Turnkey Multifamily with Separate
171 Lyon Avenue East Providence, RI 02914
New
For Sale
$550,000
Professionally managed multifamily with updated cosmetics, separate utilities, natural gas, and off-street parking plus a three-car garage.
Property Size2,532 SF
Price / SF$217.22
Days on Market7
Property Features for 171 Lyon Avenue
General Information
- Standard status
- Active
- Size
- 2,532 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1920
Listing Agency:
HERE Realty
(401) 862-1251
Listed By:
List with Lyon Team
Source:
Lockandkeyre
Added: Jul 21
Changed: Jul 25
Last Checked: Jul 26 at 2:39PM
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.
This professionally managed multifamily property is presented as turnkey, with updated cosmetics intended to reduce immediate capital expenses. The building is set up with separate utilities and natural gas. Off-street parking is available, along with a rare three-car garage that can support additional income through garage rentals or tenant storage.
For flexibility, two units are currently on month-to-month leases, which may appeal to investors looking to adjust rent levels or to owner-occupants planning for future occupancy. The property is located at 171 Lyon Avenue in East Providence, Rhode Island 02914.
For flexibility, two units are currently on month-to-month leases, which may appeal to investors looking to adjust rent levels or to owner-occupants planning for future occupancy. The property is located at 171 Lyon Avenue in East Providence, Rhode Island 02914.
Key Highlights
- Multi‑family property built in 1920 with updated cosmetics
- Professionally managed multi‑family with separate utilities and natural gas
- Ample off‑street parking for residents and visitors
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.7k | $25.56 |
| − Vacancy | −$3.9k | −$1.53 |
| EGI | $60.8k | $24.03 |
| − OpEx | −$27.4k | −$10.81 |
| NOI | $33.5k | $13.21 |
2,532 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
FAQs
What type of property is this?
Multifamily property - Professionally managed multifamily with updated cosmetics, separate utilities, natural gas, and off-street parking plus a three-car garage.
Where is this multifamily property 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: Multi‑family property built in 1920 with updated cosmetics; Professionally managed multi‑family with separate utilities and natural gas; Ample off‑street parking for residents and visitors
