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    7-Unit Apartment Building Title is generated by Realmo AI

    144 Railroad Street Lincoln, Manville, RI 02838

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    Claim this Listing
    New
    For Sale
    $1,500,000

    Mix of renovated 3-bedroom, 2-bedroom, and studio units with shared balcony access and off-street parking.

    Property size:
    5,200 SF
    Price / SF:
    $288/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 2:30 am

    Property Features for 144 Railroad Street Lincoln

    General Information

    Standard status
    Active
    Size
    5,200 SF

    Building Details

    Year Built
    1900

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    Listing Contact
    Alyson Roslonek

    Listing agent Alyson Roslonek

    Listing office

    Listing date Jun 4, 2026

    Source Milestonerealtyinc

    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 Alyson Roslonek

    HighLights

    • 7‑unit income property built in 1900, fully occupied and generating $9,500/month income
    • Unit mix includes five 3‑bedroom units, one 2‑bedroom unit, and one studio unit
    • 6 of the 7 units have been completely renovated with shared front balcony access
    • Updated systems include new electrical, boilers, and hot water heaters; property is up to fire code
    • Off‑street parking available for up to 10 cars (one parking spot per unit), plus additional street parking

    Overview

    This for-sale 7-unit apartment building offers a diversified rental mix and multiple recent updates. The property includes five units with three bedrooms, each featuring dine-in kitchens and an open living area, plus one two-bedroom unit with the same layout. The seventh unit is a spacious studio. Six of the seven units have been completely renovated and provide access to a shared front balcony. Off-street parking is available for up to 10 cars, with each unit assigned one parking spot, along with additional street parking. The building is reported to be up to fire code and includes new electrical, boilers, and hot water heaters.

    Located at 144 Railroad Street in Lincoln, RI 02838, the property is positioned to support tenants who need straightforward day-to-day access and on-site parking. The current offering is described as fully occupied, providing immediate income through the existing tenant base.

    For investors or owner-operators seeking an income-producing multifamily asset, the unit mix provides flexibility across household types, from studios to larger three-bedroom layouts. The combination of renovation status in most units, shared balcony access, and the reported infrastructure upgrades (new electrical, boilers, and hot water heaters) supports a turnkey ownership profile. Monthly income is stated as $9,500, based on information in the listing.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manville
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.476153
    Latitude
    41.9723064

    FAQs

    What type of property is this?
    Apartment building - Mix of renovated 3-bedroom, 2-bedroom, and studio units with shared balcony access and off-street parking.
    Where is this apartment building located?
    The property is located at 144 Railroad Street Lincoln Manville, RI.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: 7‑unit income property built in 1900, fully occupied and generating $9,500/month income; Unit mix includes five 3‑bedroom units, one 2‑bedroom unit, and one studio unit; 6 of the 7 units have been completely renovated with shared front balcony access
    (508) 501-1443
    We can help!
    Listing Contact
    Alyson Roslonek
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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