Updated Triplex with
For Sale
$675,000
Pending
123 Laban Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,322 SF
Lot Size0.10 Acres
Days on Market47
Property Features for 123 Laban Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
6
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Copper), Plumbing (PVC)
Basement
Full, Partially Finished
Appliances
Gas Water Heater
Subdivision
Silver Lake
Standard status
Pending
Size
2,322 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3515
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Tile - Ceramic, Vinyl, Carpet, Hardwood
Building materials
Dry Wall, Other Siding
Listing Agency:
Circle 100 Real Estate
(401) 336-6083
Listed By:
Elvis Santana
(508) 233-3229
Added: Jul 15
Changed: Aug 20
Last Checked: Aug 30 at 1:06PM
MLS# 1418001
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.
Located at 123 Laban Street in Providence, this 2,322-square-foot triplex was built in 1900 and includes three bathrooms, multiple bedrooms, and a partially finished basement. The upper two floors have undergone recent renovation, while the first floor remains positioned for cosmetic improvements. Interior finishes include hardwood, vinyl, ceramic tile, drywall, copper plumbing, and PVC plumbing. The property uses natural-gas baseboard heat and a gas water heater.
Exterior and mechanical updates include vinyl siding, new gutters, two replacement water tanks, a repaved driveway, and a roof installed in 2019. A six-camera surveillance system is also in place. Public water serves the property, which sits on a 0.0997-acre lot and carries R-2 zoning.
Exterior and mechanical updates include vinyl siding, new gutters, two replacement water tanks, a repaved driveway, and a roof installed in 2019. A six-camera surveillance system is also in place. Public water serves the property, which sits on a 0.0997-acre lot and carries R-2 zoning.
Key Highlights
- 2,322‑square‑foot triplex on a 0.0997‑acre lot
- R‑2 zoning with three residential floors
- Upper two floors recently renovated
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
$39,210
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
5.81%
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%
$784,200
$784.2K
Cap Rate 7%
$560,143
$560.1K
Cap Rate 9%
$435,667
$435.7K
Market Conditions
NOI Build-Up for 2,322 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
$59.9K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.0K $24.12/SF
− OpEx
−$16.8K −$7.24/SF
NOI
$39.2K $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%
$784,200
Cap Rate 7%
$560,143
Cap Rate 9%
$435,667
Alternative Uses
Best Use
Multifamily LT 5
$560.1K
$490.1K – $653.5K
NOI $39,210 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$503.1K
$440.2K – $587.0K
NOI $35,219 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$776.8K
$679.7K – $906.3K
NOI $54,378 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with R-2 zoning and a partially finished lower level.
Where is this triplex located?
The property is located at 123 Laban Street Providence, RI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,322‑square‑foot triplex on a 0.0997‑acre lot; R‑2 zoning with three residential floors; Upper two floors recently renovated
