Three-Unit Home with Spacious
For Sale
$650,000
Pending
14 Garfield Avenue, East Providence, RI 02916
Residential Income, East Providence, RI
Property Size3,204 SF
Lot Size0.11 Acres
Days on Market76
Property Features for 14 Garfield Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 6, Basement, Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 2, Bedroom 3
Parking
6
Parking features
None
Patio and Porch features
Porch
Exterior features
Porch
Basement
Unfinished, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Rumford
Standard status
Pending
Size
3,204 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8313
Utilities
Heating system
Natural Gas, Steam, Baseboard
Amenities
backyard
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Tile - Ceramic, Carpet, Laminate
Building materials
Vinyl Siding
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
List with Lyon Team
(401) 829-1533
Added: Jun 23
Changed: Sep 4
Last Checked: Sep 6 at 4:06AM
MLS# 1416012
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 R3-zoned triplex contains 3,204 square feet across three residential units. The layout includes six bedrooms, three bathrooms, generous living areas, and a basement. Vinyl siding, carpet, ceramic tile, laminate flooring, and a porch are among the property’s physical features. Each unit includes access to a gas water heater, oven/range, and refrigerator, with natural-gas baseboard and steam heating serving the home.
Built in 1900, the property sits on a 0.11-acre lot in East Providence’s Rumford area. The units are in the process of becoming vacant, providing a three-unit configuration for continued residential income use or owner occupancy. A backyard adds outdoor space, while the property’s R3 zoning supports its multifamily classification.
Built in 1900, the property sits on a 0.11-acre lot in East Providence’s Rumford area. The units are in the process of becoming vacant, providing a three-unit configuration for continued residential income use or owner occupancy. A backyard adds outdoor space, while the property’s R3 zoning supports its multifamily classification.
Key Highlights
- 3,204‑square‑foot triplex on a 0.11‑acre lot
- Three residential units with six bedrooms and three bathrooms
- R3 zoning and units in the process of becoming vacant
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
$53,348
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
8.21%
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%
$1,066,960
$1.1M
Cap Rate 7%
$762,114
$762.1K
Cap Rate 9%
$592,756
$592.8K
Market Conditions
NOI Build-Up for 3,204 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
$81.5K $25.44/SF
− Vacancy
−$5.3K −$1.65/SF
EGI
$76.2K $23.79/SF
− OpEx
−$22.9K −$7.14/SF
NOI
$53.3K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$1,066,960
Cap Rate 7%
$762,114
Cap Rate 9%
$592,756
Alternative Uses
Best Use
Multifamily LT 5
$762.1K
$666.9K – $889.1K
NOI $53,348 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$604.8K
$529.2K – $705.7K
NOI $42,339 @ 7.0% cap · market cap 6.51%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 02916, RI
8,350
Population
3,941
Households
2.1
Avg Household Size
46
Median Age
43%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
3,093
Density / Sq Mi
$96,293
Median Household Income
$60,155
Median Earnings
$1,267
Median Rent
$360,400
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 - R3-zoned triplex with three residential units, porch, backyard, and separate living areas suitable for income use.
Where is this triplex located?
The property is located at 14 Garfield Avenue East Providence, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 3,204‑square‑foot triplex on a 0.11‑acre lot; Three residential units with six bedrooms and three bathrooms; R3 zoning and units in the process of becoming vacant
