Corner Triplex with Detached
62 SPRING Street Lincoln, RI 02838
62 SPRING Street, Lincoln, RI, 02838
$599,900
Pending
For Sale
$599,900
Pending
MULTI_FAMILY - Lincoln, RI
Property Size4,005 SF
Lot Size0.20 Acres
Days on Market93
Property Features for 62 SPRING Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RG7
- Bedrooms
- 10
- Bathrooms
- 3
- Rooms
- Bedroom 7, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 8, Bathroom 3, Bedroom 3, Bedroom 9, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 10, Basement, Bedroom 2
- Parking
- 13
- Window features
- Storm Window(s)
- Patio and Porch features
- Porch
- Interior features
- Wall (Dry Wall), Plumbing (Mixed), Plumbing (PVC)
- Exterior features
- Porch
- Basement
- Full, Unfinished
- Appliances
- Gas Water Heater
- Standard status
- Pending
- Size
- 4,005 SF
- Lot size
- 0.20 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8415
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Baseboard
Building Details
- Year built
- 1900
- Floors in Building
- 3
- Number of units
- 3
- Flooring type
- Vinyl, Carpet
- Building materials
- Dry Wall, Vinyl Siding
Listing agency
Here Realty
(401) 862-1251
Listed by
James Luth
(401) 649-2358
Added: Apr 21 Updated: Jul 16 at 3:23PM Checked: Jul 22 at 5:06PM
MLS# 1410402
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 3-unit residential income property includes two 3-bedroom apartments and one 4-bedroom third-floor unit. Interiors feature eat-in kitchens, dining rooms, full baths, and drywall finishes, with vinyl siding and storm doors and windows. The building also has a full basement with in-building laundry. Heating is provided via gas baseboard and forced hot water heat.
The property sits on a 0.20-acre corner lot with sidewalks, a paved driveway, and a fenced yard. There are seven detached garages (1G–7G) that are leased separately, providing additional income diversification.
The asset is described as well maintained and professionally managed, and a profit and loss statement and rent roll are available upon request.
The property sits on a 0.20-acre corner lot with sidewalks, a paved driveway, and a fenced yard. There are seven detached garages (1G–7G) that are leased separately, providing additional income diversification.
The asset is described as well maintained and professionally managed, and a profit and loss statement and rent roll are available upon request.
Key Highlights
- 3‑unit property plus seven detached garages (1G–7G) with separate leases
- Two 3‑bedroom apartments and one 4‑bedroom 3rd‑floor unit
- Full basement includes in‑building laundry
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $102.4k | $25.56 |
| − Vacancy | −$6.1k | −$1.53 |
| EGI | $96.2k | $24.03 |
| − OpEx | −$43.3k | −$10.81 |
| NOI | $52.9k | $13.21 |
4,005 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$952.6K
$833.6K – $1.11M
NOI $66,685 @ 7.0% cap · market cap 11.12%
Second Best
Apartment 5plus
$756.1K
$661.6K – $882.1K
NOI $52,924 @ 7.0% cap · market cap 8.82%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
MarÃa rivera
Apartment Building
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FAQs
What type of property is this?
Triplex - Three-unit residential property plus seven detached garages on a paved driveway and fenced yard.
Where is this triplex located?
The property is located at 62 SPRING Street Lincoln, 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: 3‑unit property plus seven detached garages (1G–7G) with separate leases; Two 3‑bedroom apartments and one 4‑bedroom 3rd‑floor unit; Full basement includes in‑building laundry
