Three-Unit Triplex with
131 Morris Avenue, Pawtucket, RI 02860
For Sale
New
$625,000
The vacant first-floor residence has a separate dining room, rear deck, and fenced yard.
Property Size2,496 SF
Price / SF$250.40
Days on Market7
Property Features for 131 Morris Avenue
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Tenant in Place
Building Details
Year Built
Listing Agency:
Madeira Real Estate
Listed By:
Denise Madeira · License #REB.0018221
(508) 617-7748
Source:
Lockandkeyre
Added: Nov 3
Changed: Nov 8
Last Checked: Nov 8 at 6:27AM
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 Madeira Real Estate
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Investment Insights
Based on property information with market context.
This 2,496-square-foot triplex was built in 1895 and contains three units. The first-floor unit is vacant and includes a spacious kitchen, separate dining room, private rear deck, and fenced yard. The common areas have been freshly painted, and basement walls have been parged. Lead certifications are in place for all three units.
The second-floor unit is leased through April 30, 2027, and the third-floor unit is leased through August 31, 2027. The property is located at 131 Morris Avenue in Pawtucket, Rhode Island.
The second-floor unit is leased through April 30, 2027, and the third-floor unit is leased through August 31, 2027. The property is located at 131 Morris Avenue in Pawtucket, Rhode Island.
Key Highlights
- Three‑unit property with 2,496 square feet
- Lead certifications cover all 3 units
- Vacant first‑floor unit includes a separate dining room, spacious kitchen, private rear deck, and fenced yard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,560
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$831,200
$831.2K
Cap Rate 7%
$593,714
$593.7K
Cap Rate 9%
$461,778
$461.8K
Market Conditions
NOI Build-Up for 2,496 SF
Gross rent
$63.5K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.4K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $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 Rate 5%
$831,200
Cap Rate 7%
$593,714
Cap Rate 9%
$461,778
Alternative Uses
Best Use
Multifamily LT 5
$593.7K
$519.5K – $692.7K
NOI $41,560 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$471.2K
$412.3K – $549.7K
NOI $32,983 @ 7.0% cap · market cap 5.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
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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
$287,400
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Pawtucket, RI
Properties on Market for Triplexes in Pawtucket
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - The vacant first-floor residence has a separate dining room, rear deck, and fenced yard.
Where is this triplex located?
The property is located at 131 Morris Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three‑unit property with 2,496 square feet; Lead certifications cover all 3 units; Vacant first‑floor unit includes a separate dining room, spacious kitchen, private rear deck, and fenced yard
