Three-Unit Property with
For Sale
$499,000
Pending
48 Calais Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,188 SF
Lot Size0.07 Acres
Days on Market109
Property Features for 48 Calais Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Cap), Insulation (Walls)
Basement
Full, Storage Space, Unfinished
Appliances
Electric Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Smith Hill-State House
Lot features
Fenced
Standard status
Pending
Size
2,188 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6378
Utilities
Heating system
Electric (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1870
Floors in Building
4
Number of units
3
Flooring type
Laminate, Hardwood
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Ramiro Encizo · License #RES.0042346
(646) 275-4542
Added: May 13
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 1412474
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 2,188-square-foot triplex contains three two-bedroom units within a residential building constructed in 1870. The property includes a spacious backyard, vinyl siding, laminate and hardwood flooring, electric heat, and ductless cooling. Each unit is supported by electric water heating and includes an oven/range, refrigerator, washer, and dryer. Public water serves the property, with no on-site parking identified.
Recent improvements include ductless HVAC systems installed in 2022, new electric meters, and a roof installed in 2018. The property is zoned R-3 and occupies 0.07 acres at 48 Calais Street in Providence. Its stated location benefits from proximity to the Rhode Island Statehouse, walkability to Downtown Providence, and access to nearby highways.
Recent improvements include ductless HVAC systems installed in 2022, new electric meters, and a roof installed in 2018. The property is zoned R-3 and occupies 0.07 acres at 48 Calais Street in Providence. Its stated location benefits from proximity to the Rhode Island Statehouse, walkability to Downtown Providence, and access to nearby highways.
Key Highlights
- Three 2‑bedroom units in a 2,188‑square‑foot triplex
- 0.07‑acre property at 48 Calais Street, Providence, RI 02908
- Ductless HVAC systems installed in 2022
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
$36,947
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
7.40%
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%
$738,940
$738.9K
Cap Rate 7%
$527,814
$527.8K
Cap Rate 9%
$410,522
$410.5K
Market Conditions
NOI Build-Up for 2,188 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
$56.5K $25.80/SF
− Vacancy
−$3.7K −$1.68/SF
EGI
$52.8K $24.12/SF
− OpEx
−$15.8K −$7.24/SF
NOI
$36.9K $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%
$738,940
Cap Rate 7%
$527,814
Cap Rate 9%
$410,522
Alternative Uses
Best Use
Multifamily LT 5
$527.8K
$461.8K – $615.8K
NOI $36,947 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$474.1K
$414.8K – $553.1K
NOI $33,186 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$732.0K
$640.5K – $854.0K
NOI $51,240 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,153
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 - Well-maintained residential income property with three two-bedroom units and recent mechanical and exterior improvements.
Where is this triplex located?
The property is located at 48 Calais Street Providence, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three 2‑bedroom units in a 2,188‑square‑foot triplex; 0.07‑acre property at 48 Calais Street, Providence, RI 02908; Ductless HVAC systems installed in 2022
