Four-Unit Multifamily Condo
For Sale
$566,100
420 Rathbun Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size3,145 SF
Price / SF$180
Days on Market75
Property Features for 420 Rathbun Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 7, Bedroom 4, Basement, Bedroom 3, Bathroom 2, Bedroom 6, Bathroom 1, Bedroom 8, Bedroom 5
Parking
8
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed)
Exterior features
Balcony
Basement
Full, Unfinished
Standard status
Active
Size
3,145 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4239
HOA Fee
$180 Monthly
Utilities
Heating system
Space Heater, Baseboard, Forced Air, Electric (Heating), Natural Gas
Cooling system
Wall Unit(s)
Building Details
Year built
1900
Number of units
4
Flooring type
Laminate, Tile - Ceramic
Building materials
Dry Wall
Listing Agency:
Keller Williams Realty
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
(774) 266-1068
Added: Jun 24
Changed: Sep 2
Last Checked: Sep 6 at 1:06AM
MLS# 1416193
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 multifamily condominium package includes four separately deeded units in a professionally managed six-unit building. The portfolio totals approximately 3,145 square feet, with eight bedrooms and four bathrooms arranged as one one-bedroom unit, two two-bedroom units, and one three-bedroom unit. Interior finishes include drywall, laminate, and ceramic tile, while heating is provided through natural gas, electric, baseboard, space heater, and forced-air systems. Wall-unit cooling and a balcony are also included.
Located at 420 Rathbun Street in Woonsocket, Rhode Island, the property combines multiple residential units under one ownership structure. Each unit includes an ownership share within the condominium building, and the units are currently used as income-producing residences. The 1900 construction date and available basement, bathroom, and bedroom spaces further define the existing configuration.
Located at 420 Rathbun Street in Woonsocket, Rhode Island, the property combines multiple residential units under one ownership structure. Each unit includes an ownership share within the condominium building, and the units are currently used as income-producing residences. The 1900 construction date and available basement, bathroom, and bedroom spaces further define the existing configuration.
Key Highlights
- Four separately deeded condominium units in a professionally managed 6‑unit building
- Approximately 3,145 square feet with 8 bedrooms and 4 bathrooms
- Unit mix includes one 1‑bedroom, two 2‑bedroom, and one 3‑bedroom unit
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
$41,560
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
7.34%
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%
$831,200
$831.2K
Cap Rate 7%
$593,714
$593.7K
Cap Rate 9%
$461,778
$461.8K
Market Conditions
NOI Build-Up for 3,145 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
$80.4K $25.56/SF
− Vacancy
−$4.8K −$1.53/SF
EGI
$75.6K $24.03/SF
− OpEx
−$34.0K −$10.81/SF
NOI
$41.6K $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%
$831,200
Cap Rate 7%
$593,714
Cap Rate 9%
$461,778
Alternative Uses
Best Use
Apartment 5plus
$593.7K
$519.5K – $692.7K
NOI $41,560 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$748.1K
$654.6K – $872.8K
NOI $52,366 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,099
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?
Multifamily property - Professionally managed condominium units provide a varied bedroom mix within one six-unit residential building.
Where is this multifamily property located?
The property is located at 420 Rathbun Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $566,100.
What are key features of this property?
This property features: Four separately deeded condominium units in a professionally managed 6‑unit building; Approximately 3,145 square feet with 8 bedrooms and 4 bathrooms; Unit mix includes one 1‑bedroom, two 2‑bedroom, and one 3‑bedroom unit
