Historic Greek Revival Apartment
For Sale
$899,900
Pending
556 High Street, Fall River, MA 02720
Greek Revival boarding house built in 1845 with 14 rental units in a local historic district.
Property Size4,248 SF
Days on Market42
Property Features for 556 High Street
General Information
Standard status
Pending
Size
4,248 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$5,428
Building Details
Building Size
4,248 SF
Year Built
1845
Tenancy
Multi
Listing Agency:
Lamacchia Realty, Inc.
Listed By:
Melissa Casey
Source:
Classifiedrealtygroup
Added: Jul 10
Changed: Aug 8
Last Checked: Jul 23 at 2:43AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1845, this historic Greek Revival boarding house offers 14 rental units with a variety of layouts. The property is located within the Highlands Local Historic District, and its architecture and character are central to its appeal.
The surrounding area offers convenient access to major highways, waterfront attractions, shopping, dining, parks, and the South Coast Rail connection, supporting a broad range of day-to-day tenant needs.
For investors or preservation-minded buyers, the asset’s established unit count provides a straightforward income-producing foundation in a documented historic setting.
The surrounding area offers convenient access to major highways, waterfront attractions, shopping, dining, parks, and the South Coast Rail connection, supporting a broad range of day-to-day tenant needs.
For investors or preservation-minded buyers, the asset’s established unit count provides a straightforward income-producing foundation in a documented historic setting.
Key Highlights
- Benjamin Wardwell House Greek Revival boarding house built in 1845
- 14 rental units with a variety of layouts for flexible rental configurations
- Located in the Highlands Local Historic District in Fall River
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
$70,552
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
7.84%
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%
$1,411,040
$1.4M
Cap Rate 7%
$1,007,886
$1.0M
Cap Rate 9%
$783,911
$783.9K
Market Conditions
NOI Build-Up for 4,248 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
$137.6K $32.40/SF
− Vacancy
−$9.4K −$2.20/SF
EGI
$128.3K $30.20/SF
− OpEx
−$57.7K −$13.59/SF
NOI
$70.6K $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%
$1,411,040
Cap Rate 7%
$1,007,886
Cap Rate 9%
$783,911
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.9K – $1.18M
NOI $70,552 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,087 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 02720, MA
31,209
Population
14,940
Households
2.1
Avg Household Size
41
Median Age
21%
College-Educated
81%
High-School Grad
13.2 sq mi
ZIP Area
2,364
Density / Sq Mi
$62,907
Median Household Income
$45,199
Median Earnings
$1,177
Median Rent
$361,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Greek Revival boarding house built in 1845 with 14 rental units in a local historic district.
Where is this apartment building located?
The property is located at 556 High Street Fall River, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Benjamin Wardwell House Greek Revival boarding house built in 1845; 14 rental units with a variety of layouts for flexible rental configurations; Located in the Highlands Local Historic District in Fall River
