Five-Unit Apartment
For Sale
$700,000
Pending
15 Angle Street, Pawtucket, RI 02865
Commercial/Business,Commercial Sale, Pawtucket, RI
Property Size4,150 SF
Lot Size0.17 Acres
Days on Market235
Property Features for 15 Angle Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
6
Security features
Security Lighting
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Subdivision
Darlington
Lot features
Paved, Downtown
Standard status
Pending
Size
4,150 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5100
Utilities
Heating system
Baseboard
Building Details
Year built
1906
Floors in Building
3
Number of units
5
Listing Agency:
Prime Time Properties, Inc.
(401) 454-1300
Listed By:
Frank Miele · License #REC0009744RI
(401) 265-0521
Added: Jan 7
Changed: Aug 19
Last Checked: Aug 30 at 2:06PM
MLS# 1402403
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1906 apartment property contains five residential units, including two one-bedroom apartments, two two-bedroom apartments, and one three-bedroom apartment. The building provides 4,150 square feet on a 0.1687-acre lot, with baseboard heating, ceiling heights from 7 to 9 feet, a basement, updated electrical service, and a vinyl-sided exterior. The property is fully rented on a month-to-month basis, with tenants paying their own utilities. Fire coding is in place, and parking is available for residents.
Three garages are included with the property and are identified as having potential for conversion to an ADU unit. The site is at 15 Angle Street in Pawtucket’s Darlington section, with access to Route 95, downtown Providence, the Massachusetts line, and a new soccer field referenced in the property information.
Three garages are included with the property and are identified as having potential for conversion to an ADU unit. The site is at 15 Angle Street in Pawtucket’s Darlington section, with access to Route 95, downtown Providence, the Massachusetts line, and a new soccer field referenced in the property information.
Key Highlights
- Five units: two one‑bedroom, two two‑bedroom, and one three‑bedroom apartments
- 4,150 square feet on a 0.1687‑acre lot
- Fully rented month‑to‑month with tenants paying utilities
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
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 02865, RI
17,902
Population
7,079
Households
2.5
Avg Household Size
45
Median Age
48%
College-Educated
92%
High-School Grad
16.5 sq mi
ZIP Area
1,085
Density / Sq Mi
$117,042
Median Household Income
$59,949
Median Earnings
$1,206
Median Rent
$427,700
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?
Apartment building - Month-to-month occupancy, tenant-paid utilities, three garages, and on-site parking support the property’s operating profile.
Where is this apartment building located?
The property is located at 15 Angle Street 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 units: two one‑bedroom, two two‑bedroom, and one three‑bedroom apartments; 4,150 square feet on a 0.1687‑acre lot; Fully rented month‑to‑month with tenants paying utilities
