3-Unit Multifamily with Two
For Sale
$659,900
Pending
127 Meadow Street, Pawtucket, RI 02860
3-unit multifamily property with two buildings, corner-lot off-street parking, and recent roof and heating system updates.
Property Size2,674 SF
Lot Size0.23 Acres
Days on Market17
Property Features for 127 Meadow Street
General Information
Standard status
Pending
Size
2,674 SF
Lot size
0.23 Acres
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Building Details
Year Built
1880
Buildings
2
Listing Agency:
HERE Realty
(401) 862-1251
Listed By:
Catherine Espinosa
Source:
Lockandkeyre
Added: Jul 27
Changed: Aug 11
Last Checked: Aug 11 at 6:15AM
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 HERE Realty
Investment Insights
Based on property information with market context.
This 3-unit multifamily property features two separate buildings on a 10,000-square-foot corner lot. The main building at 127 Meadow Street has two 2-bedroom, 1-bathroom units, and the detached second building at 123 Meadow Street provides an additional 2-bedroom, 1-bathroom unit.
Recent updates include a newer roof and a newer heating system. The expansive lot offers generous backyard space and off-street parking.
Built in 1880, this property is also located with easy access to I-95, Route 1, and the Pawtucket/Central Falls MBTA Station, supporting convenient commutes. It is minutes from Downtown Pawtucket and nearby destinations including Centreville Bank Stadium, Hope Artiste Village, Slater Memorial Park, as well as shopping and restaurants.
Recent updates include a newer roof and a newer heating system. The expansive lot offers generous backyard space and off-street parking.
Built in 1880, this property is also located with easy access to I-95, Route 1, and the Pawtucket/Central Falls MBTA Station, supporting convenient commutes. It is minutes from Downtown Pawtucket and nearby destinations including Centreville Bank Stadium, Hope Artiste Village, Slater Memorial Park, as well as shopping and restaurants.
Key Highlights
- Two separate buildings with three total units
- 10,000‑square‑foot corner lot with off‑street parking
- Two 2‑bedroom, 1‑bath units in main building; one additional 2‑bedroom, 1‑bath in detached building
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
$44,523
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
6.75%
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%
$890,460
$890.5K
Cap Rate 7%
$636,043
$636.0K
Cap Rate 9%
$494,700
$494.7K
Market Conditions
NOI Build-Up for 2,674 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
$68.0K $25.44/SF
− Vacancy
−$4.4K −$1.65/SF
EGI
$63.6K $23.79/SF
− OpEx
−$19.1K −$7.14/SF
NOI
$44.5K $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%
$890,460
Cap Rate 7%
$636,043
Cap Rate 9%
$494,700
Alternative Uses
Best Use
Multifamily LT 5
$636.0K
$556.5K – $742.1K
NOI $44,523 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$504.8K
$441.7K – $588.9K
NOI $35,336 @ 7.0% cap · market cap 5.35%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,683
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
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 - 3-unit multifamily property with two buildings, corner-lot off-street parking, and recent roof and heating system updates.
Where is this triplex located?
The property is located at 127 Meadow Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Two separate buildings with three total units; 10,000‑square‑foot corner lot with off‑street parking; Two 2‑bedroom, 1‑bath units in main building; one additional 2‑bedroom, 1‑bath in detached building
