Renovated Triplex With
For Sale
$739,900
111 Waverly St, Providence, RI 02907
Updated three-family property with central heating and cooling on each floor plus off-street parking.
Property Size2,480 SF
Price / SF$298.35
Days on Market10
Property Features for 111 Waverly St
General Information
Standard status
Active
Size
2,480 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
central air conditioning
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Innovations Realty
Listed By:
Krystle Cook · License #RES.0044690
(401) 451-6454
Source:
Alpernandmesenbourg
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 26 at 11:34AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This three-family property in Providence’s West End contains 2,480 square feet and was built in 1920. The interior and exterior have been substantially updated, with new siding, roofing, windows, flooring, recessed lighting, and refinished hardwood floors. Each residence includes a renovated kitchen with new cabinetry, granite countertops, and appliances, along with newly finished bathrooms.
The property provides 9 bedrooms and 3.5 bathrooms, with off-street parking available. Each floor is served by a new HVAC system offering central heat and central air conditioning. The combination of refreshed building components, updated residential finishes, and separate floor-by-floor HVAC systems supports its use as a renovated three-family asset.
The property provides 9 bedrooms and 3.5 bathrooms, with off-street parking available. Each floor is served by a new HVAC system offering central heat and central air conditioning. The combination of refreshed building components, updated residential finishes, and separate floor-by-floor HVAC systems supports its use as a renovated three-family asset.
Key Highlights
- Three‑family property with 9 bedrooms and 3.5 bathrooms
- 2,480 square feet; built in 1920
- New siding, roof, windows, flooring, and recessed lighting
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
$41,878
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
5.66%
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%
$837,560
$837.6K
Cap Rate 7%
$598,257
$598.3K
Cap Rate 9%
$465,311
$465.3K
Market Conditions
NOI Build-Up for 2,480 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
$64.0K $25.80/SF
− Vacancy
−$4.2K −$1.68/SF
EGI
$59.8K $24.12/SF
− OpEx
−$17.9K −$7.24/SF
NOI
$41.9K $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%
$837,560
Cap Rate 7%
$598,257
Cap Rate 9%
$465,311
Alternative Uses
Best Use
Multifamily LT 5
$598.3K
$523.5K – $698.0K
NOI $41,878 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$537.4K
$470.2K – $626.9K
NOI $37,615 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$829.7K
$726.0K – $968.0K
NOI $58,079 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,457
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Updated three-family property with central heating and cooling on each floor plus off-street parking.
Where is this triplex located?
The property is located at 111 Waverly St Providence, RI.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: Three‑family property with 9 bedrooms and 3.5 bathrooms; 2,480 square feet; built in 1920; New siding, roof, windows, flooring, and recessed lighting
