Three-Family Property with Separate
For Sale
$739,999
119 Elmwood Avenue, Providence, RI 02907
Residential Income, Providence, RI
Property Size3,800 SF
Lot Size0.09 Acres
Price / SF$194.74
Days on Market11
Property Features for 119 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 4, Bedroom 7, Bathroom 1, Basement, Bathroom 2
Parking
7
Parking features
None
Basement
Full, Finished
Appliances
Gas Water Heater
Standard status
Active
Size
3,800 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4130
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
off-street parking
basement storage
separate utilities
Building Details
Year built
1900
Number of units
3
Flooring type
Laminate, Tile - Ceramic, Pine, Vinyl
Listing Agency:
Realpro By The Water
(401) 600-4100
Listed By:
The Realpro Group · License #24586
(401) 900-5885
Added: Sep 16
Last Checked: Sep 26 at 12:06PM
MLS# 1423592
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 legal three-family property contains 3,800 square feet within a 0.09-acre parcel. The building dates to 1900 and includes three separate units with living areas, kitchens, and bathrooms. Individual utilities serve the units, while basement storage adds functional support space. Interior finishes include laminate, ceramic tile, pine, and vinyl flooring. Heating is provided by natural-gas baseboard systems, with a gas water heater and public water service.
Located at 119 Elmwood Avenue in Providence, the property is near Downtown Providence, schools, shopping, restaurants, public transportation, and major highway access. The established multifamily layout supports both owner-occupancy and rental use as described in the property information.
Located at 119 Elmwood Avenue in Providence, the property is near Downtown Providence, schools, shopping, restaurants, public transportation, and major highway access. The established multifamily layout supports both owner-occupancy and rental use as described in the property information.
Key Highlights
- Legal three‑family property at 119 Elmwood Avenue, Providence, RI 02907
- 3,800 square feet on a 0.09‑acre parcel
- Three separate units with individual utilities
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
$64,167
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
8.67%
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%
$1,283,340
$1.3M
Cap Rate 7%
$916,671
$916.7K
Cap Rate 9%
$712,967
$713.0K
Market Conditions
NOI Build-Up for 3,800 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
$98.0K $25.80/SF
− Vacancy
−$6.4K −$1.68/SF
EGI
$91.7K $24.12/SF
− OpEx
−$27.5K −$7.24/SF
NOI
$64.2K $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%
$1,283,340
Cap Rate 7%
$916,671
Cap Rate 9%
$712,967
Alternative Uses
Best Use
Multifamily LT 5
$916.7K
$802.1K – $1.07M
NOI $64,167 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$823.4K
$720.5K – $960.6K
NOI $57,636 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,992 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,641
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Legal three-family configuration with individual utilities, basement storage, and access to Downtown Providence amenities.
Where is this triplex located?
The property is located at 119 Elmwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $739,999.
What are key features of this property?
This property features: Legal three‑family property at 119 Elmwood Avenue, Providence, RI 02907; 3,800 square feet on a 0.09‑acre parcel; Three separate units with individual utilities
