Property profile

888 Ashley Blvd New Bedford, MA 02745

OFF-MARKET
Turn key restaurants
Property ID
US38-1576432
6,825 SF 0.48 ac lot Built 1962
Individually Owned 4-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This 12,075 square foot, single-story building situated on a 20,800 square foot lot at 888 Ashley Blvd, New Bedford, MA 02745 presents a unique investment opportunity. Currently vacant, the property offers significant redevelopment potential. Previously used as a restaurant, the building's versatile layout allows for various uses, including retail or another restaurant concept. The building includes a full basement, adding to its overall square footage. The property boasts 35 parking spaces and benefits from high visibility and accessibility on a main thoroughfare. Zoned MUB, the site allows for multi-family or mixed-use development, addressing the current housing demand in New Bedford. This prime corner lot presents a compelling opportunity for investors and business owners seeking to capitalize on New Bedford's revitalization. The asking price is $799,999, translating to $66.25 per square foot. Built in 1962, this property offers a chance to create a thriving business or residential development in a rapidly growing area. The substantial lot size and flexible zoning provide a multitude of options for future development. Don't miss this chance to acquire a key piece of New Bedford real estate.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1962
Construction STEEL FRAME
Total area 6,825 SF
Lot 0.48 ac (20,800 SF)
Zoning code MUB
APN NEWB M:0127-C L:0134
UPID US38-1576432

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

888 Ashley Blvd New Bedford, MA 02745-2406
New Bedford metro Census 650201 PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$710k
CAP Approach CAP
by Request
Comparable Approach Comparable
$586k
Blend (final) Blend
$675k

Owner & transaction history

since 2022
Last sale
$450,000
4 recorded transactions
2022
$300,000
1998
$450,000
1997
$325,000
1990
$400,000

Zoning & alternative use

MUB · New Bedford, MA
Zoning description

The intent of this zone is to promote Mixed Use Business uses.

General category MIXED_USE
Top alternative use upside
Auto repair, garage $1.1M +6.2%
Apartment house (5+ units) $1.1M +5.1%
Neighborhood: shopping center $1.0M +0.3%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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