Renovated Two-Family Home with
New
For Sale
$650,000
62-64 North St, New Bedford, MA 02740
Residential Income, New Bedford, MA
Property Size2,657 SF
Lot Size0.08 Acres
Price / SF$244.64
Days on Market2
Property Features for 62-64 North St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MUB
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 5, Bedroom 8, Bedroom 7, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 1, Bedroom 2, Bedroom 3
Parking
6
Directions
Please Use GPS
Standard status
Active
APN
M:0058 L:0357
Size
2,657 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
957
Building Details
Year built
1865
Floors in Building
3
Number of units
2
Listing Agency:
RE/MAX Vantage · RE/MAX International
(774) 992-0297
Listed By:
Eddie Lopez
(508) 999-4424
Added: Sep 17
Changed: Sep 18
Last Checked: Sep 18 at 5:06AM
MLS# 73579014
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,657-square-foot duplex is being offered fully vacant following a comprehensive renovation. Improvements include updated electrical and plumbing, new heating systems with baseboard heat, insulation, flooring, kitchens, bathrooms, granite countertops, roofing, siding, and windows. Built in 1865, the property is configured as a two-family home and provides a ready-to-occupy residential income asset.
The property includes a 0.0797-acre double lot with off-street parking. An adjoining section is improved with a gravel and stone parking area; that portion previously contained a dwelling. The combined parcels were formerly identified as 62-64 North St and will transfer together. Zoning is MUB. Any future development, permitting, zoning, or buildability questions should be independently reviewed by the buyer and buyer’s agent.
The property includes a 0.0797-acre double lot with off-street parking. An adjoining section is improved with a gravel and stone parking area; that portion previously contained a dwelling. The combined parcels were formerly identified as 62-64 North St and will transfer together. Zoning is MUB. Any future development, permitting, zoning, or buildability questions should be independently reviewed by the buyer and buyer’s agent.
Key Highlights
- Fully renovated 2,657‑square‑foot duplex delivered vacant
- 0.0797‑acre double lot conveyed as one property
- Off‑street parking plus a gravel and stone parking area
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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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant, fully updated duplex on a double lot with off-street parking.
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 2,657‑square‑foot duplex delivered vacant; 0.0797‑acre double lot conveyed as one property; Off‑street parking plus a gravel and stone parking area
