Class A Office Condo
For Sale
$1,550,000
Pending
50 N 2nd St, New Bedford, MA 02740
Class A office condo space in development with parking included and modified triple net terms with heat and electric in base rent.
Property Size7,224 SF
Days on Market92
Property Features for 50 N 2nd St
General Information
Standard status
Pending
Size
7,224 SF
Class
A
Property subtype
COMMERCIAL
Lease Type
Modified Gross
Taxes and HOA fees
Annual Taxes
$18,940
Building Details
Building Size
7,224 SF
Year Built
1821
Listing Agency:
Lanagan & Co
Listed By:
Jason P. Lanagan
(508) 985-8898
Source:
Allisonmazer
Added: Jun 6
Changed: Aug 25
Last Checked: Aug 24 at 2:54PM
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 Lanagan & Co
Investment Insights
Based on property information with market context.
This Class A office condo space is under development and is being marketed for lease or for an ownership option. The opportunity includes the ability to plan and design the interior before the space is completed and presented to the market.
The building is situated within the Whaling National Historical Park and is positioned on the Whaling Museum’s expanding campus, with additional neighborhood development ongoing. Parking is included, and additional spaces are available for sale.
Leases are described as modified triple net, with heat and electric included in the base rent. The final price per square foot will be determined based on the intended use, lease term, and tenant improvement (TI) requests.
The building is situated within the Whaling National Historical Park and is positioned on the Whaling Museum’s expanding campus, with additional neighborhood development ongoing. Parking is included, and additional spaces are available for sale.
Leases are described as modified triple net, with heat and electric included in the base rent. The final price per square foot will be determined based on the intended use, lease term, and tenant improvement (TI) requests.
Key Highlights
- Class A office condo space available for lease/own under development in the Whaling National Historical Park
- Year built: 1821
- Parking included, with additional parking spaces available for sale
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
$109,227
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
7.05%
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%
$2,184,540
$2.2M
Cap Rate 7%
$1,560,386
$1.6M
Cap Rate 9%
$1,213,633
$1.2M
Market Conditions
NOI Build-Up for 7,224 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
$173.4K $24.00/SF
− Vacancy
−$27.7K −$3.84/SF
EGI
$145.6K $20.16/SF
− OpEx
−$36.4K −$5.04/SF
NOI
$109.2K $15.12/SF
Area
New Bedford, MA
Vacancy
16.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,184,540
Cap Rate 7%
$1,560,386
Cap Rate 9%
$1,213,633
Alternative Uses
Best Use
Office B
$1.56M
$1.37M – $1.82M
NOI $109,227 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,103 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,017
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Class A office condo space in development with parking included and modified triple net terms with heat and electric in base rent.
Where is this office units located?
The property is located at 50 N 2nd St New Bedford, MA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Class A office condo space available for lease/own under development in the Whaling National Historical Park; Year built: 1821; Parking included, with additional parking spaces available for sale
