Three-Unit Residential
For Sale
$499,900
120 East Street, Woonsocket, RI 02895
Three-family building with separately metered utilities, rear parking, and a vacant first-floor apartment.
Property Size2,870 SF
Price / SF$174.18
Days on Market8
Property Features for 120 East Street
General Information
Standard status
Active
Size
2,870 SF
Property subtype
MultiFamily
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Leading Edge
(401) 333-4900
Listed By:
Melanie Ruiz · License #REB.0205866
(401) 651-8141
Source:
Lockandkeyre
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 9:25AM
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 Keller Williams Leading Edge
Investment Insights
Based on property information with market context.
Built in 1900, this three-unit residential property contains 2,870 square feet with a consistent layout of two bedrooms and one bathroom per apartment. The first-floor unit is vacant, while the other apartments have tenants in place. Utilities are separately metered and paid by the tenants, and off-street parking is available behind the building.
Property updates include replacement of the plumbing stack in 2024, water heater work in 2020 and 2025, heating system updates in 2020 and 2022, second-floor renovations completed in 2021/2022, and gas line repairs in 2023/2024. The property is located at 120 East Street in Woonsocket, near local amenities and commuter routes.
Property updates include replacement of the plumbing stack in 2024, water heater work in 2020 and 2025, heating system updates in 2020 and 2022, second-floor renovations completed in 2021/2022, and gas line repairs in 2023/2024. The property is located at 120 East Street in Woonsocket, near local amenities and commuter routes.
Key Highlights
- Three‑unit property with 2,870 square feet
- Each apartment includes 2 bedrooms and 1 bathroom
- Separate utilities are paid by tenants
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
$37,926
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
7.59%
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%
$758,520
$758.5K
Cap Rate 7%
$541,800
$541.8K
Cap Rate 9%
$421,400
$421.4K
Market Conditions
NOI Build-Up for 2,870 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
$73.4K $25.56/SF
− Vacancy
−$4.4K −$1.53/SF
EGI
$69.0K $24.03/SF
− OpEx
−$31.0K −$10.81/SF
NOI
$37.9K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$758,520
Cap Rate 7%
$541,800
Cap Rate 9%
$421,400
Alternative Uses
Best Use
Multifamily LT 5
$682.7K
$597.3K – $796.5K
NOI $47,787 @ 7.0% cap · market cap 9.56%
Second Best
Apartment 5plus
$541.8K
$474.1K – $632.1K
NOI $37,926 @ 7.0% cap · market cap 7.59%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family building with separately metered utilities, rear parking, and a vacant first-floor apartment.
Where is this triplex located?
The property is located at 120 East Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three‑unit property with 2,870 square feet; Each apartment includes 2 bedrooms and 1 bathroom; Separate utilities are paid by tenants
