Nine-Unit Brick Apartment
For Sale
$2,150,000
10 Saratoga Ave, Pawtucket, RI 02861
Two-building multifamily asset with renovated townhouse-style residences and central air throughout.
Property Size8,578 SF
Price / SF$250.64
Days on Market35
Property Features for 10 Saratoga Ave
General Information
Standard status
Active
Size
8,578 SF
Property subtype
Multi-Family
Financials
Asking Price
$2,150,000
Cap Rate
7%
Gross Income
$218,820
Units
Unit Mix
3 x 2BR/1.5BA, 6 x 2BR/1BA
Multifamily Units
9
Building Details
Year Built
1988
Buildings
2
Construction
brick
Listing Agency:
New England Apartment Group
(508) 330-0325
Listed By:
John Slyman
Source:
Alpernandmesenbourg
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 29 at 12:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of New England Apartment Group
Investment Insights
Based on property information with market context.
This Pawtucket, RI multifamily property comprises two brick apartment buildings totaling 8,578 square feet and nine units. The unit mix is entirely two-bedroom apartments, including three renovated townhouse-style residences with one and a half baths and six two-bedroom, one-bath units. Renovated interiors feature granite counters, stainless steel appliances with dishwashers, updated cabinetry, bathroom vanities, and new flooring. Central air conditioning serves every unit.
Residents pay their own heat, hot water, and electricity, while the property includes a new roof, replacement windows across half of the buildings, and on-site parking with a large rear lot. The asset carries a 7.0% in-place cap rate, with market projections of 7.5%.
Residents pay their own heat, hot water, and electricity, while the property includes a new roof, replacement windows across half of the buildings, and on-site parking with a large rear lot. The asset carries a 7.0% in-place cap rate, with market projections of 7.5%.
Key Highlights
- Nine‑unit, two‑building brick multifamily property totaling 8,578 square feet
- All units offer two‑bedroom layouts; mix includes three 2BR/1.5‑bath townhouses and six 2BR/1‑bath apartments
- Renovated units include granite counters, stainless steel appliances, new cabinetry, updated vanities, and new 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
$113,354
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
5.27%
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%
$2,267,080
$2.3M
Cap Rate 7%
$1,619,343
$1.6M
Cap Rate 9%
$1,259,489
$1.3M
Market Conditions
NOI Build-Up for 8,578 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
$219.3K $25.56/SF
− Vacancy
−$13.2K −$1.53/SF
EGI
$206.1K $24.03/SF
− OpEx
−$92.7K −$10.81/SF
NOI
$113.4K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /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%
$2,267,080
Cap Rate 7%
$1,619,343
Cap Rate 9%
$1,259,489
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,354 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.04M
$1.79M – $2.38M
NOI $142,828 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
892
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily asset with renovated townhouse-style residences and central air throughout.
Where is this apartment building located?
The property is located at 10 Saratoga Ave Pawtucket, RI.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Nine‑unit, two‑building brick multifamily property totaling 8,578 square feet; All units offer two‑bedroom layouts; mix includes three 2BR/1.5‑bath townhouses and six 2BR/1‑bath apartments; Renovated units include granite counters, stainless steel appliances, new cabinetry, updated vanities, and new flooring
