Historic Office Building with
50 N 2nd Street New Bedford, MA 02740
50 N 2nd Street, New Bedford, MA, 02740
$1,550,000
For Sale
$1,550,000
Historic office building with multiple floors of water views and an on-site paved parking lot with 21+ spaces.
Property Size7,224 SF
Price / SF$214.56
Days on Market20
Property Features for 50 N 2nd Street
General Information
- Standard status
- Active
- Size
- 7,224 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1821
Listing agency
Lanagan & Co
Listed by
Jason P. Lanagan
(774) 280-2745
Source
Broadboutique
Added: Jul 3 Updated: Jul 22 at 3:47AM Checked: Jul 22 at 3:47AM
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.
Benjamin Rodman House is a historic whaling-era mansion converted to office use, retaining its original foundation on the property. The building has undergone recent cosmetic and structural upgrades, including a retaining wall currently under construction on the east side of the paved parking lot. Offices may be rented individually as they historically have been, by floor, or the property may be redeveloped to residential use.
The offering is located at 50 N 2nd Street and includes adjacent paved parking with 21+ spaces. The property also offers water views from multiple floors. Seller financing is available for qualified buyers.
While the building’s office configuration is flexible, it presents a distinctive, multi-floor layout within a historic structure and is supported by on-site parking intended to serve tenants and visitors.
The offering is located at 50 N 2nd Street and includes adjacent paved parking with 21+ spaces. The property also offers water views from multiple floors. Seller financing is available for qualified buyers.
While the building’s office configuration is flexible, it presents a distinctive, multi-floor layout within a historic structure and is supported by on-site parking intended to serve tenants and visitors.
Key Highlights
- Historic Benjamin Rodman House built in 1821 during New Bedford’s whaling era
- Only remaining whaling‑era mansion on its original foundation in the district
- Multiple floors with water views
Local Financial Insights For Office B
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 | $173.4k | $24.00 |
| − Vacancy | −$27.7k | −$3.84 |
| EGI | $145.6k | $20.16 |
| − OpEx | −$36.4k | −$5.04 |
| NOI | $109.2k | $15.12 |
7,224 SF · lease $24.00/SF/yr · vacancy 16.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Aaron Institute, LLC
Foster Care Service
Jonathan Hillson Schwartz
Physician
Gerald Porta Potty ...
Building Supply
South County Psychiatry
Crisis Center
Charles West
Foster Care Service
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FAQs
What type of property is this?
Office building - Historic office building with multiple floors of water views and an on-site paved parking lot with 21+ spaces.
Where is this office building located?
The property is located at 50 N 2nd Street 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: Historic Benjamin Rodman House built in 1821 during New Bedford’s whaling era; Only remaining whaling‑era mansion on its original foundation in the district; Multiple floors with water views
