Four-Building Multifamily
For Sale
$2,795,000
157 Rathbun St, Woonsocket, RI 02895
Four-building, 23-unit multifamily with 50-car parking and established monthly income.
Property Size17,246 SF
Price / SF$162.07
Days on Market132
Property Features for 157 Rathbun St
General Information
Standard status
Active
Size
17,246 SF
Total Parking Spaces
50
Additional Details
Multifamily Units
23
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
HERE Realty
Listed By:
List with Lyon Team
(401) 829-1533
Source:
Alpernandmesenbourg
Added: Jun 22
Changed: Oct 25
Last Checked: Oct 7 at 3:40PM
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 HERE Realty
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Investment Insights
Based on property information with market context.
This for-sale portfolio consists of four apartment buildings totaling 23 units. The property includes a 50-car parking lot, which supports convenient on-site parking for residents. The offering is described as stabilized, with current income of $31,000 per month, or $372,000 annualized, and an achievable rent roll of $34,225 per month.
The buildings are located at 157 Rathbun in Woonsocket, Rhode Island (02895). The remarks also note the asset’s proximity to Providence, positioning the portfolio within a rental market that can benefit from that regional draw.
For investors seeking a manageable, income-producing multifamily portfolio, the unit count and on-site parking are practical operating factors. With the stated gap between current and achievable rent roll figures, the property presents a straightforward path for improving revenue while maintaining its existing stabilized income profile. This combination of scale, parking, and current performance is designed for buyers looking to move decisively on a turn-key income asset rather than a vacant or heavily repositioned property.
The buildings are located at 157 Rathbun in Woonsocket, Rhode Island (02895). The remarks also note the asset’s proximity to Providence, positioning the portfolio within a rental market that can benefit from that regional draw.
For investors seeking a manageable, income-producing multifamily portfolio, the unit count and on-site parking are practical operating factors. With the stated gap between current and achievable rent roll figures, the property presents a straightforward path for improving revenue while maintaining its existing stabilized income profile. This combination of scale, parking, and current performance is designed for buyers looking to move decisively on a turn-key income asset rather than a vacant or heavily repositioned property.
Key Highlights
- Four‑building multifamily with 23 units
- 50‑car parking lot for tenants
- Current monthly income: $31,000/month ($372,000 annualized)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$227,898
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,557,960
$4.6M
Cap Rate 7%
$3,255,686
$3.3M
Cap Rate 9%
$2,532,200
$2.5M
Market Conditions
NOI Build-Up for 17,246 SF
Gross rent
$440.8K $25.56/SF
− Vacancy
−$26.4K −$1.53/SF
EGI
$414.4K $24.03/SF
− OpEx
−$186.5K −$10.81/SF
NOI
$227.9K $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 Rate 5%
$4,557,960
Cap Rate 7%
$3,255,686
Cap Rate 9%
$2,532,200
Alternative Uses
Best Use
Apartment 5plus
$3.26M
$2.85M – $3.80M
NOI $227,898 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.10M
$3.59M – $4.79M
NOI $287,154 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Open Analytics
Lease Details
23
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,295
Businesses Nearby
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Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Four-building, 23-unit multifamily with 50-car parking and established monthly income.
Where is this apartment building located?
The property is located at 157 Rathbun St Woonsocket, RI.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Four‑building multifamily with 23 units; 50‑car parking lot for tenants; Current monthly income: $31,000/month ($372,000 annualized)
