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Property profile & analytics
OFF-MARKET
Estimated value
$710,000
Office Spaces
388 County St 2 New Bedford, MA 02740-4992
Entity Owned
15-yr Hold
Free & Clear
Property ID
US38-1429623
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1833
Construction
FRAME
Total area
4,853 SF
Zoning code
RA
APN
NEWB M:0041 L:0070-B
UPID
US38-1429623
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Paul & Dixon Insurance Insurance Agency
-
New Bedford Preservation Society Association / Organization Tourist Attraction
-
Moniz & Latimer Constables Law Firm
-
Daniel Perry Law Firm
-
Margaret Heffernan Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$700k
Blend (final)
Blend
$710k
Owner & transaction history
William Rodman Assoc LLP · 15 yrs held
William Rodman Assoc LLP
since 2011
4 recorded transactions
Zoning & alternative use
RA · New Bedford, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The intent of this zone is to promote Residential A uses.
Zone name
Residential A
General category
RESIDENTIAL
Zone area
4,269.71 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$785,000
+23.3%
Neighborhood: shopping center
$740,000
+16.4%
Retail stores
$725,000
+14.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New Bedford submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Bedford submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$635,000
Current use
AUTO REPAIR, GARAGE
$785,000
Change: +23% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$740,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$725,000
Change: +14% · Conversion: Moderate
WAREHOUSE, STORAGE
$640,000
Change: +1% · Conversion: Difficult
COMMERCIAL (GENERAL)
$630,000
Change: -1% · Conversion: Easy
Blend value · Realmo final
$710k
Range $639k – $781k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$146 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$14,062
Tax year 2024
Assessed value
$563,400
Assessed 2024
Previous assessed
$563,400
+0.0% YoY
Effective rate
2.50%
On assessed value
Assessed improvement
$563,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1833
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
2
Bathrooms
5
Total area
4,853 SF
Zoning code
RA
APN
NEWB M:0041 L:0070-B
UPID
US38-1429623
Jurisdiction
NEW BEDFORD
Zoning & alternative use
RA · New Bedford, MAZoning RA · permitted uses
RA · New Bedford, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The intent of this zone is to promote Residential A uses.
Zone name
Residential A
General category
RESIDENTIAL
Zone area
4,269.71 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$635,000
AUTO REPAIR, GARAGE
Est. value
$785,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$740,000
RETAIL STORES
Est. value
$725,000
WAREHOUSE, STORAGE
Est. value
$640,000
COMMERCIAL (GENERAL)
Est. value
$630,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1833
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
1
Bathrooms
5
Current owner
From public records · entity-resolved
William Rodman Assoc LLP
Entity
Free & Clear · 15 yrs held
Mailing address
PO BOX 6727, NEW BEDFORD, MA 02742-6727
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 4, 2011
$1
William Rodman Assoc LLP
Rodman Landmark INC
Grant Deed
—
Mar 4, 2011
—
William Rodman Assoc LLP
—
Deed Of Trust
related
$490,000 · Sovereign Bank
Nov 22, 1995
—
William Rodman Assoc
—
Deed Of Trust
related
$225,000 · Housing 70 Corp
Oct 10, 1989
—
William Rodman Assocs
—
Deed Of Trust
related
$200,000 · Zuckerman Family Nomi
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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