Building Details

Year Built 1900

Listing Agency: f*@msn.com Show Phone

Listed By: Alyson Roslonek Show Phone

Source: Milestonerealtyinc

Added: Jun 4 Changed: Jul 10 Last Checked: Aug 7 at 1:00AM

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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 Alyson Roslonek

Investment Insights

Based on property information with market context.

This for-sale 7-unit apartment building offers a diversified rental mix and multiple recent updates. The property includes five units with three bedrooms, each featuring dine-in kitchens and an open living area, plus one two-bedroom unit with the same layout. The seventh unit is a spacious studio. Six of the seven units have been completely renovated and provide access to a shared front balcony. Off-street parking is available for up to 10 cars, with each unit assigned one parking spot, along with additional street parking. The building is reported to be up to fire code and includes new electrical, boilers, and hot water heaters.

Located at 144 Railroad Street in Lincoln, RI 02838, the property is positioned to support tenants who need straightforward day-to-day access and on-site parking. The current offering is described as fully occupied, providing immediate income through the existing tenant base.

For investors or owner-operators seeking an income-producing multifamily asset, the unit mix provides flexibility across household types, from studios to larger three-bedroom layouts. The combination of renovation status in most units, shared balcony access, and the reported infrastructure upgrades (new electrical, boilers, and hot water heaters) supports a turnkey ownership profile. Monthly income is stated as $9,500, based on information in the listing.

Key Highlights

• 7‑unit income property built in 1900, fully occupied and generating $9,500/month income
• Unit mix includes five 3‑bedroom units, one 2‑bedroom unit, and one studio unit
• 6 of the 7 units have been completely renovated with shared front balcony access

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

$68,716

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

4.58%

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%

$1,374,320 $1.4M

Cap Rate 7%

$981,657 $981.7K

Cap Rate 9%

$763,511 $763.5K

Market Conditions

NOI Build-Up for 5,200 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

$132.9K $25.56/SF

− Vacancy

−$8.0K −$1.53/SF

EGI

$124.9K $24.03/SF

− OpEx

−$56.2K −$10.81/SF

NOI

$68.7K $13.21/SF

Area

Providence County, RI

Vacancy

6.00%

Lease Rate

$25.56 /SF/Yr

Expense Ratio

45.00%

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%

$1,374,320

Cap Rate 7%

$981,657

Cap Rate 9%

$763,511

Alternative Uses

Best Use

Apartment 5plus

$981.7K

$859.0K – $1.15M (±1% cap)

NOI $68,716 @ 7.0% cap · market cap 4.58%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$1.24M

$1.08M – $1.44M (±1% cap)

NOI $86,582 @ 7.0% cap · market cap 5.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Parking Lot & Garage Kitchen & Bath Showroom Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

153

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Mix of renovated 3-bedroom, 2-bedroom, and studio units with shared balcony access and off-street parking.

Where is this apartment building located?

The property is located at 144 Railroad Street Lincoln Manville, RI.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: 7‑unit income property built in 1900, fully occupied and generating $9,500/month income; Unit mix includes five 3‑bedroom units, one 2‑bedroom unit, and one studio unit; 6 of the 7 units have been completely renovated with shared front balcony access