Four-Unit Apartment
For Sale
$599,000
609 Cherry St, Fall River, MA 02720
1930-built quadplex with varied unit layouts, resident occupancy, and dedicated off-street parking.
Property Size2,427 SF
Price / SF$246.81
Days on Market138
Property Features for 609 Cherry St
General Information
Standard status
Active
Size
2,427 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
A-2
Occupancy
100%
Net Operating Income
$61,200
Units
Unit Mix
3 x 1BR, 1 x studio
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,376
Building Details
Building Size
2,427 SF
Year Built
1930
Stories
4
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 30 at 2:13PM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
This 1930-built quadplex contains four residential units: three one-bedroom apartments and one studio. The studio may be enlarged into a one-bedroom layout. All four units are currently occupied, and gas and electric are included in the rent. The property is zoned A-2.
Set on a corner lot near a park, the property includes off-street parking for four cars, with a two-car garage supplementing the parking area. Its four-unit configuration and varied floor plans provide a compact multifamily arrangement with on-site parking and an existing occupied unit mix.
Set on a corner lot near a park, the property includes off-street parking for four cars, with a two-car garage supplementing the parking area. Its four-unit configuration and varied floor plans provide a compact multifamily arrangement with on-site parking and an existing occupied unit mix.
Key Highlights
- Four residential units: three one‑bedroom apartments and one studio
- All four units are currently occupied
- Studio apartment may be expanded into a one‑bedroom layout
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
$43,373
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
7.24%
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%
$867,460
$867.5K
Cap Rate 7%
$619,614
$619.6K
Cap Rate 9%
$481,922
$481.9K
Market Conditions
NOI Build-Up for 2,427 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
$67.0K $27.60/SF
− Vacancy
−$5.0K −$2.07/SF
EGI
$62.0K $25.53/SF
− OpEx
−$18.6K −$7.66/SF
NOI
$43.4K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$867,460
Cap Rate 7%
$619,614
Cap Rate 9%
$481,922
Alternative Uses
Best Use
Multifamily LT 5
$619.6K
$542.2K – $722.9K
NOI $43,373 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$575.8K
$503.9K – $671.8K
NOI $40,308 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,460 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,155
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?
Quadplex - 1930-built quadplex with varied unit layouts, resident occupancy, and dedicated off-street parking.
Where is this quadplex located?
The property is located at 609 Cherry St Fall River, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four residential units: three one‑bedroom apartments and one studio; All four units are currently occupied; Studio apartment may be expanded into a one‑bedroom layout
