Three-Family Home with Separate
For Sale
$625,000
324 Cottage St, New Bedford, MA 02740
MULTI_FAMILY - New Bedford, MA
Property Size3,385 SF
Lot Size0.09 Acres
Price / SF$184.64
Days on Market55
Property Features for 324 Cottage St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 6
Parking
3
Fireplace
1
Directions
Kempton St to Cottage
Standard status
Active
APN
M:0058 L:0245,2893148
Size
3,385 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5715
Amenities
in-unit laundry
private backyard
full basement
Building Details
Year built
1891
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams South Watuppa · Keller Williams Realty
(508) 677-3233
Listed By:
Clifford Ponte · License #9554597
(508) 677-3233
Added: Jun 21
Changed: Aug 13
Last Checked: Aug 14 at 6:06AM
MLS# 73539393
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.
324 Cottage St is a well-maintained three-family home in New Bedford built in 1891. The property includes three separate units with versatile bedroom and living layouts. Unit 1 has 2 bedrooms, a double parlor with a front room that can convert to a third bedroom, and in-unit laundry. Unit 2 offers 3 bedrooms plus a flexible bonus room that can serve as a 4th bedroom or home office. Unit 3 includes 2 bedrooms and ample living space. Major updates include brand-new PVC waste piping in the basement, and separate utilities for each unit. The full basement provides additional washer/dryer hookups and storage. Additional exterior features include a private backyard and an off-street driveway parking area for up to 3 cars, and there is a fireplace.
The home sits on a 0.0922-acre lot and totals 3,385 square feet. Zoning is RB. It is about 1 mile from historic downtown New Bedford’s shops, dining, and waterfront, with a short drive to the MBTA commuter rail for Boston.
The home sits on a 0.0922-acre lot and totals 3,385 square feet. Zoning is RB. It is about 1 mile from historic downtown New Bedford’s shops, dining, and waterfront, with a short drive to the MBTA commuter rail for Boston.
Key Highlights
- Separate utilities for each of the three units
- Brand‑new PVC waste piping in the basement
- Unit 1: 2 BR plus double parlor with conversion to 3rd BR
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
$48,658
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
7.79%
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%
$973,160
$973.2K
Cap Rate 7%
$695,114
$695.1K
Cap Rate 9%
$540,644
$540.6K
Market Conditions
NOI Build-Up for 3,385 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
$75.1K $22.20/SF
− Vacancy
−$5.6K −$1.67/SF
EGI
$69.5K $20.54/SF
− OpEx
−$20.9K −$6.16/SF
NOI
$48.7K $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%
$973,160
Cap Rate 7%
$695,114
Cap Rate 9%
$540,644
Alternative Uses
Best Use
Multifamily LT 5
$695.1K
$608.2K – $811.0K
NOI $48,658 @ 7.0% cap · market cap 7.79%
Second Best
Apartment 5plus
$638.2K
$558.4K – $744.5K
NOI $44,671 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$998.1K
$873.3K – $1.16M
NOI $69,866 @ 7.0% cap · market cap 11.18%
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
2,047
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 - Well-maintained 3-family in New Bedford with separate utilities, in-unit laundry, and off-street parking for up to three cars.
Where is this triplex located?
The property is located at 324 Cottage St New Bedford, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Separate utilities for each of the three units; Brand‑new PVC waste piping in the basement; Unit 1: 2 BR plus double parlor with conversion to 3rd BR
