New Construction
New
For Sale
$1,199,900
141 Ocean Street, Providence, RI 02905
Four residential units include three 3-bedroom layouts and one 1-bedroom unit.
Property Size4,033 SF
Price / SF$297.52
Days on Market3
Property Features for 141 Ocean Street
General Information
Standard status
Active
Size
4,033 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
off-street parking
Building Details
Year Built
2026
Buildings
1
Listing Agency:
REMAX Revolution
Listed By:
Jessica Rebello · License #24441
(401) 327-2611
Source:
Onshorerealtors
Added: Sep 2
Last Checked: Sep 4 at 2:42AM
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.
Located at 141 Ocean Street in Providence, this 4,033-square-foot quadplex contains four residential units. Three units offer 3 bedrooms and 2 full bathrooms, while the lower-level unit provides 1 bedroom and 1 full bathroom. The layouts include modern finishes and practical living spaces suited to multifamily occupancy.
Built in 2026, the property includes off-street parking and new-construction improvements. Its Providence setting provides access to major roadways, shopping, dining, and local amenities. The four-unit configuration combines a consistent three-bedroom layout across most of the building with a smaller lower-level residence.
Built in 2026, the property includes off-street parking and new-construction improvements. Its Providence setting provides access to major roadways, shopping, dining, and local amenities. The four-unit configuration combines a consistent three-bedroom layout across most of the building with a smaller lower-level residence.
Key Highlights
- 4,033 SF quadplex with four residential units
- Three units feature 3 bedrooms and 2 full bathrooms
- Lower‑level unit includes 1 bedroom and 1 full bathroom
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
$68,102
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
5.68%
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%
$1,362,040
$1.4M
Cap Rate 7%
$972,886
$972.9K
Cap Rate 9%
$756,689
$756.7K
Market Conditions
NOI Build-Up for 4,033 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
$104.1K $25.80/SF
− Vacancy
−$6.8K −$1.68/SF
EGI
$97.3K $24.12/SF
− OpEx
−$29.2K −$7.24/SF
NOI
$68.1K $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%
$1,362,040
Cap Rate 7%
$972,886
Cap Rate 9%
$756,689
Alternative Uses
Best Use
Multifamily LT 5
$972.9K
$851.3K – $1.14M
NOI $68,102 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$873.9K
$764.6K – $1.02M
NOI $61,170 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,448 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,576
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 - Four residential units include three 3-bedroom layouts and one 1-bedroom unit.
Where is this quadplex located?
The property is located at 141 Ocean Street Providence, RI.
What is the asking price?
The asking price for this property is $1,199,900.
What are key features of this property?
This property features: 4,033 SF quadplex with four residential units; Three units feature 3 bedrooms and 2 full bathrooms; Lower‑level unit includes 1 bedroom and 1 full bathroom
