Multifamily Property with Three-Car
For Sale
$550,000
171 Lyon Ave, East Providence, RI 02914
Updated multifamily property with separate utilities, natural gas, and flexible month-to-month tenancy.
Property Size2,532 SF
Price / SF$217.22
Days on Market83
Property Features for 171 Lyon Ave
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
HERE Realty
Listed By:
List with Lyon Team
(401) 649-2358
Source:
Alpernandmesenbourg
Added: Jul 25
Changed: Oct 12
Last Checked: Oct 7 at 4:02PM
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
Investment Insights
Based on property information with market context.
Built in 1920, this professionally managed multifamily property includes cosmetic updates, separate utilities, and natural gas service. The property also features off-street parking and a three-car garage that can support tenant storage or separate garage use.
Located at 171 Lyon Avenue in East Providence, the property includes two units currently leased on a month-to-month basis. That lease structure provides flexibility for future occupancy or adjustments to tenancy arrangements.
Located at 171 Lyon Avenue in East Providence, the property includes two units currently leased on a month-to-month basis. That lease structure provides flexibility for future occupancy or adjustments to tenancy arrangements.
Key Highlights
- Three‑car garage suitable for tenant storage or separate garage use
- Separate utilities for the multifamily property
- Natural gas service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,459
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$669,180
$669.2K
Cap Rate 7%
$477,986
$478.0K
Cap Rate 9%
$371,767
$371.8K
Market Conditions
NOI Build-Up for 2,532 SF
Gross rent
$64.7K $25.56/SF
− Vacancy
−$3.9K −$1.53/SF
EGI
$60.8K $24.03/SF
− OpEx
−$27.4K −$10.81/SF
NOI
$33.5K $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%
$669,180
Cap Rate 7%
$477,986
Cap Rate 9%
$371,767
Alternative Uses
Best Use
Apartment 5plus
$478.0K
$418.2K – $557.7K
NOI $33,459 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$602.3K
$527.0K – $702.7K
NOI $42,159 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated multifamily property with separate utilities, natural gas, and flexible month-to-month tenancy.
Where is this multifamily property located?
The property is located at 171 Lyon Ave East Providence, RI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑car garage suitable for tenant storage or separate garage use; Separate utilities for the multifamily property; Natural gas service
