Two-Family Home with Detached
For Sale
$699,900
74 California St, Fall River, MA 02723
Updated upper levels, a finished third floor, and off-street parking support flexible occupancy.
Property Size2,391 SF
Price / SF$292.72
Days on Market32
Property Features for 74 California St
General Information
Standard status
Active
Size
2,391 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,839
Building Details
Building Size
2,391 SF
Year Built
1925
Buildings
2
Abandoned
No
Listing Agency:
RE/MAX Vantage
(508) 264-6905
Listed By:
Melisa Gagne · License #9551506
Source:
Paulgrover
Added: Jul 15
Changed: Aug 11
Last Checked: Aug 15 at 12:47PM
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 1925 two-family property offers 2,391 square feet with a detached garage and an extended driveway for off-street parking. The building will be delivered vacant, allowing the next owner to establish occupancy immediately. Interior and exterior areas have been carefully maintained, while the second and third floors have received extensive updates.
The finished third level adds practical flexibility with a bedroom, office, additional rooms, and a half bathroom. Located at 74 California St in Fall River, Massachusetts, the property combines a two-family layout with garage parking and usable supplemental space across three levels.
The finished third level adds practical flexibility with a bedroom, office, additional rooms, and a half bathroom. Located at 74 California St in Fall River, Massachusetts, the property combines a two-family layout with garage parking and usable supplemental space across three levels.
Key Highlights
- Two‑family property with 2,391 square feet
- Built in 1925 and scheduled for vacant delivery
- Finished third floor includes bedroom, office, additional rooms, and half bathroom
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
6.11%
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 6.11%
Second Best
Apartment 5plus
$567.3K
$496.4K – $661.8K
NOI $39,710 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,925 @ 7.0% cap · market cap 14.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Updated upper levels, a finished third floor, and off-street parking support flexible occupancy.
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 $699,900.
What are key features of this property?
This property features: Two‑family property with 2,391 square feet; Built in 1925 and scheduled for vacant delivery; Finished third floor includes bedroom, office, additional rooms, and half bathroom
