Duplex with Loft and
New
For Sale
$725,000
359-361 Brock Avenue, New Bedford, MA 02744
Two three-bedroom residences include updated systems, a separate lot, and access to beaches, trails, amenities, and commuter rail.
Property Size2,492 SF
Price / SF$290.93
Days on Market7
Property Features for 359-361 Brock Avenue
General Information
Standard status
Active
Size
2,492 SF
Total Parking Spaces
2
Property subtype
Multi-family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Keller Williams South Watuppa
Listed By:
Kristy Washburn
(508) 867-2800
Source:
Miketoomeyrealestate
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 20 at 8:55AM
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 Keller Williams South Watuppa
Investment Insights
Based on property information with market context.
Built in 1925, this 2,492-square-foot duplex includes two three-bedroom units with generous living areas and a loft that adds flexible interior space. A two-car garage and an additional lot are included with the property. Mass Save improvements brought blown-in insulation throughout, while other updates include energy-efficient boilers approximately 5 years old, newer oil tanks, a roof approximately 7 years old, windows approximately 10 years old, and updated wiring completed in 2024.
The property is near area beaches, trails, amenities, and MBTA Commuter Rail service. Its two-unit configuration, separate lot, garage, and system updates provide a range of practical features for an owner-occupant or residential income property buyer.
The property is near area beaches, trails, amenities, and MBTA Commuter Rail service. Its two-unit configuration, separate lot, garage, and system updates provide a range of practical features for an owner-occupant or residential income property buyer.
Key Highlights
- Two 3‑bedroom units within a 2,492‑square‑foot duplex
- Loft area provides additional flexible interior space
- 2‑car garage plus an additional lot
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
$35,821
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
4.94%
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%
$716,420
$716.4K
Cap Rate 7%
$511,729
$511.7K
Cap Rate 9%
$398,011
$398.0K
Market Conditions
NOI Build-Up for 2,492 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
$55.3K $22.20/SF
− Vacancy
−$4.1K −$1.67/SF
EGI
$51.2K $20.54/SF
− OpEx
−$15.4K −$6.16/SF
NOI
$35.8K $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%
$716,420
Cap Rate 7%
$511,729
Cap Rate 9%
$398,011
Alternative Uses
Best Use
Multifamily LT 5
$511.7K
$447.8K – $597.0K
NOI $35,821 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$469.8K
$411.1K – $548.1K
NOI $32,886 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$734.8K
$642.9K – $857.3K
NOI $51,435 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
305
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?
Duplex - Two three-bedroom residences include updated systems, a separate lot, and access to beaches, trails, amenities, and commuter rail.
Where is this duplex located?
The property is located at 359-361 Brock Avenue New Bedford, MA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two 3‑bedroom units within a 2,492‑square‑foot duplex; Loft area provides additional flexible interior space; 2‑car garage plus an additional lot
