Three-Unit Triplex With
For Sale
$699,900
Pending
351 Robinson Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size3,717 SF
Lot Size0.11 Acres
Days on Market58
Property Features for 351 Robinson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 8, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
6
Parking features
Open, Carport
Interior features
Plumbing (Mixed)
Basement
Full, Unfinished
Standard status
Pending
Size
3,717 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5322
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
pristine hallways
exterior porches
inviting outdoor living areas
above-ground pool
fenced-in yard
basement storage
original woodwork
plaster ceilings
Building Details
Year built
1912
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Laminate
Building materials
Masonry
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Cynthia Beauregard
(401) 623-7072
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 26 at 10:06AM
MLS# 1416759
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 3,717-square-foot triplex, built in 1912, contains two three-bedroom, one-bathroom apartments and a third-floor two-bedroom, one-bathroom unit. Each residence has a galley kitchen, dining and living areas, and included appliances. The upper unit also offers a bonus room that may accommodate a third bedroom. Original woodwork, plaster ceilings, hardwood and laminate flooring, natural-gas baseboard heat, and window-unit cooling contribute to the property's character and function.
The property includes an attached, separately deeded 0.11-acre bonus lot, a two-car garage, open parking, and a carport. Exterior porches, outdoor living areas, a fenced yard, and an above-ground pool expand the available amenities. Basement storage areas provide dedicated space for each unit, while public water service supports the building.
The property includes an attached, separately deeded 0.11-acre bonus lot, a two-car garage, open parking, and a carport. Exterior porches, outdoor living areas, a fenced yard, and an above-ground pool expand the available amenities. Basement storage areas provide dedicated space for each unit, while public water service supports the building.
Key Highlights
- 3,717‑square‑foot triplex with three residential units
- Two units offer 3 bedrooms and 1 bathroom each
- Third‑floor apartment has 2 bedrooms, 1 bathroom, and a bonus room
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
$61,890
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
8.84%
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%
$1,237,800
$1.2M
Cap Rate 7%
$884,143
$884.1K
Cap Rate 9%
$687,667
$687.7K
Market Conditions
NOI Build-Up for 3,717 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
$94.6K $25.44/SF
− Vacancy
−$6.1K −$1.65/SF
EGI
$88.4K $23.79/SF
− OpEx
−$26.5K −$7.14/SF
NOI
$61.9K $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%
$1,237,800
Cap Rate 7%
$884,143
Cap Rate 9%
$687,667
Alternative Uses
Best Use
Multifamily LT 5
$884.1K
$773.6K – $1.03M
NOI $61,890 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$701.7K
$614.0K – $818.6K
NOI $49,118 @ 7.0% cap · market cap 7.02%
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
840
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?
Triplex - Well-kept multifamily property with porches, basement storage, and a fenced yard with an above-ground pool.
Where is this triplex located?
The property is located at 351 Robinson Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,717‑square‑foot triplex with three residential units; Two units offer 3 bedrooms and 1 bathroom each; Third‑floor apartment has 2 bedrooms, 1 bathroom, and a bonus room
