Triplex with Three-Car
For Sale
$699,000
Pending
38 Harvest Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,850 SF
Lot Size0.12 Acres
Days on Market116
Property Features for 38 Harvest Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 4, Basement
Parking
13
Basement
Full, Partially Finished
Appliances
Gas Water Heater
Standard status
Pending
Size
2,850 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7123
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Amenities
front porch
fenced side yard
Building Details
Year built
1910
Number of units
3
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Neighborhood Realty
(401) 453-2268
Listed By:
Cynthia Izzo
(401) 641-1112
Added: May 8
Changed: Aug 20
Last Checked: Aug 31 at 7:06AM
MLS# 1412065
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.
Located at 38 Harvest Street in Providence, this triplex provides 2,850 square feet of living space across three residential units. The property includes 6 bedrooms and 3 bathrooms, with separate entrances serving the units. Built in 1910, it features vinyl siding, hardwood flooring, natural-gas baseboard heat, a gas water heater, and a basement. A three-car garage, additional off-street parking, front porch, and fenced side-yard area add practical utility. The property is connected to public sewer and carries R3 zoning. A coin-operated washer and dryer is not included in the sale.
Key Highlights
- Triplex with 2,850 square feet of living space
- 6 bedrooms and 3 bathrooms
- Three‑car garage plus additional 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
$48,125
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
6.88%
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%
$962,500
$962.5K
Cap Rate 7%
$687,500
$687.5K
Cap Rate 9%
$534,722
$534.7K
Market Conditions
NOI Build-Up for 2,850 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
$73.5K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$68.8K $24.12/SF
− OpEx
−$20.6K −$7.24/SF
NOI
$48.1K $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%
$962,500
Cap Rate 7%
$687,500
Cap Rate 9%
$534,722
Alternative Uses
Best Use
Multifamily LT 5
$687.5K
$601.6K – $802.1K
NOI $48,125 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$617.5K
$540.3K – $720.5K
NOI $43,227 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$953.5K
$834.3K – $1.11M
NOI $66,744 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,901
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 separate entrances, hardwood flooring, and off-street parking support flexible residential use.
Where is this triplex located?
The property is located at 38 Harvest 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: Triplex with 2,850 square feet of living space; 6 bedrooms and 3 bathrooms; Three‑car garage plus additional off‑street parking
