Renovated Two-Building
For Sale
$1,350,000
153 Marlborough St, East Greenwich, RI 02818
Four residential units across two structures offer a mix of multi-level and single-level layouts with shared outdoor space.
Property Size4,517 SF
Price / SF$298.87
Days on Market40
Property Features for 153 Marlborough St
General Information
Standard status
Active
Size
4,517 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Amenities
shared stone patio
Building Details
Year Built
1850
Year Renovated
2012
Buildings
2
Listing Agency:
RE/MAX Professionals
(401) 884-6050
Listed By:
Dean Benjamin · License #B16536
Source:
Alpernandmesenbourg
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 1:06PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
This quadplex includes four residential units distributed between two buildings on one lot. The property measures 4,517 square feet and dates to 1850, with renovations completed in 2012. Improvements included updated kitchens, bathrooms, and replacement windows; upper-level units also feature hardwood flooring. Each structure combines a multi-level townhouse-style residence with a single-level unit below, creating varied layouts within the property. Lead certificates are in place.
A shared stone patio, small yard, and off-street parking serve the property. Main Street shops, restaurants, and parks are located approximately one block away. The property has a documented lease history and is positioned for a new ownership transition.
A shared stone patio, small yard, and off-street parking serve the property. Main Street shops, restaurants, and parks are located approximately one block away. The property has a documented lease history and is positioned for a new ownership transition.
Key Highlights
- 4,517 SF quadplex with 4 residential units
- Two buildings situated on 1 lot
- Renovated in 2012 with updated kitchens, bathrooms, and replacement windows
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
$65,632
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
4.86%
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%
$1,312,640
$1.3M
Cap Rate 7%
$937,600
$937.6K
Cap Rate 9%
$729,244
$729.2K
Market Conditions
NOI Build-Up for 4,517 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
$100.3K $22.20/SF
− Vacancy
−$6.5K −$1.44/SF
EGI
$93.8K $20.76/SF
− OpEx
−$28.1K −$6.23/SF
NOI
$65.6K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$1,312,640
Cap Rate 7%
$937,600
Cap Rate 9%
$729,244
Alternative Uses
Best Use
Multifamily LT 5
$937.6K
$820.4K – $1.09M
NOI $65,632 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$861.3K
$753.7K – $1.00M
NOI $60,293 @ 7.0% cap · market cap 4.47%
Theoretical Best
Specialty Retail
$1.13M
$989.9K – $1.32M
NOI $79,192 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 02818, RI
19,907
Population
8,623
Households
2.3
Avg Household Size
45
Median Age
63%
College-Educated
97%
High-School Grad
21.2 sq mi
ZIP Area
939
Density / Sq Mi
$120,952
Median Household Income
$72,985
Median Earnings
$1,384
Median Rent
$564,800
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?
Quadplex - Four residential units across two structures offer a mix of multi-level and single-level layouts with shared outdoor space.
Where is this quadplex located?
The property is located at 153 Marlborough St East Greenwich, RI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 4,517 SF quadplex with 4 residential units; Two buildings situated on 1 lot; Renovated in 2012 with updated kitchens, bathrooms, and replacement windows
