4-Unit Quadplex with Finished
New
For Sale
$869,000
17 Cromwell St, Providence, RI 02907
Updated utilities, remodeled bathrooms, and stainless steel appliances serve the residential units.
Property Size3,298 SF
Price / SF$263.49
Days on Market5
Property Features for 17 Cromwell St
General Information
Standard status
Active
Size
3,298 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1895
Listing Agency:
The Greene Realty Group
(860) 560-1006
Listed By:
Derek Greene · License #SBR004802
Source:
Alpernandmesenbourg
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 4:48PM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
This 4-unit quadplex, built in 1895, includes four residential units plus a fully finished attic currently used as an in-law suite. Unit improvements include remodeled bathrooms, stainless steel appliances, and updated utilities. The property is currently generating rental income and qualifies for FHA financing.
An unfinished basement provides space identified for a potential coin-operated laundry installation. The property is located in Providence with access to major highways, public transportation, shopping, restaurants, schools, and other local amenities.
An unfinished basement provides space identified for a potential coin-operated laundry installation. The property is located in Providence with access to major highways, public transportation, shopping, restaurants, schools, and other local amenities.
Key Highlights
- Four residential units plus a fully finished attic used as an in‑law suite
- Built in 1895 with 3,298 of property size
- Remodeled bathrooms and stainless steel appliances in each unit
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
$55,690
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
6.41%
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%
$1,113,800
$1.1M
Cap Rate 7%
$795,571
$795.6K
Cap Rate 9%
$618,778
$618.8K
Market Conditions
NOI Build-Up for 3,298 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
$85.1K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$79.6K $24.12/SF
− OpEx
−$23.9K −$7.24/SF
NOI
$55.7K $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%
$1,113,800
Cap Rate 7%
$795,571
Cap Rate 9%
$618,778
Alternative Uses
Best Use
Multifamily LT 5
$795.6K
$696.1K – $928.2K
NOI $55,690 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$714.6K
$625.3K – $833.7K
NOI $50,022 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$1.10M
$965.4K – $1.29M
NOI $77,235 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,641
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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 - Updated utilities, remodeled bathrooms, and stainless steel appliances serve the residential units.
Where is this quadplex located?
The property is located at 17 Cromwell St Providence, RI.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Four residential units plus a fully finished attic used as an in‑law suite; Built in 1895 with 3,298 of property size; Remodeled bathrooms and stainless steel appliances in each unit
