New 3-Unit Residential Income
For Sale
$1,200,000
489 Spring, Fall River, MA 02721
Newly constructed 3-family property with open floor plans, central A/C, and separate utilities across three units.
Property Size4,346 SF
Price / SF$276.12
Days on Market69
Property Features for 489 Spring
General Information
Standard status
Active
Size
4,346 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Lamacchia Realty,Inc.
(508) 677-3629
Listed By:
Joshua Frias · License #9570256
Source:
Eganrealtygroup
Added: May 24
Changed: Jul 26
Last Checked: Jul 30 at 6:34PM
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 Lamacchia Realty,Inc.
Investment Insights
Based on property information with market context.
Presenting 489 Spring Street, a newly constructed three-family residential income property in Fall River, MA. The building was rebuilt from the foundation up and includes three units, two of which are currently vacant. Each unit features an open floor plan with three spacious bedrooms, 9' ceilings, granite countertops, new stainless steel appliances, hardwood floors throughout, and tiled bathrooms. Additional highlights include central A/C, separate utilities, and a security intercom system.
Exterior improvements include maintenance-free vinyl siding and Trex decking.
For investors or an owner-occupant, the current vacancy status combined with the unit-by-unit utility setup and recently completed construction may support straightforward occupancy and management planning.
Exterior improvements include maintenance-free vinyl siding and Trex decking.
For investors or an owner-occupant, the current vacancy status combined with the unit-by-unit utility setup and recently completed construction may support straightforward occupancy and management planning.
Key Highlights
- Newly constructed 3‑family rebuilt from the foundation up (Year built 1900 per records).
- Two of the three units are currently vacant.
- Each unit features an open floor plan with 3 bedrooms and 9' ceilings.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $119.9k | $27.60 |
| − Vacancy | −$9.0k | −$2.07 |
| EGI | $111.0k | $25.53 |
| − OpEx | −$33.3k | −$7.66 |
| NOI | $77.7k | $17.87 |
4,346 SF · lease $27.60/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$970.8K – $1.29M
NOI $77,667 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$1.03M
$902.2K – $1.20M
NOI $72,179 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,265 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,986
Businesses Nearby
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
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?
Triplex - Newly constructed 3-family property with open floor plans, central A/C, and separate utilities across three units.
Where is this triplex located?
The property is located at 489 Spring Fall River, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Newly constructed 3‑family rebuilt from the foundation up (Year built 1900 per records).; Two of the three units are currently vacant.; Each unit features an open floor plan with 3 bedrooms and 9' ceilings.
