Four-Building Apartment
For Sale
$2,900,000
157 Rathbun Street, Woonsocket, RI 02895
Commercial/Business,Commercial Sale, Woonsocket, RI
Property Size17,246 SF
Lot Size0.70 Acres
Price / SF$168.15
Days on Market71
Property Features for 157 Rathbun Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4
Parking
50
Lot features
Free Standing
Standard status
Active
Size
17,246 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
38736
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Building materials
Frame
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
List with Lyon Team
(401) 829-1533
Added: Jun 17
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 1413389
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 multifamily property at 157 Rathbun Street in Woonsocket, RI, consists of four frame buildings with 23 apartment units. The improvements contain 17,246 square feet and were built in 1900, with the property situated on 0.7 acres.
A 50-car parking lot serves the apartment buildings. The property is designated R4, providing a defined residential zoning framework for the asset. Its multi-building layout and unit count create a substantial apartment property within a single parcel.
A 50-car parking lot serves the apartment buildings. The property is designated R4, providing a defined residential zoning framework for the asset. Its multi-building layout and unit count create a substantial apartment property within a single parcel.
Key Highlights
- Four frame apartment buildings with 23 units
- 17,246 square feet of building area
- 0.7‑acre property
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
$227,898
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
7.86%
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%
$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
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
$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 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%
$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 7.86%
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 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Location Intelligence
Trade Area within ½ mile
1,295
Businesses Nearby
Explore this area
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
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?
Apartment building - R4-zoned multifamily property with on-site parking across four frame buildings.
Where is this apartment building located?
The property is located at 157 Rathbun Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Four frame apartment buildings with 23 units; 17,246 square feet of building area; 0.7‑acre property
