Historic Triplex with Off-Street
For Sale
$1,150,000
150 Prospect St, Providence, RI 02906
Three apartments include a spacious first-floor layout, shared laundry, paved parking, and a landscaped common garden.
Property Size4,128 SF
Price / SF$278.59
Days on Market18
Property Features for 150 Prospect St
General Information
Standard status
Active
Size
4,128 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 3BR/1BA, 1 x 2BR
Multifamily Units
3
Amenities
common laundry
shared garden
off-street parking
Building Details
Year Built
1867
Buildings
1
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Jim DeRentis
Source:
Rhodeislandhomesforsale
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 28 at 8:14PM
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.
Built in 1867, this historic triplex contains 4,128 square feet of living space across three apartments. The first-floor residence offers three bedrooms, two full baths, high ceilings, and generous room proportions. A second-floor apartment includes three bedrooms, one bath, large windows, and original hardwood flooring, while the third unit provides two bedrooms in a private top-floor layout with its own stairway and entry mudroom.
The property also features a substantial shared basement with laundry, paved off-street parking, and a common garden with a planting shed. Original interior detailing includes a formal entry foyer, woodwork, double doors, and a curved staircase. Updated mechanical systems, fresh paint, and lead-safe certificates for all three apartments are in place. The corner property is near Brown University, RISD, the train station, Downtown Providence, restaurants, and shops.
The property also features a substantial shared basement with laundry, paved off-street parking, and a common garden with a planting shed. Original interior detailing includes a formal entry foyer, woodwork, double doors, and a curved staircase. Updated mechanical systems, fresh paint, and lead-safe certificates for all three apartments are in place. The corner property is near Brown University, RISD, the train station, Downtown Providence, restaurants, and shops.
Key Highlights
- Three‑unit triplex with 4,128 square feet of total living space
- Built in 1867 with original woodwork, double doors, and curved staircase
- Unit mix includes two three‑bedroom apartments and one two‑bedroom apartment
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
$69,706
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
6.06%
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%
$1,394,120
$1.4M
Cap Rate 7%
$995,800
$995.8K
Cap Rate 9%
$774,511
$774.5K
Market Conditions
NOI Build-Up for 4,128 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
$106.5K $25.80/SF
− Vacancy
−$6.9K −$1.68/SF
EGI
$99.6K $24.12/SF
− OpEx
−$29.9K −$7.24/SF
NOI
$69.7K $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%
$1,394,120
Cap Rate 7%
$995,800
Cap Rate 9%
$774,511
Alternative Uses
Best Use
Multifamily LT 5
$995.8K
$871.3K – $1.16M
NOI $69,706 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$894.4K
$782.6K – $1.04M
NOI $62,611 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,673 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,285
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include a spacious first-floor layout, shared laundry, paved parking, and a landscaped common garden.
Where is this triplex located?
The property is located at 150 Prospect St Providence, RI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three‑unit triplex with 4,128 square feet of total living space; Built in 1867 with original woodwork, double doors, and curved staircase; Unit mix includes two three‑bedroom apartments and one two‑bedroom apartment
