Three-Unit Residential
New
For Sale
$587,700
56 Independent Street, New Bedford, MA 02744
Solar panels complement residential units with eat-in kitchens.
Property Size3,024 SF
Price / SF$194.35
Days on Market7
Property Features for 56 Independent Street
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Amenities
solar panels
Building Details
Year Built
1903
Listing Agency:
Home Bound Realty
Listed By:
Paula Levasseur · License #451502447
(774) 930-1605
Source:
Cabotandcompany
Added: Aug 31
Changed: Sep 5
Last Checked: Sep 5 at 8:13AM
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 Home Bound Realty
Investment Insights
Based on property information with market context.
This 3,024-square-foot residential property contains three separate units, each configured with two bedrooms, an eat-in kitchen, and living areas. Solar panels are installed as an additional property feature. Built in 1903, the building carries RC zoning.
The property is located at 56 Independent St in New Bedford, Massachusetts, with a 02744 ZIP code. Its three-unit layout and consistent configuration across the residences provide a straightforward multifamily format within an established residential building.
The property is located at 56 Independent St in New Bedford, Massachusetts, with a 02744 ZIP code. Its three-unit layout and consistent configuration across the residences provide a straightforward multifamily format within an established residential building.
Key Highlights
- Three‑unit property with 2 bedrooms in each unit
- 3,024 square feet of property size
- Eat‑in kitchens included in all three units
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
$43,468
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
7.40%
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%
$869,360
$869.4K
Cap Rate 7%
$620,971
$621.0K
Cap Rate 9%
$482,978
$483.0K
Market Conditions
NOI Build-Up for 3,024 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
$67.1K $22.20/SF
− Vacancy
−$5.0K −$1.67/SF
EGI
$62.1K $20.54/SF
− OpEx
−$18.6K −$6.16/SF
NOI
$43.5K $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%
$869,360
Cap Rate 7%
$620,971
Cap Rate 9%
$482,978
Alternative Uses
Best Use
Multifamily LT 5
$621.0K
$543.4K – $724.5K
NOI $43,468 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$570.1K
$498.8K – $665.1K
NOI $39,907 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$891.6K
$780.2K – $1.04M
NOI $62,415 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
971
Businesses Nearby
Explore this area
Business Placement
Demographics for 02744, MA
13,055
Population
5,609
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
10,042
Density / Sq Mi
$54,841
Median Household Income
$36,799
Median Earnings
$1,133
Median Rent
$344,800
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?
Triplex - Solar panels complement residential units with eat-in kitchens.
Where is this triplex located?
The property is located at 56 Independent Street New Bedford, MA.
What is the asking price?
The asking price for this property is $587,700.
What are key features of this property?
This property features: Three‑unit property with 2 bedrooms in each unit; 3,024 square feet of property size; Eat‑in kitchens included in all three units
