Unique Restaurant Building For
For Sale
$359,900
945 Ashley Blvd, New Bedford, MA 02745
Restaurant building with boat dining area in high-traffic location.
Property Size1,882 SF
Price / SF$191.23
Days on Market168
Property Features for 945 Ashley Blvd
General Information
Standard status
Active
Size
1,882 SF
Property subtype
Commercial
Zoning
MUB
Taxes and HOA fees
Annual Taxes
$7,310
Building Details
Building Size
1,882 SF
Year Built
1939
Listing Agency:
RE/MAX Partners
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 30
Changed: Sep 13
Last Checked: Sep 13 at 5:20AM
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 Partners
Investment Insights
Based on property information with market context.
This commercial building features a frame structure that includes a dining area, kitchen, and entry foyer. Attached to the building is a boat, which serves as an additional dining space with tables, booths, and restrooms. The property benefits from a high-traffic, high-visibility location and is situated near several banks, insurance companies, and retail establishments. It is located two blocks from the intersection of Tarkiln Hill Road, offering convenient highway access. This property is intended for use as a restaurant.
Key Highlights
- Unique boat‑integrated dining area.
- High‑traffic, high‑visibility location.
- Proximity to banks, insurance companies, and retail establishments.
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
$28,202
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
7.84%
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%
$564,040
$564.0K
Cap Rate 7%
$402,886
$402.9K
Cap Rate 9%
$313,356
$313.4K
Market Conditions
NOI Build-Up for 1,882 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
$40.7K $21.60/SF
− Vacancy
−$3.0K −$1.62/SF
EGI
$37.6K $19.98/SF
− OpEx
−$9.4K −$5.00/SF
NOI
$28.2K $14.99/SF
Area
New Bedford, MA
Vacancy
7.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$564,040
Cap Rate 7%
$402,886
Cap Rate 9%
$313,356
Alternative Uses
Best Use
Specialty Retail
$402.9K
$352.5K – $470.0K
NOI $28,202 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$554.9K
$485.6K – $647.4K
NOI $38,844 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
46k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Dining 47%
Home Improvements & Furnishings 1%
Burger King
Dining
12,817 visits/mo
0.5 miles
Citizens Bank
Shops & Services
9,749 visits/mo
0.4 miles
Cumberland Farms
Shops & Services
7,833 visits/mo
0.4 miles
Honey Dew Donuts
Dining
4,962 visits/mo
0.4 miles
Domino's Pizza
Dining
4,157 visits/mo
0.2 miles
Demographics for 02745, MA
25,336
Population
10,649
Households
2.4
Avg Household Size
41
Median Age
20%
College-Educated
83%
High-School Grad
9.8 sq mi
ZIP Area
2,585
Density / Sq Mi
$73,154
Median Household Income
$46,978
Median Earnings
$1,104
Median Rent
$339,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant building with boat dining area in high-traffic location.
Where is this conventional restaurant located?
The property is located at 945 Ashley Blvd New Bedford, MA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Unique boat‑integrated dining area.; High‑traffic, high‑visibility location.; Proximity to banks, insurance companies, and retail establishments.
