Three-Unit Double-Parlor
New
For Sale
$649,900
618 Summer St, New Bedford, MA 02746
Three double-parlor apartments with tenants paying all utilities except water and sewer.
Property Size3,498 SF
Price / SF$185.79
Days on Market5
Property Features for 618 Summer St
General Information
Standard status
Active
Size
3,498 SF
Property subtype
3 Family - 3 Units Up/Down
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
front deck
fenced backyard
Building Details
Year Built
1914
Buildings
1
Listing Agency:
Redlon Realty LLC
(508) 807-8012
Listed By:
Adam Walorz
(508) 807-8012
Source:
Lockandkeyre
Added: Aug 11
Changed: Aug 14
Last Checked: Aug 14 at 6:35AM
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 Redlon Realty LLC
Investment Insights
Based on property information with market context.
This 3,498 SF triplex contains three 3-bedroom apartments, each arranged with double parlors. The 1914 property has a fully vinyl-sided exterior, a front deck, and a fenced backyard with substantial green space. A side driveway provides off-street parking.
The property is located at 618 Summer St in New Bedford, with convenient access to highways, downtown New Bedford, Fairhaven, shopping, dining, and parks. Each tenancy is at will, and residents pay all utilities other than water and sewer, which remain the owner’s responsibility.
The property is located at 618 Summer St in New Bedford, with convenient access to highways, downtown New Bedford, Fairhaven, shopping, dining, and parks. Each tenancy is at will, and residents pay all utilities other than water and sewer, which remain the owner’s responsibility.
Key Highlights
- 3,498 SF triplex built in 1914
- Three 3‑bedroom double‑parlor apartments
- Fully vinyl‑sided exterior
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
$50,282
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
7.74%
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%
$1,005,640
$1.0M
Cap Rate 7%
$718,314
$718.3K
Cap Rate 9%
$558,689
$558.7K
Market Conditions
NOI Build-Up for 3,498 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
$77.7K $22.20/SF
− Vacancy
−$5.8K −$1.67/SF
EGI
$71.8K $20.54/SF
− OpEx
−$21.5K −$6.16/SF
NOI
$50.3K $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%
$1,005,640
Cap Rate 7%
$718,314
Cap Rate 9%
$558,689
Alternative Uses
Best Use
Multifamily LT 5
$718.3K
$628.5K – $838.0K
NOI $50,282 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$659.5K
$577.0K – $769.4K
NOI $46,162 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$1.03M
$902.5K – $1.20M
NOI $72,199 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 02746, MA
17,355
Population
7,640
Households
2.3
Avg Household Size
33
Median Age
10%
College-Educated
67%
High-School Grad
2.8 sq mi
ZIP Area
6,198
Density / Sq Mi
$41,023
Median Household Income
$33,472
Median Earnings
$1,100
Median Rent
$324,400
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 - Three double-parlor apartments with tenants paying all utilities except water and sewer.
Where is this triplex located?
The property is located at 618 Summer St New Bedford, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 3,498 SF triplex built in 1914; Three 3‑bedroom double‑parlor apartments; Fully vinyl‑sided exterior
