Updated Two-Family
For Sale
$685,000
74 California St, Fall River, MA 02723
Two-family home with spacious driveway, detached garage, and updated second and third levels, delivered vacant on upper floors.
Property Size2,391 SF
Price / SF$286.49
Days on Market54
Property Features for 74 California St
General Information
Standard status
Active
Size
2,391 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
S
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,839
Building Details
Building Size
2,391 SF
Year Built
1925
Stories
2
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 15
Changed: Sep 5
Last Checked: Sep 5 at 4:39AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
This meticulously maintained two-family residence shows pride of ownership throughout. The property includes a spacious driveway and a detached garage, along with a well-cared-for interior and exterior. The second and third levels have been extensively updated, and the finished third floor adds additional rooms and flexible living space.
The first-floor unit is currently tenant-at-will and is scheduled to vacate at the end of August, with delivery potentially fully vacant depending on the closing date. The second and third floors will be delivered vacant.
Overall, the home is positioned for move-in readiness, with updates focused on the upper floors and additional versatility provided by the finished third level. FHA friendly, subject to buyer qualification.
The first-floor unit is currently tenant-at-will and is scheduled to vacate at the end of August, with delivery potentially fully vacant depending on the closing date. The second and third floors will be delivered vacant.
Overall, the home is positioned for move-in readiness, with updates focused on the upper floors and additional versatility provided by the finished third level. FHA friendly, subject to buyer qualification.
Key Highlights
- 1925‑built two‑family home with spacious driveway and detached garage.
- Second and third levels have been extensively updated and will be delivered vacant.
- Finished third floor adds additional rooms and flexible living space.
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
$42,730
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
6.24%
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%
$854,600
$854.6K
Cap Rate 7%
$610,429
$610.4K
Cap Rate 9%
$474,778
$474.8K
Market Conditions
NOI Build-Up for 2,391 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
$66.0K $27.60/SF
− Vacancy
−$4.9K −$2.07/SF
EGI
$61.0K $25.53/SF
− OpEx
−$18.3K −$7.66/SF
NOI
$42.7K $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%
$854,600
Cap Rate 7%
$610,429
Cap Rate 9%
$474,778
Alternative Uses
Best Use
Multifamily LT 5
$610.4K
$534.1K – $712.2K
NOI $42,730 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$567.3K
$496.4K – $661.8K
NOI $39,710 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,925 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Explore this area
Business Placement
Demographics for 02723, MA
16,084
Population
7,976
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
74%
High-School Grad
1.6 sq mi
ZIP Area
10,053
Density / Sq Mi
$41,789
Median Household Income
$40,140
Median Earnings
$1,058
Median Rent
$312,900
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?
Duplex - Two-family home with spacious driveway, detached garage, and updated second and third levels, delivered vacant on upper floors.
Where is this duplex located?
The property is located at 74 California St Fall River, MA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 1925‑built two‑family home with spacious driveway and detached garage.; Second and third levels have been extensively updated and will be delivered vacant.; Finished third floor adds additional rooms and flexible living space.
