Updated Triplex with Detached
For Sale
$689,000
315 Washington St, Fall River, MA 02721
Three residential units feature updated interiors, dedicated basement laundry hookups, private yard space, and off-street parking.
Property Size2,257 SF
Days on Market11
Property Features for 315 Washington St
General Information
Standard status
Active
Size
2,257 SF
Total Parking Spaces
4
Property subtype
Investment
Units
Unit Mix
2 x 3BR, 1 x 1BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,691
Amenities
washer/dryer hookups
private yard
deck
Building Details
Building Size
2,257 SF
Year Built
1900
Buildings
1
Stories
3
Units
3
Listing Agency:
(774) 313-0848
Listed By:
The Perry Team
(774) 313-0848
Source:
Elliman
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 20 at 7:42AM
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 The Perry Team
Investment Insights
Based on property information with market context.
This three-unit residential property, built in 1900, combines updated living spaces with substantial system improvements. The first-floor unit includes three bedrooms, hardwood floors, a modern bathroom, and a renovated kitchen with white shaker cabinetry, granite countertops, and stainless-steel appliances. The second floor also offers three bedrooms and updated kitchen and bath finishes, while the third-floor unit has one bedroom and a long-term tenant. The first-floor residence will be delivered vacant.
Property improvements include replacement windows, a new roof, vinyl siding, three brand-new Weil-McLain boilers, updated electrical panels, exterior meters, and newer water heaters serving the second and third floors. Each unit has dedicated washer and dryer hookups in the basement. The property also provides two off-street spaces for the owner's unit, a detached two-car garage, a new deck, and private yard space.
Located at 315 Washington St in Fall River, the property is near the waterfront, Bicentennial Park, Battleship Cove, the waterfront boardwalk, tennis courts, a boat ramp, and the new commuter rail. Walk Score is 86, Bike Score is 67, and Transit Score is 43.
Property improvements include replacement windows, a new roof, vinyl siding, three brand-new Weil-McLain boilers, updated electrical panels, exterior meters, and newer water heaters serving the second and third floors. Each unit has dedicated washer and dryer hookups in the basement. The property also provides two off-street spaces for the owner's unit, a detached two-car garage, a new deck, and private yard space.
Located at 315 Washington St in Fall River, the property is near the waterfront, Bicentennial Park, Battleship Cove, the waterfront boardwalk, tennis courts, a boat ramp, and the new commuter rail. Walk Score is 86, Bike Score is 67, and Transit Score is 43.
Key Highlights
- Three‑unit property with first‑floor vacancy and a long‑term tenant on the third floor
- Detached 2‑car garage plus 2 off‑street parking spaces for the owner's unit
- First‑floor unit offers 3 bedrooms, hardwood floors, and an updated kitchen
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
$40,335
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
5.85%
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%
$806,700
$806.7K
Cap Rate 7%
$576,214
$576.2K
Cap Rate 9%
$448,167
$448.2K
Market Conditions
NOI Build-Up for 2,257 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
$62.3K $27.60/SF
− Vacancy
−$4.7K −$2.07/SF
EGI
$57.6K $25.53/SF
− OpEx
−$17.3K −$7.66/SF
NOI
$40.3K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$806,700
Cap Rate 7%
$576,214
Cap Rate 9%
$448,167
Alternative Uses
Best Use
Multifamily LT 5
$576.2K
$504.2K – $672.3K
NOI $40,335 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$535.5K
$468.6K – $624.8K
NOI $37,485 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,213 @ 7.0% cap · market cap 13.96%
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
2,425
Businesses Nearby
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
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 feature updated interiors, dedicated basement laundry hookups, private yard space, and off-street parking.
Where is this triplex located?
The property is located at 315 Washington St Fall River, MA.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Three‑unit property with first‑floor vacancy and a long‑term tenant on the third floor; Detached 2‑car garage plus 2 off‑street parking spaces for the owner's unit; First‑floor unit offers 3 bedrooms, hardwood floors, and an updated kitchen
