Three-Unit Property with Vacant
For Sale
$1,100,000
489 Spring, Fall River, MA 02721
Reconstructed multifamily property with open layouts, modern finishes, and separate utilities for each residence.
Property Size4,346 SF
Days on Market61
Property Features for 489 Spring
General Information
Standard status
Active
Size
4,346 SF
Property subtype
3 Family
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,929
Amenities
central A/C
security intercom system
Building Details
Building Size
4,346 SF
Year Built
1900
Buildings
1
Listing Agency:
Lamacchia Realty, Inc.
(508) 677-3629
Listed By:
Joshua Frias · License #9570256
Source:
Allisonmazer
Added: Jun 22
Changed: Aug 21
Last Checked: Aug 21 at 10:07AM
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.
This three-unit multifamily property has been rebuilt from the foundation up and is currently vacant throughout. Each residence includes an open floor plan with 3 bedrooms, 9' ceilings, hardwood flooring, granite countertops, new stainless steel appliances, and tiled bathrooms. Central A/C, separate utilities, and a security intercom system serve each unit.
The exterior is finished with maintenance-free vinyl siding and Trex decking. The property is located near a bus station and within a short distance of the MBTA commuter rail, providing access to local and regional transportation. Its three-family configuration and updated interior and exterior features offer a clearly defined residential income property format.
The exterior is finished with maintenance-free vinyl siding and Trex decking. The property is located near a bus station and within a short distance of the MBTA commuter rail, providing access to local and regional transportation. Its three-family configuration and updated interior and exterior features offer a clearly defined residential income property format.
Key Highlights
- All 3 units are currently vacant
- Each unit offers 3 bedrooms and an open floor plan
- 9' ceilings, hardwood floors, granite countertops, and tiled bathrooms
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
$77,667
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
7.06%
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%
$1,553,340
$1.6M
Cap Rate 7%
$1,109,529
$1.1M
Cap Rate 9%
$862,967
$863.0K
Market Conditions
NOI Build-Up for 4,346 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
$119.9K $27.60/SF
− Vacancy
−$9.0K −$2.07/SF
EGI
$111.0K $25.53/SF
− OpEx
−$33.3K −$7.66/SF
NOI
$77.7K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$1,553,340
Cap Rate 7%
$1,109,529
Cap Rate 9%
$862,967
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$970.8K – $1.29M
NOI $77,667 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$1.03M
$902.2K – $1.20M
NOI $72,179 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,265 @ 7.0% cap · market cap 16.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 - Reconstructed multifamily property with open layouts, modern finishes, and separate utilities for each residence.
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 $1,100,000.
What are key features of this property?
This property features: All 3 units are currently vacant; Each unit offers 3 bedrooms and an open floor plan; 9' ceilings, hardwood floors, granite countertops, and tiled bathrooms
