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 Market37
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
(401) 649-2358
Listed By:
List with Lyon Team
Source:
Alpernandmesenbourg
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 25 at 3:57AM
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 = 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
$33,459
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
6.08%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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
