Renovated Triplex with
For Sale
$669,900
Pending
70 Whittier Avenue, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,503 SF
Lot Size0.13 Acres
Days on Market96
Property Features for 70 Whittier Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 7, Bathroom 1, Bedroom 4, Bedroom 1
Parking
8
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Unfinished, Full, Storage Space
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Silver Lake
Lot features
Fenced, Paved Driveway, Sidewalks
Standard status
Pending
Size
2,503 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3483
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Space Heater
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Vinyl
Building materials
Dry Wall, Plaster, Shingles
Listing Agency:
Re/Max New Horizons · RE/MAX International
(401) 331-8855
Listed By:
Sussy DeLeon
(401) 331-8855
Added: May 19
Changed: Aug 20
Last Checked: Aug 22 at 3:06AM
MLS# 1411269
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 2,503-square-foot triplex, built in 1910, contains three renovated apartments. Each unit includes two bedrooms, an eat-in kitchen, a living room, and a full bathroom. Improvements include refreshed kitchens and bathrooms, new flooring, and replacement windows. Hardwood and vinyl flooring are present, with baseboard and natural gas heating. A full unfinished walkout basement provides additional storage space.
The property occupies 0.13 acres in Providence’s Silver Lake neighborhood, near highways, shopping, restaurants, and everyday amenities. Public water and public sewer serve the property. Appliances include gas water heaters, ovens/ranges, and refrigerators.
The property occupies 0.13 acres in Providence’s Silver Lake neighborhood, near highways, shopping, restaurants, and everyday amenities. Public water and public sewer serve the property. Appliances include gas water heaters, ovens/ranges, and refrigerators.
Key Highlights
- Three‑unit residential income property with 2,503 square feet
- Each apartment includes 2 bedrooms and 1 full bathroom
- Renovated kitchens and bathrooms with new windows and 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
$42,266
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
6.31%
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%
$845,320
$845.3K
Cap Rate 7%
$603,800
$603.8K
Cap Rate 9%
$469,622
$469.6K
Market Conditions
NOI Build-Up for 2,503 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
$64.6K $25.80/SF
− Vacancy
−$4.2K −$1.68/SF
EGI
$60.4K $24.12/SF
− OpEx
−$18.1K −$7.24/SF
NOI
$42.3K $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%
$845,320
Cap Rate 7%
$603,800
Cap Rate 9%
$469,622
Alternative Uses
Best Use
Multifamily LT 5
$603.8K
$528.3K – $704.4K
NOI $42,266 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$542.3K
$474.6K – $632.7K
NOI $37,964 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$837.4K
$732.7K – $977.0K
NOI $58,617 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 updated apartments provide consistent layouts with two bedrooms, an eat-in kitchen, living room, and full bathroom in each unit.
Where is this triplex located?
The property is located at 70 Whittier Avenue Providence, RI.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: Three‑unit residential income property with 2,503 square feet; Each apartment includes 2 bedrooms and 1 full bathroom; Renovated kitchens and bathrooms with new windows and flooring
