Three-Unit Property with
For Sale
$775,000
1166 N Main Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size3,240 SF
Lot Size0.13 Acres
Price / SF$239.20
Days on Market44
Property Features for 1166 N Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bedroom 8, Bathroom 3, Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 6, Bedroom 1, Bathroom 1, Basement, Bedroom 4, Bedroom 9
Parking
7
Fireplace
1
Basement
Full, Unfinished
Appliances
Electric Water Heater
Standard status
Active
Size
3,240 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7103
Utilities
Heating system
Natural Gas, Steam, Baseboard
Building Details
Year built
1900
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Lenox Realty Group
(401) 572-3322
Listed By:
Gabe Francis · License #REB.0016894
(617) 513-9156
Added: Aug 4
Changed: Sep 13
Last Checked: Sep 16 at 8:06PM
MLS# 1419781
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,240-square-foot triplex includes three residential units with three bedrooms per unit. The property is currently leased and features vinyl siding, a roof installed three years ago, ceramic tile and hardwood flooring, and a fireplace. Heating is provided by steam and natural gas baseboard systems, with an electric water heater serving the building. Constructed in 1900, the property occupies 0.1312 acres and includes a freestanding garage plus a 3-bay cinder block garage, adding functional storage and revenue-producing space.
Located on North Main Street in Providence, the property sits just off major highways and near Whole Foods, dining, shopping, and a recently opened LA Fitness. C-2 Commercial zoning adds a commercial land-use component to the existing residential configuration.
Located on North Main Street in Providence, the property sits just off major highways and near Whole Foods, dining, shopping, and a recently opened LA Fitness. C-2 Commercial zoning adds a commercial land-use component to the existing residential configuration.
Key Highlights
- Three‑unit property with three bedrooms in each unit
- 3,240 square feet on 0.1312 acres
- Freestanding garage plus a 3‑bay cinder block garage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,711
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,094,220
$1.1M
Cap Rate 7%
$781,586
$781.6K
Cap Rate 9%
$607,900
$607.9K
Market Conditions
NOI Build-Up for 3,240 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$83.6K $25.80/SF
− Vacancy
−$5.4K −$1.68/SF
EGI
$78.2K $24.12/SF
− OpEx
−$23.4K −$7.24/SF
NOI
$54.7K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,094,220
Cap Rate 7%
$781,586
Cap Rate 9%
$607,900
Alternative Uses
Best Use
Multifamily LT 5
$781.6K
$683.9K – $911.9K
NOI $54,711 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$702.0K
$614.3K – $819.1K
NOI $49,143 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.08M
$948.5K – $1.26M
NOI $75,877 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,597
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - C-2 Commercial zoning places the property near major highways, shopping, dining, fitness, and other East Side amenities.
Where is this triplex located?
The property is located at 1166 N Main Street Providence, RI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑unit property with three bedrooms in each unit; 3,240 square feet on 0.1312 acres; Freestanding garage plus a 3‑bay cinder block garage
