Renovated Three-Unit
New
For Sale
$679,900
88 Prospect Street, Lincoln, RI 02838
Updated multifamily asset with flexible lower-level space, a sunroom, and off-street parking on a spacious parcel.
Property Size2,345 SF
Price / SF$289.94
Days on Market5
Property Features for 88 Prospect Street
General Information
Standard status
Active
Size
2,345 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
off-street parking
sunroom
partially finished basement
Building Details
Year Built
1880
Listing Agency:
REMAX Revolution
Listed By:
Ariadne Davis · License #47867
Source:
Onshorerealtors
Added: Sep 18
Last Checked: Sep 21 at 4:36AM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
This renovated triplex contains three residential units, each arranged with two bedrooms and one full bathroom. The first-floor residence includes a sunroom and private access to a partially finished basement, adding functional space beyond the standard unit layout. The property offers 2,345 square feet of building area and was originally constructed in 1880.
Situated at 88 Prospect Street in Lincoln, RI, the property occupies an expansive lot with outdoor space and off-street parking. The three-unit configuration provides a straightforward multifamily layout, while the additional basement and sunroom features distinguish the first-floor unit from the others.
Situated at 88 Prospect Street in Lincoln, RI, the property occupies an expansive lot with outdoor space and off-street parking. The three-unit configuration provides a straightforward multifamily layout, while the additional basement and sunroom features distinguish the first-floor unit from the others.
Key Highlights
- Three‑unit multifamily property with 2,345 SF of building area
- Each unit includes 2 bedrooms and 1 full bathroom
- Renovated throughout with updated residential interiors
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
$39,045
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
5.74%
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%
$780,900
$780.9K
Cap Rate 7%
$557,786
$557.8K
Cap Rate 9%
$433,833
$433.8K
Market Conditions
NOI Build-Up for 2,345 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
$59.7K $25.44/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$55.8K $23.79/SF
− OpEx
−$16.7K −$7.14/SF
NOI
$39.0K $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%
$780,900
Cap Rate 7%
$557,786
Cap Rate 9%
$433,833
Alternative Uses
Best Use
Multifamily LT 5
$557.8K
$488.1K – $650.8K
NOI $39,045 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$442.7K
$387.4K – $516.5K
NOI $30,988 @ 7.0% cap · market cap 4.56%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 02838, RI
3,801
Population
1,546
Households
2.5
Avg Household Size
38
Median Age
49%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
2,715
Density / Sq Mi
$82,075
Median Household Income
$51,989
Median Earnings
$1,311
Median Rent
$327,500
Median Home Value
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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 - Updated multifamily asset with flexible lower-level space, a sunroom, and off-street parking on a spacious parcel.
Where is this triplex located?
The property is located at 88 Prospect Street Lincoln, RI.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,345 SF of building area; Each unit includes 2 bedrooms and 1 full bathroom; Renovated throughout with updated residential interiors
