Three-Unit Multifamily
For Sale
$599,900
61 Douglas Avenue, Providence, RI 02908
Residential Income, Providence, RI
Property Size3,552 SF
Lot Size0.07 Acres
Price / SF$168.89
Days on Market32
Property Features for 61 Douglas Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
2
Parking features
None
Basement
Full, Unfinished
Appliances
Gas Water Heater
Standard status
Active
Size
3,552 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3553
Utilities
Heating system
Natural Gas, Steam
Amenities
washer/dryer
Building Details
Year built
1930
Number of units
3
Flooring type
Laminate, Hardwood
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 26
Changed: Aug 20
Last Checked: Aug 26 at 5:06AM
MLS# 1418912
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 Providence triplex contains three residential units within a 3552-square-foot building on a 0.07-acre lot. The property includes an unfinished basement with a washer and dryer, while interior features include hardwood and laminate flooring, abundant windows, natural-gas steam heat, a gas water heater, and vinyl siding. Built in 1930, the building offers a three-unit configuration suited to residential income use or owner occupancy.
Located on Douglas Avenue, the property is near restaurants, grocery stores, retail shops, neighborhood businesses, schools, public transportation, and Wanskuck Park. Downtown Providence, Providence College, Rhode Island College, Providence Place Mall, and Rhode Island Hospital are also nearby. Regional access includes Route 6, Route 146, Interstate 95, and Interstate 295, with T.F. Green Airport approximately 15-20 minutes away.
Located on Douglas Avenue, the property is near restaurants, grocery stores, retail shops, neighborhood businesses, schools, public transportation, and Wanskuck Park. Downtown Providence, Providence College, Rhode Island College, Providence Place Mall, and Rhode Island Hospital are also nearby. Regional access includes Route 6, Route 146, Interstate 95, and Interstate 295, with T.F. Green Airport approximately 15-20 minutes away.
Key Highlights
- Three residential units in a 3552‑square‑foot triplex
- 0.07‑acre lot on Douglas Avenue in Providence
- Unfinished basement with washer and dryer
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
$53,875
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
8.98%
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%
$1,077,500
$1.1M
Cap Rate 7%
$769,643
$769.6K
Cap Rate 9%
$598,611
$598.6K
Market Conditions
NOI Build-Up for 3,552 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
$104.4K $29.40/SF
− Vacancy
−$6.5K −$1.82/SF
EGI
$98.0K $27.58/SF
− OpEx
−$44.1K −$12.41/SF
NOI
$53.9K $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%
$1,077,500
Cap Rate 7%
$769,643
Cap Rate 9%
$598,611
Alternative Uses
Best Use
Multifamily LT 5
$856.8K
$749.7K – $999.7K
NOI $59,979 @ 7.0% cap · market cap 10.00%
Second Best
Apartment 5plus
$769.6K
$673.4K – $897.9K
NOI $53,875 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,184 @ 7.0% cap · market cap 13.87%
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
2,557
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 residential units feature bright interiors, shared basement storage, and laundry facilities.
Where is this triplex located?
The property is located at 61 Douglas Avenue Providence, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three residential units in a 3552‑square‑foot triplex; 0.07‑acre lot on Douglas Avenue in Providence; Unfinished basement with washer and dryer
