Historic Duplex with Two-Story
For Sale
$499,900
33 Madison St, New Bedford, MA 02740
Historic two-story duplex offering multiple bedrooms, two full and two half baths, and a two-car garage.
Property Size2,484 SF
Lot Size11.53 Acres
Price / SF$201.25
Days on Market26
Property Features for 33 Madison St
General Information
Standard status
Active
Size
2,484 SF
Total Parking Spaces
2
Lot size
11.53 Acres
Property subtype
Duplex
Building Details
Year Built
1839
Stories
2
Listing Agency:
Mosaic Realty Group, Inc.
(508) 496-5431
Listed By:
Miriam Watkins
(508) 496-5431
Source:
Lockandkeyre
Added: Jul 26
Changed: Aug 18
Last Checked: Aug 20 at 4:39AM
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 Mosaic Realty Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1839, this historic two-story duplex at 33 Madison St in New Bedford, MA combines character with practical multi-occupant layout. The property is described as having six bedrooms, supported by two full bathrooms and two half bathrooms distributed across the living space.
The home also includes a two-car garage for secure parking and additional storage. The listing materials describe approximately 41,140 square feet of living area on a 502,000 square foot lot, reflecting a significant site and substantial interior footprint.
A private viewing is recommended to fully appreciate the scale of this historic residential income property and its configuration for multiple occupants.
The home also includes a two-car garage for secure parking and additional storage. The listing materials describe approximately 41,140 square feet of living area on a 502,000 square foot lot, reflecting a significant site and substantial interior footprint.
A private viewing is recommended to fully appreciate the scale of this historic residential income property and its configuration for multiple occupants.
Key Highlights
- Built in 1839
- Two‑story duplex layout with six bedrooms
- 2 full bathrooms and 2 half bathrooms
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
$35,706
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
7.14%
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%
$714,120
$714.1K
Cap Rate 7%
$510,086
$510.1K
Cap Rate 9%
$396,733
$396.7K
Market Conditions
NOI Build-Up for 2,484 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
$55.1K $22.20/SF
− Vacancy
−$4.1K −$1.67/SF
EGI
$51.0K $20.54/SF
− OpEx
−$15.3K −$6.16/SF
NOI
$35.7K $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%
$714,120
Cap Rate 7%
$510,086
Cap Rate 9%
$396,733
Alternative Uses
Best Use
Multifamily LT 5
$510.1K
$446.3K – $595.1K
NOI $35,706 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$468.3K
$409.8K – $546.4K
NOI $32,781 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$732.4K
$640.9K – $854.5K
NOI $51,270 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,956
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 - Historic two-story duplex offering multiple bedrooms, two full and two half baths, and a two-car garage.
Where is this duplex located?
The property is located at 33 Madison St New Bedford, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Built in 1839; Two‑story duplex layout with six bedrooms; 2 full bathrooms and 2 half bathrooms
