Triplex with Private
New
For Sale
$798,800
33 George St, New Bedford, MA 02744
Three residential units share open living areas, dedicated outdoor space, and substantial on-site parking.
Property Size3,330 SF
Days on Market4
Property Features for 33 George St
General Information
Standard status
Active
Size
3,330 SF
Total Parking Spaces
8
Property subtype
Investment
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,114
Amenities
private porches
fenced yard
Building Details
Building Size
3,330 SF
Year Built
1910
Buildings
1
Stories
4
Units
3
Listing Agency:
LPT Realty - Home & Key Group
(774) 365-2673
Listed By:
Maria Adamides
(774) 365-2673
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 9:15AM
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 LPT Realty - Home & Key Group
Investment Insights
Based on property information with market context.
This three-unit residential property, built in 1910, includes a first-floor residence with one bedroom on the main level and two additional bedrooms in the finished basement. The second- and third-floor apartments each provide three bedrooms. Every unit includes an open living and dining area along with a private porch, creating distinct interior and exterior spaces for each household.
The property includes a landscaped, fully fenced yard and two 2-car garages, plus approximately 4 additional off-street parking spaces. The upper-floor units are currently leased on a tenant-at-will basis. The address is near West Beach and has a Walk Score of 84, a Bike Score of 66, and a Transit Score of 33.
The property includes a landscaped, fully fenced yard and two 2-car garages, plus approximately 4 additional off-street parking spaces. The upper-floor units are currently leased on a tenant-at-will basis. The address is near West Beach and has a Walk Score of 84, a Bike Score of 66, and a Transit Score of 33.
Key Highlights
- Three‑family property built in 1910
- First‑floor unit has 1 main‑level bedroom plus 2 basement bedrooms
- Second- and third‑floor units each include 3 bedrooms
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
$47,867
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
5.99%
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%
$957,340
$957.3K
Cap Rate 7%
$683,814
$683.8K
Cap Rate 9%
$531,856
$531.9K
Market Conditions
NOI Build-Up for 3,330 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
$73.9K $22.20/SF
− Vacancy
−$5.5K −$1.67/SF
EGI
$68.4K $20.54/SF
− OpEx
−$20.5K −$6.16/SF
NOI
$47.9K $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%
$957,340
Cap Rate 7%
$683,814
Cap Rate 9%
$531,856
Alternative Uses
Best Use
Multifamily LT 5
$683.8K
$598.3K – $797.8K
NOI $47,867 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$627.8K
$549.3K – $732.4K
NOI $43,945 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$981.9K
$859.1K – $1.15M
NOI $68,731 @ 7.0% cap · market cap 8.60%
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
645
Businesses Nearby
Explore this area
Business Placement
Demographics for 02744, MA
13,055
Population
5,609
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
10,042
Density / Sq Mi
$54,841
Median Household Income
$36,799
Median Earnings
$1,133
Median Rent
$344,800
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 share open living areas, dedicated outdoor space, and substantial on-site parking.
Where is this triplex located?
The property is located at 33 George St New Bedford, MA.
What is the asking price?
The asking price for this property is $798,800.
What are key features of this property?
This property features: Three‑family property built in 1910; First‑floor unit has 1 main‑level bedroom plus 2 basement bedrooms; Second- and third‑floor units each include 3 bedrooms
