Vinyl-Sided Three-Unit
For Sale
$710,000
Pending
53 Alger Avenue, Providence, RI 02907
Residential Income, Providence, RI
Property Size4,167 SF
Lot Size0.14 Acres
Days on Market50
Property Features for 53 Alger Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
4
Parking features
None
Basement
Full, Unfinished
Appliances
Electric Water Heater
Standard status
Pending
Size
4,167 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7199
Utilities
Heating system
Oil, Baseboard
Building Details
Year built
1930
Number of units
3
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 26 at 5:06AM
MLS# 1417202
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 three-unit residential property contains 4,167 square feet on a 0.14-acre lot and was built in 1930. The building has vinyl siding, laminate flooring, oil and baseboard heating, and an electric water heater. The unit layout includes seven bedrooms, three bathrooms, and a basement. Occupancy is reported as full, with tenants in place.
The property is located in Providence near Rhode Island Hospital, Hasbro Children's Hospital, Brown University, Johnson & Wales University, and the Rhode Island School of Design. Shopping, dining, grocery stores, schools, Roger Williams Park, and RIPTA transit are also identified nearby. Access to I-95, Route 10, and I-195 supports travel throughout Rhode Island and into Massachusetts, while Downtown Providence, Federal Hill, and T.F. Green Airport are within the surrounding area.
The property is located in Providence near Rhode Island Hospital, Hasbro Children's Hospital, Brown University, Johnson & Wales University, and the Rhode Island School of Design. Shopping, dining, grocery stores, schools, Roger Williams Park, and RIPTA transit are also identified nearby. Access to I-95, Route 10, and I-195 supports travel throughout Rhode Island and into Massachusetts, while Downtown Providence, Federal Hill, and T.F. Green Airport are within the surrounding area.
Key Highlights
- Three‑unit property with reported full occupancy and tenants in place
- 4,167 square feet on a 0.14‑acre lot
- Built in 1930 with vinyl siding and laminate flooring
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
$63,203
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
8.90%
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%
$1,264,060
$1.3M
Cap Rate 7%
$902,900
$902.9K
Cap Rate 9%
$702,256
$702.3K
Market Conditions
NOI Build-Up for 4,167 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
$122.5K $29.40/SF
− Vacancy
−$7.6K −$1.82/SF
EGI
$114.9K $27.58/SF
− OpEx
−$51.7K −$12.41/SF
NOI
$63.2K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,264,060
Cap Rate 7%
$902,900
Cap Rate 9%
$702,256
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$879.6K – $1.17M
NOI $70,364 @ 7.0% cap · market cap 9.91%
Second Best
Apartment 5plus
$902.9K
$790.0K – $1.05M
NOI $63,203 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,586 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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 residential units feature laminate flooring, oil heat, and baseboard radiators.
Where is this triplex located?
The property is located at 53 Alger Avenue Providence, RI.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: Three‑unit property with reported full occupancy and tenants in place; 4,167 square feet on a 0.14‑acre lot; Built in 1930 with vinyl siding and laminate flooring
