Three-Family Property with Separate
119 Elmwood Avenue, Providence, RI 02907
For Sale
$739,999
Residential Income, Providence, RI
Property Size3,800 SF
Lot Size0.09 Acres
Price / SF$194.74
Days on Market60
Property Features for 119 Elmwood Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Basement
Appliances
Standard status
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Water source
Amenities
off-street parking
basement storage
Building Details
Year built
Number of units
Flooring type
Listing Agency:
Realpro By The Water
(401) 600-4100
Listed By:
The Realpro Group · License RI #24586
(401) 900-5885
Added: Sep 16
Changed: Oct 29
Last Checked: Nov 14 at 1:06AM
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.
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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 / Yr
$64,167
Cap Rate
8.67%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
Open Analytics
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
$311,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Providence, RI
Properties on Market for Triplexes in Providence
Vacancy Rate% for Multifamily in Northeast region
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
