Three-Unit Wood-Framed
For Sale
$699,000
133 Ontario Street, Providence, RI 02907
Residential Income, Providence, RI
Property Size3,057 SF
Lot Size0.09 Acres
Price / SF$228.66
Days on Market34
Property Features for 133 Ontario Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 4, Basement
Parking
6
Parking features
None
Interior features
Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Finished, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Elmwood
Standard status
Active
Size
3,057 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8382
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Building Details
Year built
1922
Floors in Building
3
Number of units
3
Flooring type
Tile - Ceramic, Hardwood
Building materials
Dry Wall, Shingles, Wood
Listing Agency:
Bhhs Commonwealth Real Estate · Berkshire Hathaway HomeServices
(401) 886-6100
Listed By:
Allen Gammons · License #REB.0015256
(401) 742-6050
Added: Jul 27
Changed: Aug 20
Last Checked: Aug 29 at 12:06PM
MLS# 1419025
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 3,057-square-foot triplex, built in 1922, includes two two-bedroom units and a third configured for two to three bedrooms. One unit is currently vacant, providing flexibility for an owner occupant. The property includes a lower-level area identified as an unrecognized unit and is suited to minor updates. Interior features include hardwood and ceramic tile flooring, baseboard heat powered by natural gas, a gas water heater, and a mix of drywall and wood construction. Appliances include an oven/range and refrigerator.
The property is located in Providence’s Elmwood section, approximately 4 minutes from I-95 North and South. Roger Williams Park is within walking distance, while Rhode Island Hospital and the dining and shopping in historic Edgewood are a short drive away. The lot encompasses 0.09 acres and is served by public sewer.
The property is located in Providence’s Elmwood section, approximately 4 minutes from I-95 North and South. Roger Williams Park is within walking distance, while Rhode Island Hospital and the dining and shopping in historic Edgewood are a short drive away. The lot encompasses 0.09 acres and is served by public sewer.
Key Highlights
- 3,057‑square‑foot triplex built in 1922
- Unit mix includes two 2‑bedroom units and one 2‑3 bedroom unit
- One unit is vacant for potential owner occupancy
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
$51,621
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
7.38%
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%
$1,032,420
$1.0M
Cap Rate 7%
$737,443
$737.4K
Cap Rate 9%
$573,567
$573.6K
Market Conditions
NOI Build-Up for 3,057 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
$78.9K $25.80/SF
− Vacancy
−$5.1K −$1.68/SF
EGI
$73.7K $24.12/SF
− OpEx
−$22.1K −$7.24/SF
NOI
$51.6K $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%
$1,032,420
Cap Rate 7%
$737,443
Cap Rate 9%
$573,567
Alternative Uses
Best Use
Multifamily LT 5
$737.4K
$645.3K – $860.4K
NOI $51,621 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$662.4K
$579.6K – $772.8K
NOI $46,367 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$1.02M
$894.9K – $1.19M
NOI $71,591 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,228
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
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 - Three-unit residential property with a flexible bedroom mix, one vacant unit, and convenient access to I-95.
Where is this triplex located?
The property is located at 133 Ontario Street Providence, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,057‑square‑foot triplex built in 1922; Unit mix includes two 2‑bedroom units and one 2‑3 bedroom unit; One unit is vacant for potential owner occupancy
