Multi-Family Residential Income
For Sale
$660,000
Pending
393 Pleasant Street, New Bedford, MA 02740
Multi-story building offers four 1-bedroom and two studio units, with on-street parking on a small parcel.
Property Size2,558 SF
Lot Size0.05 Acres
Days on Market81
Property Features for 393 Pleasant Street
General Information
Standard status
Pending
Size
2,558 SF
Lot size
0.05 Acres
Property subtype
5+ Family - 5+ Units Up/Down
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,637
Building Details
Building Size
2,558 SF
Year Built
1890
Listing Agency:
Horvath & Tremblay
Listed By:
Spencer Smith · License #9576051
(617) 688-9909
Source:
Allisonmazer
Added: Jul 15
Changed: Sep 25
Last Checked: Oct 3 at 1:45AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
Horvath & Tremblay is pleased to present an exclusive opportunity to purchase a multi-family investment property. The multi-story building includes four 1-bedroom/1-bath units and two studio units. The property contains 2,558 square feet of gross living area within 4,326 square feet of gross area.
The property is situated on a 0.05-acre parcel and features on-street parking spaces. WalkScore is listed as 83 (very walkable), with BikeScore of 53 (bikeable) and TransitScore of 32 (some transit).
This residential income property provides a mix of unit types within a single building, offering a straightforward configuration of four 1-bedroom units and two studios.
The property is situated on a 0.05-acre parcel and features on-street parking spaces. WalkScore is listed as 83 (very walkable), with BikeScore of 53 (bikeable) and TransitScore of 32 (some transit).
This residential income property provides a mix of unit types within a single building, offering a straightforward configuration of four 1-bedroom units and two studios.
Key Highlights
- Multi‑family building with 4 one‑bedroom/1‑bath units and 2 studio units
- Total of 2,558 SF gross living area within a 4,326 SF gross building area
- Built in 1890 on a 0.05‑acre parcel
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
$57,089
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
8.65%
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%
$1,141,780
$1.1M
Cap Rate 7%
$815,557
$815.6K
Cap Rate 9%
$634,322
$634.3K
Market Conditions
NOI Build-Up for 4,326 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
$111.6K $25.80/SF
− Vacancy
−$7.8K −$1.81/SF
EGI
$103.8K $23.99/SF
− OpEx
−$46.7K −$10.80/SF
NOI
$57.1K $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 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%
$1,141,780
Cap Rate 7%
$815,557
Cap Rate 9%
$634,322
Alternative Uses
Best Use
Apartment 5plus
$815.6K
$713.6K – $951.5K
NOI $57,089 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,289 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,477
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-story building offers four 1-bedroom and two studio units, with on-street parking on a small parcel.
Where is this apartment building located?
The property is located at 393 Pleasant Street New Bedford, MA.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Multi‑family building with 4 one‑bedroom/1‑bath units and 2 studio units; Total of 2,558 SF gross living area within a 4,326 SF gross building area; Built in 1890 on a 0.05‑acre parcel
