Historic Downtown New Bedford
For Sale
$2,100,000
555 Pleasant St, New Bedford, MA 02740
Five-story renovated building with office and restaurant spaces.
Property Size30,996 SF
Lot Size0.12 Acres
Price / SF$350
Days on Market153
Property Features for 555 Pleasant St
General Information
Standard status
Active
Size
30,996 SF
Lot size
0.12 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$32,402
Building Details
Building Size
30,996 SF
Year Built
1894
Listing Agency:
(774) 208-2705
Listed By:
Lindsey Borges
(774) 208-2705
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 2:17PM
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 Lindsey Borges
Investment Insights
Based on property information with market context.
Known as the "Standard Times Building," this five-story historic building is located in downtown New Bedford, within proximity to restaurants, city parks, and recreational attractions such as the Whaling Museum. The building was completely renovated in 2014 with updated electrical and plumbing systems. The units have been modernized for various business opportunities, offering both large and small offices. A nearly 6,000-square-foot restaurant is located on the first floor. The property offers city views and top-floor water views.
Key Highlights
- Completely renovated in 2014 with updated electrical and plumbing.
- Prime downtown location near restaurants, parks, and attractions like the Whaling Museum.
- Variety of office sizes available to suit different business needs.
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
$90,720
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
4.32%
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%
$1,814,400
$1.8M
Cap Rate 7%
$1,296,000
$1.3M
Cap Rate 9%
$1,008,000
$1.0M
Market Conditions
NOI Build-Up for 6,000 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
$144.0K $24.00/SF
− Vacancy
−$23.0K −$3.84/SF
EGI
$121.0K $20.16/SF
− OpEx
−$30.2K −$5.04/SF
NOI
$90.7K $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%
$1,814,400
Cap Rate 7%
$1,296,000
Cap Rate 9%
$1,008,000
Alternative Uses
Best Use
Office B
$1.30M
$1.13M – $1.51M
NOI $90,720 @ 7.0% cap · market cap 4.32%
Second Best
Specialty Retail
$1.28M
$1.12M – $1.50M
NOI $89,910 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,840 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,123
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Five-story renovated building with office and restaurant spaces.
Where is this office building located?
The property is located at 555 Pleasant St New Bedford, MA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Completely renovated in 2014 with updated electrical and plumbing.; Prime downtown location near restaurants, parks, and attractions like the Whaling Museum.; Variety of office sizes available to suit different business needs.
