THE MARKET GIVES A BIG THUMBS UP FOR THIS ONE! A rooming house, about 2 blocks away from this rooming house, was sold last month for $670,000 (MLS 71898386). The sale of that property made it possible to better determine the market value of this rooming house (i.e., 621 2nd St ).. The nearby rooming house that was sold is located at 517 S. Main St. in Fall River with a MLS ID 71898386. A simple way of comparing value is; Net income (income after expenses) / Sale Price.; i.e., $670,000 Sale Price/$98,533 Net income= .15(Capitalization Rate). We can apply this rate of capitalization to the 2nd St rooming house; $60,653 (average net income of 2nd St rooming house) / .15= $404,353 (market value of 621 2nd St when compared to the nearby sale of a similar property) this is a property that has a lot of potential for the right owner. SEE ATTACHED FLOOR PLANS
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
