Two-Unit Duplex with Off-Street
New
For Sale
$420,000
507 Elm St, New Bedford, MA 02740
Two apartments each offer bedrooms and an open kitchen, dining, and living area.
Property Size2,012 SF
Price / SF$208.75
Days on Market4
Property Features for 507 Elm St
General Information
Standard status
Active
Size
2,012 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,215
Building Details
Building Size
2,012 SF
Year Built
1915
Listing Agency:
Seaport Realty
Listed By:
Patricia Correia · License #9533774
(508) 742-6387
Source:
Allisonmazer
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:37PM
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 Seaport Realty
Investment Insights
Based on property information with market context.
Built in 1915, this duplex contains two apartments within 2,012 square feet of living space. The first-floor unit has three bedrooms, while the second-floor unit has two. Each apartment features a kitchen connected to the dining and living areas, creating an open shared layout within both units.
The property occupies a corner lot and includes off-street parking. Its two-unit configuration and separate apartment layouts provide residential rental use.
The property occupies a corner lot and includes off-street parking. Its two-unit configuration and separate apartment layouts provide residential rental use.
Key Highlights
- Two apartments in a 2,012‑square‑foot building
- Three bedrooms in the first‑floor apartment and two in the second‑floor apartment
- Both units have kitchens open to the dining and living areas
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
$28,921
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
6.89%
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%
$578,420
$578.4K
Cap Rate 7%
$413,157
$413.2K
Cap Rate 9%
$321,344
$321.3K
Market Conditions
NOI Build-Up for 2,012 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
$44.7K $22.20/SF
− Vacancy
−$3.3K −$1.67/SF
EGI
$41.3K $20.54/SF
− OpEx
−$12.4K −$6.16/SF
NOI
$28.9K $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%
$578,420
Cap Rate 7%
$413,157
Cap Rate 9%
$321,344
Alternative Uses
Best Use
Multifamily LT 5
$413.2K
$361.5K – $482.0K
NOI $28,921 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$379.3K
$331.9K – $442.5K
NOI $26,552 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$593.3K
$519.1K – $692.1K
NOI $41,528 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
802
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments each offer bedrooms and an open kitchen, dining, and living area.
Where is this duplex located?
The property is located at 507 Elm St New Bedford, MA.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two apartments in a 2,012‑square‑foot building; Three bedrooms in the first‑floor apartment and two in the second‑floor apartment; Both units have kitchens open to the dining and living areas
