Two-Building Multifamily
498-500 S 2nd St, New Bedford, MA 02744
For Sale
New
$699,000
Residential Income, New Bedford, MA
Property Size4,485 SF
Lot Size0.15 Acres
Price / SF$155.85
Days on Market2
Property Features for 498-500 S 2nd St
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Building Details
Year built
Number of units
Buildings
Listing Agency:
Keller Williams South Watuppa · Keller Williams Realty
Listed By:
Clifford Ponte · License MA #9554597
(508) 677-3233
Added: Nov 12
Last Checked: Nov 13 at 11:06PM
MLS# 73601677
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
At 498–500 S 2nd St, two multifamily buildings occupy a single 0.1457-acre parcel. The 4,485-square-foot property includes a two-family building with two two-bedroom units and a three-family building with two additional two-bedroom units. A third-floor space in the latter building has a two-bedroom layout but remains unfinished, with interior work taken back to the studs. The property was built in 1920 and is zoned MUB.
Both buildings have roofs replaced within the last three years, and newer hot water tanks are in place. The building at 500 S 2nd St also has updated electrical. Off-street parking is available; additional parking at the rear is subject to City approval.
Both buildings have roofs replaced within the last three years, and newer hot water tanks are in place. The building at 500 S 2nd St also has updated electrical. Off-street parking is available; additional parking at the rear is subject to City approval.
Key Highlights
- Two multifamily buildings on one 0.1457‑acre parcel
- 4,485 SF of property
- Four finished two‑bedroom units across the buildings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,187
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,183,740
$1.2M
Cap Rate 7%
$845,529
$845.5K
Cap Rate 9%
$657,633
$657.6K
Market Conditions
NOI Build-Up for 4,485 SF
Gross rent
$115.7K $25.80/SF
− Vacancy
−$8.1K −$1.81/SF
EGI
$107.6K $23.99/SF
− OpEx
−$48.4K −$10.80/SF
NOI
$59.2K $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 Rate 5%
$1,183,740
Cap Rate 7%
$845,529
Cap Rate 9%
$657,633
Alternative Uses
Best Use
Multifamily LT 5
$921.0K
$805.9K – $1.07M
NOI $64,470 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$845.5K
$739.8K – $986.5K
NOI $59,187 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,570 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
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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
$344,800
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in New Bedford, MA
Properties on Market for Multifamily properties in New Bedford
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - MUB-zoned property combines four finished two-bedroom units with an unfinished third-floor two-bedroom layout.
Where is this multifamily property located?
The property is located at 498-500 S 2nd St New Bedford, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two multifamily buildings on one 0.1457‑acre parcel; 4,485 SF of property; Four finished two‑bedroom units across the buildings
