Three-Unit Multifamily
New
For Sale
$749,999
119 Elmwood Avenue, Providence, RI 02907
Residential Income, Providence, RI
Property Size3,800 SF
Lot Size0.09 Acres
Price / SF$197.37
Days on Market3
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 7, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 2, Basement, Bedroom 3, Bedroom 5
Parking
7
Parking features
None
Interior features
Plumbing (Mixed)
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
Natural Gas, Baseboard
Water source
Public
Amenities
off-street parking
separate utilities
basement storage
Building Details
Year built
1900
Number of units
3
Flooring type
Laminate, Vinyl, Pine, Tile - Ceramic
Listing Agency:
Realpro By The Water
(401) 600-4100
Listed By:
The Realpro Group
(401) 900-5885
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 11:06AM
MLS# 1421229
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 across three separate units. The building includes functional kitchens and bathrooms, separate utilities, and basement storage. Interior finishes include ceramic tile, pine, laminate, and vinyl flooring, with natural gas baseboard heat and a gas water heater. Public water serves the property, which was built in 1900.
Located near Downtown Providence, the property is also close to schools, shopping, restaurants, public transportation, and major highway access. The 0.09-acre parcel is addressed at 119 Elmwood Avenue in Providence, Rhode Island.
Located near Downtown Providence, the property is also close to schools, shopping, restaurants, public transportation, and major highway access. The 0.09-acre parcel is addressed at 119 Elmwood Avenue in Providence, Rhode Island.
Key Highlights
- Legal three‑family property with three separate units
- 3,800 square feet on a 0.09‑acre parcel
- Separate utilities for the three‑unit configuration
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
8.56%
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 8.56%
Second Best
Apartment 5plus
$823.4K
$720.5K – $960.6K
NOI $57,636 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,992 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Legal three-family configuration with separate utilities and basement storage.
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 $749,999.
What are key features of this property?
This property features: Legal three‑family property with three separate units; 3,800 square feet on a 0.09‑acre parcel; Separate utilities for the three‑unit configuration
