Three-Unit Residential
New
For Sale
$739,999
12 Worth Street, Central Falls, RI 02863
Residential Income, Central Falls, RI
Property Size3,692 SF
Lot Size0.13 Acres
Price / SF$200.43
Days on Market7
Property Features for 12 Worth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
8
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bathroom 3, Bedroom 5, Bathroom 4, Bedroom 1, Bedroom 6, Bathroom 2, Bedroom 8, Bathroom 1, Bedroom 2, Basement, Bedroom 3, Bedroom 7
Parking
6
Parking features
None
Patio and Porch features
Patio, Porch
Interior features
Wall (Dry Wall), Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Exterior features
Balcony, Guest House, Porch, Screened Pch/Patio/Dck/Brzwy
Basement
Unfinished, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Lot features
Extra Lot, Fenced, Paved Driveway, Paved
Standard status
Active
Size
3,692 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4894
Utilities
Heating system
Steam, Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1932
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Hardwood
Building materials
Dry Wall, Shingles, Vinyl Siding, Wood
Additional Structures
Guest House, Storage
Listing Agency:
Realpro By The Water
(401) 600-4100
Listed By:
The Realpro Group · License #24586
(401) 900-5885
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 22 at 4:06AM
MLS# 1423522
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 R3-zoned residential property combines two structures with three total units and 8 bedrooms. The offering includes a recently remodeled single-family residence with 3 bedrooms and 1 bathroom, plus a separate two-family building. That building contains a 3-bedroom, 1-bathroom first-floor unit and a second-floor unit with 2 bedrooms, 1 full bathroom, and 1 half bathroom.
The property contains 3,692 square feet of building area on a 0.1329-acre lot. Built in 1932, the improvements include porches, a patio, a balcony, attic storage, vinyl siding, wood and drywall construction, hardwood and vinyl flooring, and natural gas heating. Public water serves the property. The address is near shopping, restaurants, transportation, and major roadways in Central Falls.
The property contains 3,692 square feet of building area on a 0.1329-acre lot. Built in 1932, the improvements include porches, a patio, a balcony, attic storage, vinyl siding, wood and drywall construction, hardwood and vinyl flooring, and natural gas heating. Public water serves the property. The address is near shopping, restaurants, transportation, and major roadways in Central Falls.
Key Highlights
- Three units with 8 bedrooms across two residential structures
- 3,692 square feet of building area on a 0.1329‑acre lot
- Unit mix includes a 3‑bedroom single‑family home and two additional units
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
$61,474
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
8.31%
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%
$1,229,480
$1.2M
Cap Rate 7%
$878,200
$878.2K
Cap Rate 9%
$683,044
$683.0K
Market Conditions
NOI Build-Up for 3,692 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
$93.9K $25.44/SF
− Vacancy
−$6.1K −$1.65/SF
EGI
$87.8K $23.79/SF
− OpEx
−$26.3K −$7.14/SF
NOI
$61.5K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$1,229,480
Cap Rate 7%
$878,200
Cap Rate 9%
$683,044
Alternative Uses
Best Use
Multifamily LT 5
$878.2K
$768.4K – $1.02M
NOI $61,474 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$697.0K
$609.9K – $813.1K
NOI $48,788 @ 7.0% cap · market cap 6.59%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
603
Businesses Nearby
Explore this area
Business Placement
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
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 - R3-zoned residential offering with two separate structures and a recently remodeled single-family home.
Where is this triplex located?
The property is located at 12 Worth Street Central Falls, 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: Three units with 8 bedrooms across two residential structures; 3,692 square feet of building area on a 0.1329‑acre lot; Unit mix includes a 3‑bedroom single‑family home and two additional units
