Renovated Triplex with Off-Street
For Sale
$675,000
Pending
123 Laban Street, Providence, RI 02909
Triplex in Providence with recently renovated second and third floors, new exterior updates, and off-street parking.
Property Size2,322 SF
Days on Market59
Property Features for 123 Laban Street
General Information
Standard status
Pending
Size
2,322 SF
Property subtype
MultiFamily
Building Details
Year Built
1900
Listing Agency:
Circle 100 Real Estate
(401) 336-6083
Listed By:
Elvis Santana · License #REC.0019634
(508) 233-3229
Source:
Lockandkeyre
Added: Jul 15
Changed: Sep 10
Last Checked: Sep 11 at 7:11AM
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 Circle 100 Real Estate
Investment Insights
Based on property information with market context.
This triplex at 123 Laban Street offers multiple levels of living space with recent interior improvements. The second and third floors have been recently renovated, and the partially finished basement provides additional usable space. Recent exterior and systems updates include new vinyl siding, new gutters, two new water tanks, a 6-camera surveillance system, and a repaved driveway designed to support off-street parking. The roof was replaced in 2019 by the prior owner.
Located in Providence, Rhode Island, the property combines maintained upgrades with additional space for continued improvements depending on your approach.
Overall, it’s a multifamily structure with a practical layout across floors and a property set up for day-to-day convenience, highlighted by the updated exterior, surveillance, and dedicated parking area.
Located in Providence, Rhode Island, the property combines maintained upgrades with additional space for continued improvements depending on your approach.
Overall, it’s a multifamily structure with a practical layout across floors and a property set up for day-to-day convenience, highlighted by the updated exterior, surveillance, and dedicated parking area.
Key Highlights
- Triplex at 123 Laban Street in Providence (Year built 1900).
- Second and third floors are recently renovated and currently generating market rents.
- Exterior updates include new vinyl siding and new gutters.
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
$39,210
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
5.81%
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%
$784,200
$784.2K
Cap Rate 7%
$560,143
$560.1K
Cap Rate 9%
$435,667
$435.7K
Market Conditions
NOI Build-Up for 2,322 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
$59.9K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.0K $24.12/SF
− OpEx
−$16.8K −$7.24/SF
NOI
$39.2K $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%
$784,200
Cap Rate 7%
$560,143
Cap Rate 9%
$435,667
Alternative Uses
Best Use
Multifamily LT 5
$560.1K
$490.1K – $653.5K
NOI $39,210 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$503.1K
$440.2K – $587.0K
NOI $35,219 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$776.8K
$679.7K – $906.3K
NOI $54,378 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex in Providence with recently renovated second and third floors, new exterior updates, and off-street parking.
Where is this triplex located?
The property is located at 123 Laban Street Providence, RI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Triplex at 123 Laban Street in Providence (Year built 1900).; Second and third floors are recently renovated and currently generating market rents.; Exterior updates include new vinyl siding and new gutters.
