Four-Unit Multifamily
For Sale
$650,000
11 Central Street, Burrillville, RI 02830
Residential Income, Burrillville, RI
Property Size3,612 SF
Lot Size0.46 Acres
Price / SF$179.96
Days on Market311
Property Features for 11 Central Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 7, Bedroom 4, Bedroom 5, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
8
Window features
Insulated Windows
Basement
Full, Unfinished
Appliances
Tankless Water Heater
Standard status
Active
Size
3,612 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4376
Utilities
Heating system
Oil, Baseboard
Building Details
Year built
1920
Number of units
4
Flooring type
Vinyl, Carpet, Hardwood
Building materials
Clapboard, Shingles
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Oct 14, 2025
Changed: Aug 20
Last Checked: Aug 20 at 5:06PM
MLS# 1397742
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 four-unit multifamily property offers a practical mix of unit types, including two 1-bedroom units, one 2-bedroom unit, and one spacious 3-bedroom unit that is currently vacant for owner occupancy. Interior units have been completely modernized and presented as move-in ready. The building has benefited from extensive exterior upgrades, including a brand-new plywood roof and new garage doors. A detached garage is included and is currently rented.
The property sits on a 0.4643-acre lot and includes ample off-street parking, with space for up to six cars. Built in 1920 with clapboard and shingles, the home features oil baseboard heat and a tankless water heater. Flooring includes carpet, vinyl, and hardwood.
With multiple bedroom configurations and a vacant unit option, the layout can support both owner-occupancy and rental-focused operations, depending on how you plan to use the property’s available space.
The property sits on a 0.4643-acre lot and includes ample off-street parking, with space for up to six cars. Built in 1920 with clapboard and shingles, the home features oil baseboard heat and a tankless water heater. Flooring includes carpet, vinyl, and hardwood.
With multiple bedroom configurations and a vacant unit option, the layout can support both owner-occupancy and rental-focused operations, depending on how you plan to use the property’s available space.
Key Highlights
- Unit mix includes two 1‑bedroom units, one 2‑bedroom unit, and one 3‑bedroom unit currently vacant
- Brand‑new plywood roof and new garage doors
- Detached garage included and currently rented
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated four-unit multifamily with a vacant 3-bedroom unit and detached garage, featuring tankless water heating.
Where is this quadplex located?
The property is located at 11 Central Street 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: Unit mix includes two 1‑bedroom units, one 2‑bedroom unit, and one 3‑bedroom unit currently vacant; Brand‑new plywood roof and new garage doors; Detached garage included and currently rented
