Six-Unit Multifamily
For Sale
$1,200,000
516-520 Third St, Fall River, MA 02721
Turnkey six-unit multifamily property with all units occupied and recent exterior siding and electrical updates.
Property Size6,282 SF
Price / SF$191.02
Days on Market138
Property Features for 516-520 Third St
General Information
Standard status
Active
Size
6,282 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
R-6
Occupancy
100%
Net Operating Income
$111,600
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,000
Building Details
Building Size
6,282 SF
Year Built
1900
Stories
10
Tenancy
Multi
Listing Agency:
Boston Realty Advisors
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 2
Changed: Sep 15
Last Checked: Sep 15 at 4:52AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This well-maintained six-unit multifamily property is offered as a turnkey investment, with all units currently occupied. The building has undergone recent renovations, including new exterior siding and updated electrical systems, supporting reduced maintenance and long-term durability.
Located at 516–520 Third Street in Fall River, the property is near local parks, major highways, and shopping and other amenities.
With consistent rental income from day one and a recently refreshed exterior and electrical infrastructure, the asset is positioned as a stable addition to a residential income portfolio.
Located at 516–520 Third Street in Fall River, the property is near local parks, major highways, and shopping and other amenities.
With consistent rental income from day one and a recently refreshed exterior and electrical infrastructure, the asset is positioned as a stable addition to a residential income portfolio.
Key Highlights
- 6‑unit multifamily at 516‑520 Third Street, Fall River, with all units currently occupied
- Recently renovated exterior with new siding
- Electrical systems updated, supporting reduced maintenance
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
$104,333
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
8.69%
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%
$2,086,660
$2.1M
Cap Rate 7%
$1,490,471
$1.5M
Cap Rate 9%
$1,159,256
$1.2M
Market Conditions
NOI Build-Up for 6,282 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
$203.5K $32.40/SF
− Vacancy
−$13.8K −$2.20/SF
EGI
$189.7K $30.20/SF
− OpEx
−$85.4K −$13.59/SF
NOI
$104.3K $16.61/SF
Area
Bristol County, MA
Vacancy
6.80%
Lease Rate
$32.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,086,660
Cap Rate 7%
$1,490,471
Cap Rate 9%
$1,159,256
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,333 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.83M
$3.35M – $4.46M
NOI $267,794 @ 7.0% cap · market cap 22.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,781
Businesses Nearby
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey six-unit multifamily property with all units occupied and recent exterior siding and electrical updates.
Where is this apartment building located?
The property is located at 516-520 Third St Fall River, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6‑unit multifamily at 516‑520 Third Street, Fall River, with all units currently occupied; Recently renovated exterior with new siding; Electrical systems updated, supporting reduced maintenance
