Two-Family Duplex with Fenced
For Sale
$429,900
497 S Second, New Bedford, MA 02744
Two-family duplex offering off-street parking and a fenced-in yard, conveniently located near downtown, the train station, and local beaches.
Property Size1,302 SF
Price / SF$330.18
Days on Market56
Property Features for 497 S Second
General Information
Standard status
Active
Size
1,302 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Year Built
1887
Listing Agency:
RE/MAX Vantage
(508) 889-9824
Listed By:
Tania DeSousa
(508) 889-9824
Source:
Lockandkeyre
Added: Jun 29
Changed: Jul 10
Last Checked: Jul 31 at 5:45AM
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 RE/MAX Vantage
Investment Insights
Based on property information with market context.
This two-family duplex features off-street parking and a fenced-in yard. The property is configured as a residential income asset with two separate units under one roof.
Located at 497 S. Second in New Bedford, MA, the home is described as close to downtown, the train station, and local beaches, supporting convenient access to everyday destinations.
For buyers seeking a straightforward two-family setup, this property combines a practical parking arrangement with an outdoor space enclosed by fencing.
Located at 497 S. Second in New Bedford, MA, the home is described as close to downtown, the train station, and local beaches, supporting convenient access to everyday destinations.
For buyers seeking a straightforward two-family setup, this property combines a practical parking arrangement with an outdoor space enclosed by fencing.
Key Highlights
- Two‑family duplex built in 1887
- Offers off‑street parking
- Includes a fenced‑in yard
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
$18,716
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
4.35%
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%
$374,320
$374.3K
Cap Rate 7%
$267,371
$267.4K
Cap Rate 9%
$207,956
$208.0K
Market Conditions
NOI Build-Up for 1,302 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
$28.9K $22.20/SF
− Vacancy
−$2.2K −$1.67/SF
EGI
$26.7K $20.54/SF
− OpEx
−$8.0K −$6.16/SF
NOI
$18.7K $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%
$374,320
Cap Rate 7%
$267,371
Cap Rate 9%
$207,956
Alternative Uses
Best Use
Multifamily LT 5
$267.4K
$234.0K – $311.9K
NOI $18,716 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$245.5K
$214.8K – $286.4K
NOI $17,182 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$383.9K
$335.9K – $447.9K
NOI $26,873 @ 7.0% cap · market cap 6.25%
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
837
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-family duplex offering off-street parking and a fenced-in yard, conveniently located near downtown, the train station, and local beaches.
Where is this duplex located?
The property is located at 497 S Second New Bedford, MA.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two‑family duplex built in 1887; Offers off‑street parking; Includes a fenced‑in yard
