Four-Unit Multifamily
New
For Sale
$869,000
17 Cromwell Street, Providence, RI 02907
Residential Income, Providence, RI
Property Size3,298 SF
Lot Size0.09 Acres
Price / SF$263.49
Days on Market2
Property Features for 17 Cromwell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Basement, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
Fireplace
1
Basement
Unfinished, Full
Standard status
Active
Size
3,298 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7673
Utilities
Heating system
Natural Gas, Forced Air, Baseboard
Building Details
Year built
1895
Floors in Building
4
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Wood
Listing Agency:
The Greene Realty Group
(888) 278-5840
Listed By:
Derek Greene · License #SBR004802
(888) 278-5840
Added: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 1421155
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 four-unit multifamily property contains 3,298 square feet on a 0.09-acre parcel and was built in 1895. Interior improvements include remodeled bathrooms, stainless steel appliances, updated utilities, hardwood and ceramic tile flooring, and a combination of natural gas, forced-air, and baseboard heating. A finished attic is configured as an in-law suite, while the basement remains unfinished and provides additional interior space. The property is zoned Res and includes a fireplace.
The property is located in Providence, with access to major highways, public transportation, shopping, restaurants, schools, and other local amenities. The building is constructed with wood and drywall, with no on-site parking identified in the property information.
The property is located in Providence, with access to major highways, public transportation, shopping, restaurants, schools, and other local amenities. The building is constructed with wood and drywall, with no on-site parking identified in the property information.
Key Highlights
- Four residential units within a 3,298‑square‑foot multifamily property
- Finished attic configured as an in‑law suite
- Remodeled bathrooms and stainless steel appliances
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
$55,690
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
6.41%
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%
$1,113,800
$1.1M
Cap Rate 7%
$795,571
$795.6K
Cap Rate 9%
$618,778
$618.8K
Market Conditions
NOI Build-Up for 3,298 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
$85.1K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$79.6K $24.12/SF
− OpEx
−$23.9K −$7.24/SF
NOI
$55.7K $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%
$1,113,800
Cap Rate 7%
$795,571
Cap Rate 9%
$618,778
Alternative Uses
Best Use
Multifamily LT 5
$795.6K
$696.1K – $928.2K
NOI $55,690 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$714.6K
$625.3K – $833.7K
NOI $50,022 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$1.10M
$965.4K – $1.29M
NOI $77,235 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,641
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?
Quadplex - Updated residential income property with a finished attic suite, remodeled bathrooms, and flexible lower-level space.
Where is this quadplex located?
The property is located at 17 Cromwell Street Providence, RI.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Four residential units within a 3,298‑square‑foot multifamily property; Finished attic configured as an in‑law suite; Remodeled bathrooms and stainless steel appliances
