Triplex with Finished
For Sale
$639,000
87 Smith, Fall River, MA 02721
Three-apartment property with updated first-floor interiors, mechanical improvements, and a fenced yard with deck.
Property Size2,853 SF
Price / SF$223.97
Days on Market127
Property Features for 87 Smith
General Information
Standard status
Active
Size
2,853 SF
Property subtype
Multi-Family
Zoning
A-3
Net Operating Income
$3,650
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,707
Amenities
fenced yard
deck
Building Details
Building Size
2,853 SF
Year Built
1900
Stories
4
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 27
Changed: Aug 31
Last Checked: Aug 31 at 1:01PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This 2,853-square-foot triplex, built in 1900, contains three apartments and a semi-finished basement with a kitchen, three-quarter bath, and heat. The first-floor unit includes an updated kitchen and bathroom, while the property also benefits from upgraded electrical and plumbing systems. High-efficiency furnaces serve the second and third floors, and hot-water baseboard heat is installed throughout all three apartments.
Exterior improvements include a new roof, newer windows, a fenced yard, and a deck adjoining the first-floor kitchen. The property is zoned A-3 and has been deleaded with certificates. The combination of three residential units, basement utility space, and updated building systems supports both owner-occupancy and multifamily use as stated in the property information.
Exterior improvements include a new roof, newer windows, a fenced yard, and a deck adjoining the first-floor kitchen. The property is zoned A-3 and has been deleaded with certificates. The combination of three residential units, basement utility space, and updated building systems supports both owner-occupancy and multifamily use as stated in the property information.
Key Highlights
- Three apartments within a 2,853‑square‑foot multifamily property
- Semi‑finished basement with kitchen, three‑quarter bath, and heat
- Updated first‑floor kitchen and 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
$50,986
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
7.98%
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%
$1,019,720
$1.0M
Cap Rate 7%
$728,371
$728.4K
Cap Rate 9%
$566,511
$566.5K
Market Conditions
NOI Build-Up for 2,853 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
$78.7K $27.60/SF
− Vacancy
−$5.9K −$2.07/SF
EGI
$72.8K $25.53/SF
− OpEx
−$21.9K −$7.66/SF
NOI
$51.0K $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%
$1,019,720
Cap Rate 7%
$728,371
Cap Rate 9%
$566,511
Alternative Uses
Best Use
Multifamily LT 5
$728.4K
$637.3K – $849.8K
NOI $50,986 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$676.9K
$592.3K – $789.7K
NOI $47,383 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,620 @ 7.0% cap · market cap 19.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Explore this area
Business Placement
Demographics for 02721, MA
28,075
Population
12,358
Households
2.3
Avg Household Size
38
Median Age
15%
College-Educated
73%
High-School Grad
4.0 sq mi
ZIP Area
7,019
Density / Sq Mi
$50,666
Median Household Income
$40,315
Median Earnings
$1,010
Median Rent
$362,800
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-apartment property with updated first-floor interiors, mechanical improvements, and a fenced yard with deck.
Where is this triplex located?
The property is located at 87 Smith Fall River, MA.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Three apartments within a 2,853‑square‑foot multifamily property; Semi‑finished basement with kitchen, three‑quarter bath, and heat; Updated first‑floor kitchen and bathroom
