Four-Unit Residential Income
For Sale
$650,000
11 Central St, Burrillville, RI 02830
Four modernized units include two 1-bedroom units, one 2-bedroom unit, and one 3-bedroom unit, plus a detached garage with income.
Property Size3,612 SF
Price / SF$179.96
Days on Market151
Property Features for 11 Central St
General Information
Standard status
Active
Size
3,612 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1920
Listing Agency:
Century 21 Limitless
Listed By:
Kyle Seyboth · License #REB.0019335
(508) 726-3492
Source:
Alpernandmesenbourg
Added: Apr 14
Changed: Sep 8
Last Checked: Sep 9 at 10:09PM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
This four-unit residential income property offers a mix of unit sizes, including two 1-bedroom/1-bath units, one 2-bedroom/1-bath unit, and a spacious 3-bedroom/1-bath unit that is currently vacant. Interior upgrades include complete modernization across the units, positioning them as move-in ready. Exterior improvements include a brand-new plywood roof and new garage doors, and the property also includes a detached garage that is rented out for monthly income.
The building provides ample off-street parking with space for up to six cars. The detached garage supports additional revenue beyond the four-unit structure.
Overall, the property combines updated residential units with straightforward on-site parking and an income-producing detached garage, suitable for ownership scenarios that include both owner occupancy and rental income.
The building provides ample off-street parking with space for up to six cars. The detached garage supports additional revenue beyond the four-unit structure.
Overall, the property combines updated residential units with straightforward on-site parking and an income-producing detached garage, suitable for ownership scenarios that include both owner occupancy and rental income.
Key Highlights
- Four‑unit property built in 1920 with updated interiors and multiple unit types
- Unit mix: two 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one 3‑bedroom/1‑bath unit
- One 3‑bedroom/1‑bath unit is currently vacant and available for owner occupancy
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
$47,731
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
7.34%
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%
$954,620
$954.6K
Cap Rate 7%
$681,871
$681.9K
Cap Rate 9%
$530,344
$530.3K
Market Conditions
NOI Build-Up for 3,612 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
$92.3K $25.56/SF
− Vacancy
−$5.5K −$1.53/SF
EGI
$86.8K $24.03/SF
− OpEx
−$39.1K −$10.81/SF
NOI
$47.7K $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%
$954,620
Cap Rate 7%
$681,871
Cap Rate 9%
$530,344
Alternative Uses
Best Use
Multifamily LT 5
$859.2K
$751.8K – $1.00M
NOI $60,142 @ 7.0% cap · market cap 9.25%
Second Best
Apartment 5plus
$681.9K
$596.6K – $795.5K
NOI $47,731 @ 7.0% cap · market cap 7.34%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Explore this area
Business Placement
Demographics for 02830, RI
6,474
Population
2,837
Households
2.3
Avg Household Size
46
Median Age
29%
College-Educated
91%
High-School Grad
20.4 sq mi
ZIP Area
317
Density / Sq Mi
$121,611
Median Household Income
$59,876
Median Earnings
$981
Median Rent
$381,200
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four modernized units include two 1-bedroom units, one 2-bedroom unit, and one 3-bedroom unit, plus a detached garage with income.
Where is this quadplex located?
The property is located at 11 Central St Burrillville, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit property built in 1920 with updated interiors and multiple unit types; Unit mix: two 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one 3‑bedroom/1‑bath unit; One 3‑bedroom/1‑bath unit is currently vacant and available for owner occupancy
