5-Unit Apartment Building with
For Sale
$725,000
Pending
145 Burnside Avenue, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size4,365 SF
Lot Size0.12 Acres
Days on Market54
Property Features for 145 Burnside Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 8, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 9, Bathroom 2
Parking
6
Basement
Full, Unfinished
Lot features
Paved Driveway
Standard status
Pending
Size
4,365 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5130
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
off-street parking
detached 2-car garage
Building Details
Year built
1914
Floors in Building
3
Number of units
4
Flooring type
Laminate, Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Exp Realty
(888) 315-3445
Listed By:
Kimberly Rodrigues · License #451504057
(774) 291-2880
Added: Jun 29
Changed: Aug 20
Last Checked: Aug 21 at 5:06AM
MLS# 1416359
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 5-unit apartment property contains 4,365 square feet on 0.12 acres and was built in 1914. Four units have been updated and are ready for occupancy, while the remaining unit requires a heating-system update and limited cosmetic work. The building has vinyl siding, laminate, hardwood, and ceramic tile flooring, with natural-gas forced-air heat. Public water and public sewer serve the property.
The offering includes off-street parking and a detached 2-car garage. Separate utilities support unit-level service allocation. The property is being sold as-is, and the porches require repair. Located in Woonsocket near major highways, shopping, and public transportation, the property currently reflects a 9.2% cap rate.
The offering includes off-street parking and a detached 2-car garage. Separate utilities support unit-level service allocation. The property is being sold as-is, and the porches require repair. Located in Woonsocket near major highways, shopping, and public transportation, the property currently reflects a 9.2% cap rate.
Key Highlights
- 5‑unit apartment property with 4,365 square feet on 0.12 acres
- Four of five units are updated and ready for occupancy
- Detached 2‑car garage plus off‑street parking
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
$57,681
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
7.96%
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%
$1,153,620
$1.2M
Cap Rate 7%
$824,014
$824.0K
Cap Rate 9%
$640,900
$640.9K
Market Conditions
NOI Build-Up for 4,365 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
$111.6K $25.56/SF
− Vacancy
−$6.7K −$1.53/SF
EGI
$104.9K $24.03/SF
− OpEx
−$47.2K −$10.81/SF
NOI
$57.7K $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%
$1,153,620
Cap Rate 7%
$824,014
Cap Rate 9%
$640,900
Alternative Uses
Best Use
Apartment 5plus
$824.0K
$721.0K – $961.4K
NOI $57,681 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.04M
$908.5K – $1.21M
NOI $72,679 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,177
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four units are updated, with separate utilities and off-street parking.
Where is this apartment building located?
The property is located at 145 Burnside Avenue Woonsocket, RI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 5‑unit apartment property with 4,365 square feet on 0.12 acres; Four of five units are updated and ready for occupancy; Detached 2‑car garage plus off‑street parking
