Updated 3-Unit
New
For Sale
$799,900
141 Grove Street, Providence, RI 02909
Each apartment includes private laundry and one dedicated off-street parking space.
Property Size3,937 SF
Price / SF$203.18
Days on Market5
Property Features for 141 Grove Street
General Information
Standard status
Active
Size
3,937 SF
Total Parking Spaces
3
Property subtype
MultiFamily
Units
Unit Mix
2 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
in-unit laundry
storage
Building Details
Year Built
1920
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Source:
Lockandkeyre
Added: Oct 6
Changed: Oct 7
Last Checked: Oct 9 at 10:00PM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
This 3,937-square-foot triplex at 141 Grove Street dates to 1920 and contains three apartments. The first- and second-floor units each have three bedrooms and one full bath; the third-floor apartment has two bedrooms and one full bath. The second-floor unit has a renovated kitchen, while the other apartments have received updates to kitchens, bathrooms, flooring, lighting, and paint. Improvements also include insulation, exterior and masonry work, refreshed common areas, landscaping, a newer storage shed, and basement storage space. Lead certificates are in place.
The property sits near Broadway and the West Side, with Nick's on Broadway, Seven Stars, Julian's, and Sawyer's Market among the nearby neighborhood businesses. Downtown Providence and surrounding neighborhoods are accessible from the property.
The property sits near Broadway and the West Side, with Nick's on Broadway, Seven Stars, Julian's, and Sawyer's Market among the nearby neighborhood businesses. Downtown Providence and surrounding neighborhoods are accessible from the property.
Key Highlights
- Three apartments: two 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- 3,937 square feet; built in 1920
- One off‑street parking space and private laundry for each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,481
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,329,620
$1.3M
Cap Rate 7%
$949,729
$949.7K
Cap Rate 9%
$738,678
$738.7K
Market Conditions
NOI Build-Up for 3,937 SF
Gross rent
$101.6K $25.80/SF
− Vacancy
−$6.6K −$1.68/SF
EGI
$95.0K $24.12/SF
− OpEx
−$28.5K −$7.24/SF
NOI
$66.5K $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 Rate 5%
$1,329,620
Cap Rate 7%
$949,729
Cap Rate 9%
$738,678
Alternative Uses
Best Use
Multifamily LT 5
$949.7K
$831.0K – $1.11M
NOI $66,481 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$853.1K
$746.4K – $995.2K
NOI $59,714 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,200 @ 7.0% cap · market cap 11.53%
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
2,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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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 - Each apartment includes private laundry and one dedicated off-street parking space.
Where is this triplex located?
The property is located at 141 Grove Street Providence, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three apartments: two 3‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; 3,937 square feet; built in 1920; One off‑street parking space and private laundry for each apartment
