Renovated Multifamily
340 Purchase St, New Bedford, MA 02740
For Sale
New
$599,999
Delivered vacant, the building has updated kitchens and bathrooms, with central heating and air conditioning on every floor.
Property Size3,600 SF
Price / SF$166.67
Days on Market5
Property Features for 340 Purchase St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Listing Agency:
Freedom Realty Group LLC
Listed By:
Gary Gagne Jr. · License MA #9588828
(508) 292-6954
Source:
Laerrealty
Added: Nov 10
Changed: Nov 12
Last Checked: Nov 12 at 4:50AM
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 Freedom Realty Group LLC
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Investment Insights
Based on property information with market context.
Built in 1890, this 3,600-square-foot multifamily property has been renovated with a new roof, windows, plumbing, electrical wiring, insulation, kitchens, and bathrooms. Apartments offer large bedrooms and living areas, while the kitchens include eat-in space and quartz countertops. Central heat and air conditioning serve every floor. The second floor has a cottage-style configuration with additional living space.
The property is zoned MUB and will be delivered vacant, allowing the next owner to choose tenants and set rental rates.
The property is zoned MUB and will be delivered vacant, allowing the next owner to choose tenants and set rental rates.
Key Highlights
- 3,600‑square‑foot multifamily property
- Renovations include roof, windows, plumbing, electrical wiring, and insulation
- Updated eat‑in kitchens with quartz countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,508
Cap Rate
7.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$950,160
$950.2K
Cap Rate 7%
$678,686
$678.7K
Cap Rate 9%
$527,867
$527.9K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$92.9K $25.80/SF
− Vacancy
−$6.5K −$1.81/SF
EGI
$86.4K $23.99/SF
− OpEx
−$38.9K −$10.80/SF
NOI
$47.5K $13.20/SF
Area
New Bedford, MA
Vacancy
7.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$950,160
Cap Rate 7%
$678,686
Cap Rate 9%
$527,867
Alternative Uses
Best Use
Apartment 5plus
$678.7K
$593.9K – $791.8K
NOI $47,508 @ 7.0% cap · market cap 7.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$928.8K – $1.24M
NOI $74,304 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,107
Businesses Nearby
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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
$303,400
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in New Bedford, MA
Properties on Market for Multifamily properties in New Bedford
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Delivered vacant, the building has updated kitchens and bathrooms, with central heating and air conditioning on every floor.
Where is this multifamily property located?
The property is located at 340 Purchase St New Bedford, MA.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: 3,600‑square‑foot multifamily property; Renovations include roof, windows, plumbing, electrical wiring, and insulation; Updated eat‑in kitchens with quartz countertops
