Three-Unit Multifamily
For Sale
$550,000
Pending
171 Lyon Avenue, East Providence, RI 02914
Residential Income, East Providence, RI
Property Size2,532 SF
Lot Size0.12 Acres
Days on Market48
Property Features for 171 Lyon Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Basement, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Parking
6
Interior features
Stairs, Plumbing (Mixed)
Basement
Unfinished, Full
Appliances
Oven/Range, Refrigerator
Lot features
Corner Lot, Fenced, Paved Driveway, Sidewalks
Standard status
Pending
Size
2,532 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5348
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Steam, Natural Gas
Building Details
Year built
1920
Floors in Building
3
Number of units
3
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
List with Lyon Team
(401) 829-1533
Added: Jul 21
Changed: Aug 26
Last Checked: Sep 6 at 7:06AM
MLS# 1418486
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 2,532-square-foot triplex was built in 1920 and includes three residential units with separate utilities. The property has vinyl siding, laminate flooring, public sewer service, and a mix of natural gas, steam, and baseboard heating. Appliances include oven/ranges and refrigerators, while the interior includes basement space and multiple bathrooms and bedrooms.
The 0.12-acre parcel provides off-street parking and a three-car garage that can support tenant storage or separate garage rentals. Two units are leased month to month, offering flexibility for future occupancy or lease adjustments. The property is zoned R6 and located in East Providence, RI.
The 0.12-acre parcel provides off-street parking and a three-car garage that can support tenant storage or separate garage rentals. Two units are leased month to month, offering flexibility for future occupancy or lease adjustments. The property is zoned R6 and located in East Providence, RI.
Key Highlights
- 2,532‑square‑foot triplex on a 0.12‑acre lot
- Separate utilities for the residential units
- Three‑car garage with potential for storage or garage rentals
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
$42,159
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
7.67%
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%
$843,180
$843.2K
Cap Rate 7%
$602,271
$602.3K
Cap Rate 9%
$468,433
$468.4K
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
$64.4K $25.44/SF
− Vacancy
−$4.2K −$1.65/SF
EGI
$60.2K $23.79/SF
− OpEx
−$18.1K −$7.14/SF
NOI
$42.2K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$843,180
Cap Rate 7%
$602,271
Cap Rate 9%
$468,433
Alternative Uses
Best Use
Multifamily LT 5
$602.3K
$527.0K – $702.7K
NOI $42,159 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$478.0K
$418.2K – $557.7K
NOI $33,459 @ 7.0% cap · market cap 6.08%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
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?
Triplex - Triplex with separate utilities, off-street parking, and a three-car garage.
Where is this triplex located?
The property is located at 171 Lyon Avenue 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: 2,532‑square‑foot triplex on a 0.12‑acre lot; Separate utilities for the residential units; Three‑car garage with potential for storage or garage rentals
