Quadplex with Off-Street
For Sale
$699,000
133 Ontario Street, Providence, RI 02907
Quadplex in Providence with off-street parking, mixed-bedroom units, and one unit held vacant for an owner-occupant.
Property Size3,057 SF
Price / SF$228.66
Days on Market14
Property Features for 133 Ontario Street
General Information
Standard status
Active
Size
3,057 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Building Details
Year Built
1922
Listing Agency:
BHHS Commonwealth Real Estate
(508) 810-0700
Listed By:
Allen Gammons · License #8574
Source:
Onshorerealtors
Added: Jul 29
Changed: Jul 30
Last Checked: Aug 11 at 5:03AM
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 BHHS Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This quadplex offers a residential income setup with off-street parking and approximately 3,057 SF under roof. The current configuration includes two 2-bedroom units, one unit described as a two–three bedroom, and an additional unrecognized lower-level unit. The seller is keeping one unit vacant, offering flexibility for a potential owner-occupant. The property is ready for minor updates that can support improved day-to-day presentation and value.
Built in 1922, the home is about 4 minutes from I-95 North and South. It’s within walking distance to Roger Williams Park, with Rhode Island Hospital and dining and shopping in historic Edgewood just a short drive away.
Built in 1922, the home is about 4 minutes from I-95 North and South. It’s within walking distance to Roger Williams Park, with Rhode Island Hospital and dining and shopping in historic Edgewood just a short drive away.
Key Highlights
- Approximately 3,057 SF quadplex built in 1922
- Current layout: two 2‑bedroom units, one two–three bedroom unit, and an unrecognized lower‑level unit
- Off‑street parking included
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
$51,621
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
7.38%
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%
$1,032,420
$1.0M
Cap Rate 7%
$737,443
$737.4K
Cap Rate 9%
$573,567
$573.6K
Market Conditions
NOI Build-Up for 3,057 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
$78.9K $25.80/SF
− Vacancy
−$5.1K −$1.68/SF
EGI
$73.7K $24.12/SF
− OpEx
−$22.1K −$7.24/SF
NOI
$51.6K $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%
$1,032,420
Cap Rate 7%
$737,443
Cap Rate 9%
$573,567
Alternative Uses
Best Use
Multifamily LT 5
$737.4K
$645.3K – $860.4K
NOI $51,621 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$662.4K
$579.6K – $772.8K
NOI $46,367 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$1.02M
$894.9K – $1.19M
NOI $71,591 @ 7.0% cap · market cap 10.24%
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
1,146
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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?
Quadplex - Quadplex in Providence with off-street parking, mixed-bedroom units, and one unit held vacant for an owner-occupant.
Where is this quadplex located?
The property is located at 133 Ontario Street Providence, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 3,057 SF quadplex built in 1922; Current layout: two 2‑bedroom units, one two–three bedroom unit, and an unrecognized lower‑level unit; Off‑street parking included
