Two-Family Duplex with Fenced
For Sale
$469,900
407 Park St, New Bedford, MA 02740
Two residential units each offer living, dining, kitchen, bedrooms, and a full bathroom, with off-street parking.
Property Size2,402 SF
Price / SF$195.63
Days on Market107
Property Features for 407 Park St
General Information
Standard status
Active
Size
2,402 SF
Property subtype
2 Family - 2 Units Up/Down
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,997
Amenities
off-street parking
fenced-in yard
Building Details
Building Size
2,402 SF
Year Built
1913
Listing Agency:
Keller Williams Realty
(508) 995-2676
Listed By:
Lisa Bowman
Source:
Paulgrover
Added: May 6
Changed: Aug 17
Last Checked: Aug 20 at 12:11PM
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 Realty
Investment Insights
Based on property information with market context.
Built in 1913, this 2,402-square-foot duplex contains two residential units with distinct living areas. The first-floor residence includes two bedrooms, a full bathroom, living room, dining room, and eat-in kitchen. Upstairs, the second unit provides three bedrooms, a full bathroom, living room, dining room, and eat-in kitchen.
The property is located at 407 Park St in New Bedford’s West End. Exterior features include off-street parking and a fenced yard, adding practical outdoor space to the two-unit configuration.
The property is located at 407 Park St in New Bedford’s West End. Exterior features include off-street parking and a fenced yard, adding practical outdoor space to the two-unit configuration.
Key Highlights
- Two‑family duplex with 2,402 SF of building area
- First‑floor unit includes 2 bedrooms and 1 full bath
- Second‑floor unit includes 3 bedrooms and 1 full bath
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
$34,528
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
7.35%
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%
$690,560
$690.6K
Cap Rate 7%
$493,257
$493.3K
Cap Rate 9%
$383,644
$383.6K
Market Conditions
NOI Build-Up for 2,402 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
$53.3K $22.20/SF
− Vacancy
−$4.0K −$1.67/SF
EGI
$49.3K $20.54/SF
− OpEx
−$14.8K −$6.16/SF
NOI
$34.5K $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%
$690,560
Cap Rate 7%
$493,257
Cap Rate 9%
$383,644
Alternative Uses
Best Use
Multifamily LT 5
$493.3K
$431.6K – $575.5K
NOI $34,528 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$452.8K
$396.2K – $528.3K
NOI $31,698 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$708.2K
$619.7K – $826.3K
NOI $49,577 @ 7.0% cap · market cap 10.55%
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
829
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 - Two residential units each offer living, dining, kitchen, bedrooms, and a full bathroom, with off-street parking.
Where is this duplex located?
The property is located at 407 Park St New Bedford, MA.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Two‑family duplex with 2,402 SF of building area; First‑floor unit includes 2 bedrooms and 1 full bath; Second‑floor unit includes 3 bedrooms and 1 full bath
