterior upgrades.
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 duplex with two kitchens and multiple double parlor spaces; Recently renovated upstairs unit with four bedrooms and one bathroom; Unit one layout includes three bedrooms and one bathroom
