Three-Family Triplex with Separate
For Sale
Under Contract
$569,900
685 Charles Street, Providence, RI 02904
Residential Income, Providence, RI
Property Size2,877 SF
Lot Size0.10 Acres
Price / SF$198.09
Days on Market135
Property Features for 685 Charles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 5, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Basement, Bedroom 6, Bedroom 2, Bedroom 3
Parking
3
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Basement
Unfinished, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Standard status
Active Under Contract
Size
2,877 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3380
Utilities
Heating system
Natural Gas, Steam, Baseboard
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Laminate, Hardwood
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Broadway Real Estate Group
(401) 354-7969
Listed By:
Doug Jeffrey
(401) 255-5530
Added: May 5
Changed: Sep 15
Last Checked: Sep 16 at 7:06AM
MLS# 1411658
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-family property at 685 Charles Street contains 2,877 square feet on a 0.1-acre lot. The layout includes three bathrooms, multiple bedrooms, a basement, and a mix of hardwood and laminate flooring. Building improvements include vinyl siding, replacement windows, and an architectural shingle roof. Gas water heating and a combination of steam and baseboard heating serve the property.
Each residential unit has its own electrical meter, supplemented by a separate common-area meter, for a total of four electrical meters. Utilities are separately metered, and the property includes ovens/ranges and refrigerators. The Providence location offers access to highways, shopping, dining, and everyday amenities.
Each residential unit has its own electrical meter, supplemented by a separate common-area meter, for a total of four electrical meters. Utilities are separately metered, and the property includes ovens/ranges and refrigerators. The Providence location offers access to highways, shopping, dining, and everyday amenities.
Key Highlights
- Three‑family triplex with 2,877 square feet on a 0.1‑acre lot
- Four electrical meters: one for each unit plus one common‑area meter
- Separately metered utilities with gas boilers
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
$48,581
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
8.52%
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%
$971,620
$971.6K
Cap Rate 7%
$694,014
$694.0K
Cap Rate 9%
$539,789
$539.8K
Market Conditions
NOI Build-Up for 2,877 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
$74.2K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$69.4K $24.12/SF
− OpEx
−$20.8K −$7.24/SF
NOI
$48.6K $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%
$971,620
Cap Rate 7%
$694,014
Cap Rate 9%
$539,789
Alternative Uses
Best Use
Multifamily LT 5
$694.0K
$607.3K – $809.7K
NOI $48,581 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$623.4K
$545.5K – $727.3K
NOI $43,637 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$962.5K
$842.2K – $1.12M
NOI $67,376 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Providence triplex with gas heating, replacement windows, durable exterior materials, and a flexible three-unit layout.
Where is this triplex located?
The property is located at 685 Charles Street Providence, RI.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Three‑family triplex with 2,877 square feet on a 0.1‑acre lot; Four electrical meters: one for each unit plus one common‑area meter; Separately metered utilities with gas boilers
