Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    198 Herman Melville Blvd New Bedford, MA 02740-7344

    • Manufacturing properties
    • 50,800 SF
    • 1.71 lot acres
    OFF-MARKET
    Value Estimations
    $4,025,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1455401
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • National Offshore Wind Institute - NOWI / Training Center

    Property Details for 198 Herman Melville Blvd

    Year built
    1984
    Construction
    STEEL FRAME
    Lot size
    1.71 lot acres
    Property size
    50,800 SF
    Zone code
    WI
    Property type
    Manufacturing properties
    APN
    NEWB M:0066 L:0153-A
    APU
    NEWBM0066L0153A

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,238,000
      Market price range: $2.06M - $8.72M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $5,760,000
      Current use
      OFFICE BUILDING
      $6,665,000
      Change: +16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Bedford
    County
    Bristol
    State
    Massachusetts
    Longitude
    -70.9234
    Latitude
    41.6444
    CBSA code
    39300
    CBSA name
    PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $79,188
    $464,600
    $2,708,000
    $3,172,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,145,000
      20,000 SF

      360 Frnt St, Unit 382

      MANUFACTURING (LIGHT) • 20,000 SF
      360 Frnt St, New Bedford, MA 02740-5745
      View Details
    • Value Estimation
      $2,630,000
      26,200 SF

      57 Hassey St

      MANUFACTURING (LIGHT) • 26,200 SF
      57 Hassey St, New Bedford, MA 02740-7277
      View Details
    • Value Estimation
      $2,795,000
      32,253 SF

      4 Fish Is

      MANUFACTURING (LIGHT) • 32,253 SF
      4 Fish Is, New Bedford, MA 02740-7226
      View Details
    • Value Estimation
      $1,360,000
      8,166 SF

      38 Hassey St

      MANUFACTURING (LIGHT) • 8,166 SF
      38 Hassey St, New Bedford, MA 02740-7209
      View Details
    • Value Estimation
      $1,220,000
      11,330 SF

      8 Hassey St

      MANUFACTURING (LIGHT) • 11,330 SF
      8 Hassey St, New Bedford, MA 02740-7209
      View Details
    • Value Estimation
      $1,405,000
      14,078 SF

      35 Homers Wharf

      MANUFACTURING (LIGHT) • 14,078 SF
      35 Homers Wharf, New Bedford, MA 02740-7246
      View Details

    Similar Nearby for Sale

    • $700,000
      5,590 SF

      New Bedford Industrial Property

      5,590 SF Flex Space, High Traffic Area
      347 Dartmouth St, New Bedford, MA 02740
      View Details
    • $4,500,000
      5,288 SF

      Iconic Historic Office Building For Sale

      Historic office building in New Bedford's Historic District.
      56-62 N Water St, New Bedford, MA 02740
      View Details
    • $435,000

      New Bedford Two-Family Home

      Well-maintained two-family home in New Bedford's West End.
      66 Parker St, New Bedford, MA 02740
      View Details
    • $499,900

      Two-Family Home with Cottage Setup

      Well-maintained two-family home with a cottage setup on a corner lot.
      178 Thompson St, New Bedford, MA 02740
      View Details
    • $974,000
      12,054 SF

      Mixed-Use Development Opportunity

      Mixed-use development opportunity in historic downtown New Bedford.
      343-357 Acushnet Ave, New Bedford, MA 02740
      View Details
    • $390,000
      1,700 SF

      Retail Property Investment Opportunity

      Free-standing retail property with long-term tenant in New Bedford.
      319 Hathaway Blvd, New Bedford, MA 02740
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      8,340 SF

      Prime New Bedford Industrial Space

      8,300 SF Warehouse, Cold Storage, Flex Space
      135 Potter St, New Bedford, MA 02740
      View Details
    • $12 SF/Yr
      32,850 SF

      Waterfront Commercial Property in New Bedford

      Exceptional commercial property on the waterfront, ideal for various businesses.
      86 Macarthur Dr, New Bedford, MA 02740
      View Details
    • Contact for pricing
      7,884 SF

      Retail Space with Business Opportunity

      7,884 SF retail space with established flooring business option.
      1440 Purchase St, New Bedford, MA 02740
      View Details
    • $600 /Mo
      11,580 SF

      Downtown New Bedford Office Space

      Affordable downtown office space with utilities included and parking.
      9 S 6Th St, New Bedford, MA 02740
      View Details
    • $5,000 /Mo
      4,331 SF

      Downtown Restaurant Space Available

      Updated restaurant space with working kitchen and potential beer garden.
      250 Union St, New Bedford, MA 02740
      View Details
    • $20 SF/Yr
      1,300 SF

      Historic Building in Downtown

      Reconstructed historic building with modern amenities in downtown New Bedford.
      895-899 Pleasant St, New Bedford, MA 02740
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    198 Herman Melville Blvd
    New Bedford, MA 02740-7344
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.