Three-Unit Multifamily
For Sale
$629,000
419 Orms Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,929 SF
Lot Size0.06 Acres
Price / SF$214.75
Days on Market17
Property Features for 419 Orms Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 6, Bathroom 1, Basement, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1
Parking
4
Parking features
None
Interior features
Wall (Cermaic), Wall (Dry Wall), Attic, Attic Stairs, Attic Storage, Internal Expansion, Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Storage Space, Unfinished, Full
Appliances
Dishwasher, Dryer, Microwave, Oven, Range, Refrigerator, Washer, Gas Water Heater
Subdivision
Smith Hill
Lot features
Corner Lot, Paved Driveway, Sidewalks
Standard status
Active
Size
2,929 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7732
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1917
Floors in Building
3
Number of units
3
Flooring type
Tile - Ceramic, Laminate
Building materials
Ceramic, Dry Wall, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Nicholas Pardy · License #RES.0040238
(401) 419-2991
Added: Sep 11
Changed: Sep 26
Last Checked: Sep 27 at 6:06PM
MLS# 1422191
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 1917 multifamily property contains three residences and totals 2,929 square feet. Each unit has a dedicated heating system, hot water tank, electrical panel, and kitchen appliances, including a dishwasher, refrigerator, oven/range, and microwave. The building also has an unfinished attic with stair access and storage, plus a basement. Ceramic tile and laminate are among the flooring materials, and the exterior includes vinyl siding.
The property occupies a 0.0619-acre lot in Providence and is zoned R-4. Public water serves the building. Common electricity and water/sewer are paid by the owner, and the property has no designated parking features.
The property occupies a 0.0619-acre lot in Providence and is zoned R-4. Public water serves the building. Common electricity and water/sewer are paid by the owner, and the property has no designated parking features.
Key Highlights
- Three residences in a 2,929‑square‑foot building
- Each unit has a separate heating system, hot water tank, and electrical panel
- Dedicated unit appliances include a dishwasher, refrigerator, oven/range, and microwave
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
$49,459
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
7.86%
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%
$989,180
$989.2K
Cap Rate 7%
$706,557
$706.6K
Cap Rate 9%
$549,544
$549.5K
Market Conditions
NOI Build-Up for 2,929 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
$75.6K $25.80/SF
− Vacancy
−$4.9K −$1.68/SF
EGI
$70.7K $24.12/SF
− OpEx
−$21.2K −$7.24/SF
NOI
$49.5K $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%
$989,180
Cap Rate 7%
$706,557
Cap Rate 9%
$549,544
Alternative Uses
Best Use
Multifamily LT 5
$706.6K
$618.2K – $824.3K
NOI $49,459 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$634.6K
$555.3K – $740.4K
NOI $44,425 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$979.9K
$857.4K – $1.14M
NOI $68,594 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,538
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence has its own heating system, hot water tank, electrical panel, and kitchen appliances.
Where is this triplex located?
The property is located at 419 Orms Street Providence, RI.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Three residences in a 2,929‑square‑foot building; Each unit has a separate heating system, hot water tank, and electrical panel; Dedicated unit appliances include a dishwasher, refrigerator, oven/range, and microwave
