3-Unit Triplex with
For Sale
$789,000
1166 North Main Street, Providence, RI 02906
C-2-zoned multifamily property with leased units and multiple garage structures.
Property Size3,240 SF
Price / SF$243.52
Days on Market8
Property Features for 1166 North Main Street
General Information
Standard status
Active
Size
3,240 SF
Total Parking Spaces
3
Property subtype
Multifamily
Zoning
C-2
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Lenox Realty Group
(401) 572-3322
Listed By:
Gabe Francis
Source:
Lockandkeyre
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 6:05AM
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 Lenox Realty Group
Investment Insights
Based on property information with market context.
This 3-unit property contains three-bedroom units with current leases to young professionals and students. The 3,240-square-foot building has vinyl siding and a 3-year-old roof. Garage improvements include a freestanding structure that generates additional revenue and may offer the possibility of an ADU, along with a substantial rear 3-bay cinder block garage.
Located at 1166 North Main Street in Providence, the property sits just off major highways and near Whole Foods, dining, shopping, and LA Fitness. C-2 Commercial zoning provides a stated framework for commercial development opportunities. The property may also be packaged with 1166 North Main Street.
Located at 1166 North Main Street in Providence, the property sits just off major highways and near Whole Foods, dining, shopping, and LA Fitness. C-2 Commercial zoning provides a stated framework for commercial development opportunities. The property may also be packaged with 1166 North Main Street.
Key Highlights
- 3,240‑square‑foot triplex with three 3‑bedroom units
- C‑2 Commercial zoning
- Three units currently leased to young professionals and students
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
$54,711
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
6.93%
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%
$1,094,220
$1.1M
Cap Rate 7%
$781,586
$781.6K
Cap Rate 9%
$607,900
$607.9K
Market Conditions
NOI Build-Up for 3,240 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
$83.6K $25.80/SF
− Vacancy
−$5.4K −$1.68/SF
EGI
$78.2K $24.12/SF
− OpEx
−$23.4K −$7.24/SF
NOI
$54.7K $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%
$1,094,220
Cap Rate 7%
$781,586
Cap Rate 9%
$607,900
Alternative Uses
Best Use
Multifamily LT 5
$781.6K
$683.9K – $911.9K
NOI $54,711 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$702.0K
$614.3K – $819.1K
NOI $49,143 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$1.08M
$948.5K – $1.26M
NOI $75,877 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,399
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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?
Triplex - C-2-zoned multifamily property with leased units and multiple garage structures.
Where is this triplex located?
The property is located at 1166 North Main Street Providence, RI.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: 3,240‑square‑foot triplex with three 3‑bedroom units; C‑2 Commercial zoning; Three units currently leased to young professionals and students
