Residential Building in Darlington
For Sale
$700,000
Pending
15 Angle St, Pawtucket, RI 02860
Five-unit residential building with garages in Pawtucket, Rhode Island.
Property Size4,150 SF
Lot Size0.17 Acres
Days on Market235
Property Features for 15 Angle St
General Information
Standard status
Pending
Size
4,150 SF
Lot size
0.17 Acres
Taxes and HOA fees
Annual Taxes
$5,100
Listing Agency:
Prime Time Properties, Inc.
(401) 265-0521
Listed By:
Frank Miele · License #REC0009744RI
(401) 265-0521
Source:
Exprealty
Added: Jan 7
Changed: Aug 25
Last Checked: Aug 29 at 2:09PM
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 Prime Time Properties, Inc.
Investment Insights
Based on property information with market context.
This five-unit residential building is located in the Darlington section of Pawtucket. The building includes two one-bedroom units, two two-bedroom units, and one three-bedroom unit. The property sits on a 7,350-square-foot lot and includes three garages that could potentially be converted into an additional dwelling unit (ADU) for added income. The building is fully rented on a month-to-month basis, and tenants are responsible for utilities. The exterior features vinyl siding for low maintenance. Electrical systems have been updated, and there is ample parking available for tenants. The property is conveniently located with easy access to Route 95, downtown Providence, the new soccer field, and the Massachusetts state line. The building is fully fire coded and has a total size of 4,150 square feet.
Key Highlights
- Five‑unit residential building with a diverse mix of units.
- Garages offer ADU conversion potential for increased income.
- Fully rented, tenants pay utilities, providing immediate income.
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
$54,840
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
7.83%
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%
$1,096,800
$1.1M
Cap Rate 7%
$783,429
$783.4K
Cap Rate 9%
$609,333
$609.3K
Market Conditions
NOI Build-Up for 4,150 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
$106.1K $25.56/SF
− Vacancy
−$6.4K −$1.53/SF
EGI
$99.7K $24.03/SF
− OpEx
−$44.9K −$10.81/SF
NOI
$54.8K $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%
$1,096,800
Cap Rate 7%
$783,429
Cap Rate 9%
$609,333
Alternative Uses
Best Use
Apartment 5plus
$783.4K
$685.5K – $914.0K
NOI $54,840 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$987.1K
$863.7K – $1.15M
NOI $69,099 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Apartment building - Five-unit residential building with garages in Pawtucket, Rhode Island.
Where is this apartment building located?
The property is located at 15 Angle St Pawtucket, RI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Five‑unit residential building with a diverse mix of units.; Garages offer ADU conversion potential for increased income.; Fully rented, tenants pay utilities, providing immediate income.
