81 Cove StNew Bedford, MA 02744

Property Details for 81 Cove St

Year built

1910

Construction

FRAME

Lot size

2.78 AC

Property size (Sq ft)

227,775 SF

Zone code

IB

Property type

Other commercial real estate

Property subtype

Showrooms

APN

NEWB M:0021 L:0053

APU

NEWBM0021L0053

Description

This exceptional three-story self-storage facility in New Bedford, MA, presents a compelling investment opportunity. Boasting 91,908 net rentable square feet and 954 units, this recently renovated (2020) property sits on a 2.78-acre lot at 81 Cove St, 02744. Currently operating at 52.1% occupancy, the facility offers significant upside potential. The property generates a current NOI of $298,821, with a pro-forma NOI of $1,564,330 and a pro-forma cap rate of 9.31%. The asking price is $16,800,000, reflecting a current cap rate of 1.78%. Built in 1991 and extensively renovated, the facility benefits from a prime location on Cove Street, a major thoroughfare with high daily traffic volume, and proximity to the JFK Memorial Highway and the Port of New Bedford. A key advantage is a 20-year solar lease generating $57,000 annual net income, escalating 1.2% annually. New Bedford's robust economy, driven by its thriving maritime industry, renewable energy growth, and increased residential development, provides a strong foundation for future growth and increased profitability. This investment offers a unique blend of immediate income and substantial long-term appreciation potential.

• CAP approach

  CAP return

  Valuation

  6%

  $60,232,068

  6.5%

  $55,598,832

  7%

  $51,627,488

• Comparable approach

  Method

  Valuation

  Relative Method

  $74,997,928

  Geo Method

  $74,997,928

• Alternative Use

  Use

  Valuation

  Residential

  $46,899,696

  Hospitality

  $42,959,868

  Educational

  $35,742,108

  Medical

  $36,971,332

  Retail

  $55,598,832

Location Insight

City

New Bedford

County

Bristol

State

Massachusetts

Latitude

41.6169

Longitude

-70.9172

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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