Renovated Two-Family
For Sale
$650,000
62-64 North St, New Bedford, MA 02740
Delivered vacant with off-street parking and additional land for owner-occupant or investment use.
Property Size2,657 SF
Price / SF$244.64
Days on Market11
Property Features for 62-64 North St
General Information
Standard status
Active
Size
2,657 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Year Built
1865
Construction
cottage-style
Listing Agency:
RE/MAX Vantage
(774) 992-0297
Listed By:
Team ROSO
(508) 951-4104
Source:
Lockandkeyre
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 26 at 8:40AM
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 RE/MAX Vantage
Investment Insights
Based on property information with market context.
This 2,657-square-foot duplex is configured as a two-family home and has undergone a comprehensive renovation to the studs. Improvements include updated electrical and plumbing systems, baseboard heating, insulation, flooring, kitchens, bathrooms, granite countertops, roofing, siding, and windows. The property was originally built in 1865 and is offered fully vacant.
The property includes a double lot with substantial off-street parking. The combined parcels, formerly identified as 62–64 North St, will convey together. A former dwelling area on the adjoining portion is now improved with a gravel and stone parking area. The additional land and vacant delivery provide flexibility for an owner-occupant or investor, subject to the buyer’s independent review of development, permitting, zoning, and buildability considerations.
The property includes a double lot with substantial off-street parking. The combined parcels, formerly identified as 62–64 North St, will convey together. A former dwelling area on the adjoining portion is now improved with a gravel and stone parking area. The additional land and vacant delivery provide flexibility for an owner-occupant or investor, subject to the buyer’s independent review of development, permitting, zoning, and buildability considerations.
Key Highlights
- Fully renovated two‑family duplex delivered vacant
- 2,657 square feet of property size
- Double lot with off‑street parking
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
$38,193
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
5.88%
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%
$763,860
$763.9K
Cap Rate 7%
$545,614
$545.6K
Cap Rate 9%
$424,367
$424.4K
Market Conditions
NOI Build-Up for 2,657 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
$59.0K $22.20/SF
− Vacancy
−$4.4K −$1.67/SF
EGI
$54.6K $20.54/SF
− OpEx
−$16.4K −$6.16/SF
NOI
$38.2K $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%
$763,860
Cap Rate 7%
$545,614
Cap Rate 9%
$424,367
Alternative Uses
Best Use
Multifamily LT 5
$545.6K
$477.4K – $636.6K
NOI $38,193 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$500.9K
$438.3K – $584.4K
NOI $35,064 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$783.4K
$685.5K – $914.0K
NOI $54,840 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Delivered vacant with off-street parking and additional land for owner-occupant or investment use.
Where is this duplex located?
The property is located at 62-64 North St New Bedford, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Fully renovated two‑family duplex delivered vacant; 2,657 square feet of property size; Double lot with off‑street parking
