3-Unit Multifamily
For Sale
$499,900
120 East Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size2,870 SF
Lot Size0.11 Acres
Price / SF$174.18
Days on Market8
Property Features for 120 East Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 5, Bedroom 6, Basement, Bathroom 1, Bathroom 3, Bedroom 1, Bathroom 2
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Basement
Unfinished, Full
Appliances
Oven, Range, Refrigerator, Gas Water Heater
Standard status
Active
Size
2,870 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5579
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Laminate, Hardwood, Carpet
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Melanie Ruiz · License #REB.0205866
(401) 651-8141
Added: Sep 20
Changed: Sep 27
Last Checked: Sep 27 at 2:06PM
MLS# 1423857
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 Woonsocket triplex contains 2,870 square feet across three apartments, each with two bedrooms and one bathroom. The property occupies 0.1139 acres and is zoned R4. Natural-gas baseboard heat, a mix of hardwood, carpet, and laminate flooring, and vinyl siding are among its existing features. Utility costs are paid by the occupants through separate services.
Building work includes plumbing stack replacement in 2024, water heater updates from 2020–2025, and heating system updates from 2020–2022. The second-floor apartment was renovated in 2021/2022, and gas line repairs were completed in 2023/2024.
Building work includes plumbing stack replacement in 2024, water heater updates from 2020–2025, and heating system updates from 2020–2022. The second-floor apartment was renovated in 2021/2022, and gas line repairs were completed in 2023/2024.
Key Highlights
- Three apartments, each configured with 2 bedrooms and 1 bathroom
- 2,870 square feet on a 0.1139‑acre parcel
- R4 zoning
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
$37,926
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
7.59%
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%
$758,520
$758.5K
Cap Rate 7%
$541,800
$541.8K
Cap Rate 9%
$421,400
$421.4K
Market Conditions
NOI Build-Up for 2,870 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
$73.4K $25.56/SF
− Vacancy
−$4.4K −$1.53/SF
EGI
$69.0K $24.03/SF
− OpEx
−$31.0K −$10.81/SF
NOI
$37.9K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$758,520
Cap Rate 7%
$541,800
Cap Rate 9%
$421,400
Alternative Uses
Best Use
Multifamily LT 5
$682.7K
$597.3K – $796.5K
NOI $47,787 @ 7.0% cap · market cap 9.56%
Second Best
Apartment 5plus
$541.8K
$474.1K – $632.1K
NOI $37,926 @ 7.0% cap · market cap 7.59%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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 - Occupants pay their own utility costs through separate utility service for each residence.
Where is this triplex located?
The property is located at 120 East Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three apartments, each configured with 2 bedrooms and 1 bathroom; 2,870 square feet on a 0.1139‑acre parcel; R4 zoning
