Tenant-Occupied Three-Family
113 Summer Street Central Falls, RI 02863
For Sale
$605,000
Three updated residential units with separate utilities and off-street parking on a single lot.
Property Size2,730 SF
Lot Size0.12 Acres
Price / SF$221.61
Days on Market42
Property Features for 113 Summer Street
General Information
- Standard status
- Active
- Size
- 2,730 SF
- Lot size
- 0.12 Acres
- Property subtype
- Multi Family Home
Building Details
- Year Built
- 1900
Listing Agency:
Coldwell Banker Realty
(401) 425-6957
Listed By:
Alexander Parmenidez
(401) 425-6957
Source:
Liongatere
Added: Jun 16
Changed: Jul 25
Last Checked: Jul 26 at 4:30PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This fully tenant-occupied three-family home, built in 1900, offers 2,730 square feet across three updated units. The layout includes two 2-bedroom apartments and one 3-bedroom apartment, and each unit has a full bath and an updated kitchen. Flooring throughout includes hardwood and vinyl, and an available full basement supports shared storage and laundry potential. Separate gas and electric metering allows tenants to pay their own utilities, supported by three gas boilers and three gas hot water tanks. The roof is approximately 11 years old.
The property is located near downtown Central Falls, with access to the Pawtucket Central Falls commuter rail station and Jenks Park. A shared driveway provides off-street parking for up to six cars on a 5,227-square-foot lot.
The home’s three separate units, updated interiors, and utility metering configuration are designed for straightforward day-to-day occupancy.
The property is located near downtown Central Falls, with access to the Pawtucket Central Falls commuter rail station and Jenks Park. A shared driveway provides off-street parking for up to six cars on a 5,227-square-foot lot.
The home’s three separate units, updated interiors, and utility metering configuration are designed for straightforward day-to-day occupancy.
Key Highlights
- Fully tenant‑occupied three‑family built in 1900 with 2,730 SF across three updated units
- Unit mix: two 2‑bedroom apartments and one 3‑bedroom apartment, each with a full bath and updated kitchen
- Separate gas and electric metering (tenant‑paid utilities) supported by 3 gas boilers and 3 gas hot water tanks
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.5k | $25.44 |
| − Vacancy | −$4.5k | −$1.65 |
| EGI | $64.9k | $23.79 |
| − OpEx | −$19.5k | −$7.14 |
| NOI | $45.5k | $16.65 |
2,730 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$649.4K
$568.2K – $757.6K
NOI $45,456 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$515.4K
$451.0K – $601.3K
NOI $36,076 @ 7.0% cap · market cap 5.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Three updated residential units with separate utilities and off-street parking on a single lot.
Where is this triplex located?
The property is located at 113 Summer Street Central Falls, RI.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Fully tenant‑occupied three‑family built in 1900 with 2,730 SF across three updated units; Unit mix: two 2‑bedroom apartments and one 3‑bedroom apartment, each with a full bath and updated kitchen; Separate gas and electric metering (tenant‑paid utilities) supported by 3 gas boilers and 3 gas hot water tanks
