Historic Triplex with Shared
New
For Sale
$1,150,000
150 Prospect Street, Providence, RI 02906
MULTI_FAMILY - Providence, RI
Property Size4,128 SF
Lot Size0.11 Acres
Price / SF$278.59
Days on Market1
Property Features for 150 Prospect Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 4, Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 8, Bathroom 3
Parking
4
Parking features
None
Patio and Porch features
Patio
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Patio
Fireplace
1
Basement
Unfinished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
College Hill
Lot features
Local Historic District, Corner Lot, Paved Driveway, Sidewalks
Standard status
Active
Size
4,128 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
19571
Utilities
Heating system
Baseboard, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Amenities
common basement with laundry
shared garden with planting shed
Building Details
Year built
1867
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Clapboard
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Jim DeRentis
(401) 439-7705
Added: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 1420299
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.
Built in 1867, this legal triplex contains 4,128 square feet of living space across three separately entered residences. The first-floor unit includes three bedrooms and two full bathrooms, while the second residence offers three bedrooms and one bathroom. The third unit spans the upper levels with a two-bedroom layout, an entry or mudroom, and a private stairway. Original woodwork, hardwood floors, high ceilings, and a prominent entry foyer add architectural character.
The property occupies a 0.11-acre corner parcel at Prospect Street and Halsey Street on Providence’s East Side. A shared garden with planting shed complements the building, and the oversized common basement includes laundry. Updated mechanical systems, fresh paint, lead-safe certificates for all three units, public water, and a location within walking distance of Brown University, RISD, the train station, Downtown Providence, restaurants, and shops further define the offering.
The property occupies a 0.11-acre corner parcel at Prospect Street and Halsey Street on Providence’s East Side. A shared garden with planting shed complements the building, and the oversized common basement includes laundry. Updated mechanical systems, fresh paint, lead-safe certificates for all three units, public water, and a location within walking distance of Brown University, RISD, the train station, Downtown Providence, restaurants, and shops further define the offering.
Key Highlights
- 4,128 square feet of total living space on a 0.11‑acre parcel
- Three‑unit legal triplex with unit layouts of 3BR/2BA, 3BR/1BA, and 2BR
- Built in 1867 with original woodwork, hardwood floors, and high ceilings
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
5,409
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three legal residences offer varied layouts, a common laundry basement, updated mechanicals, and East Side access.
Where is this triplex located?
The property is located at 150 Prospect Street 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: 4,128 square feet of total living space on a 0.11‑acre parcel; Three‑unit legal triplex with unit layouts of 3BR/2BA, 3BR/1BA, and 2BR; Built in 1867 with original woodwork, hardwood floors, and high ceilings
