Renovated Three-Family with
For Sale
$499,900
Pending
9 Cleveland St, New Bedford, MA 02744
Three-family property featuring renovated units and off-street parking.
Property Size1,925 SF
Lot Size0.07 Acres
Days on Market266
Property Features for 9 Cleveland St
General Information
Standard status
Pending
Size
1,925 SF
Lot size
0.07 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$3,720
Building Details
Building Size
1,925 SF
Year Built
1897
Stories
6
Units
3
Listing Agency:
(774) 930-5694
Listed By:
Jermaine A. Hurley
(774) 930-5694
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 10
Last Checked: Aug 20 at 8:16AM
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 Jermaine A. Hurley
Investment Insights
Based on property information with market context.
This is a renovated three-family property that includes off-street parking and a good-sized backyard. The first and second-floor apartments feature new white shaker cabinets with soft-close doors, granite countertops, vinyl waterproof flooring, and stainless steel appliances. The first floor includes a renovated bathroom with new fixtures and a tiled tub and shower surround. The roof was replaced approximately 10 years ago. The first and second-floor apartments have been freshly painted throughout with modern grey colors. The basement, front, and back hallways have also been freshly painted. The first and second-floor apartments are vacant. The third floor is occupied by a tenant at will.
Key Highlights
- Renovated first and second floor apartments feature new kitchens with white shaker cabinets, granite countertops, and stainless steel appliances, plus updated bathrooms.
- Enjoy the convenience of off‑street parking and a good‑sized backyard.
- Vacant first and second floor apartments offer immediate occupancy or rental potential.
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
$27,671
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
5.54%
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%
$553,420
$553.4K
Cap Rate 7%
$395,300
$395.3K
Cap Rate 9%
$307,456
$307.5K
Market Conditions
NOI Build-Up for 1,925 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
$42.7K $22.20/SF
− Vacancy
−$3.2K −$1.67/SF
EGI
$39.5K $20.54/SF
− OpEx
−$11.9K −$6.16/SF
NOI
$27.7K $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%
$553,420
Cap Rate 7%
$395,300
Cap Rate 9%
$307,456
Alternative Uses
Best Use
Multifamily LT 5
$395.3K
$345.9K – $461.2K
NOI $27,671 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$362.9K
$317.6K – $423.4K
NOI $25,404 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$567.6K
$496.7K – $662.2K
NOI $39,732 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Explore this area
Business Placement
Demographics for 02744, MA
13,055
Population
5,609
Households
2.3
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
1.3 sq mi
ZIP Area
10,042
Density / Sq Mi
$54,841
Median Household Income
$36,799
Median Earnings
$1,133
Median Rent
$344,800
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-family property featuring renovated units and off-street parking.
Where is this triplex located?
The property is located at 9 Cleveland St New Bedford, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Renovated first and second floor apartments feature new kitchens with white shaker cabinets, granite countertops, and stainless steel appliances, plus updated bathrooms.; Enjoy the convenience of off‑street parking and a good‑sized backyard.; Vacant first and second floor apartments offer immediate occupancy or rental potential.
