Triplex with Updated
For Sale
$710,000
Pending
2 King Street, Central Falls, RI 02863
Residential Income, Central Falls, RI
Property Size4,312 SF
Lot Size0.05 Acres
Days on Market101
Property Features for 2 King Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 9, Bedroom 1, Bathroom 1, Bedroom 3
Parking
6
Parking features
None
Interior features
Wall (Dry Wall), Stairs, Insulation (Walls)
Basement
Full, Storage Space, Unfinished
Appliances
Gas Water Heater
Lot features
Sidewalks
Standard status
Pending
Size
4,312 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6059
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Laminate, Carpet
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: May 13
Changed: Aug 20
Last Checked: Aug 21 at 12:06PM
MLS# 1412297
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 4,312-square-foot triplex, built in 1910, contains three residential units with three bedrooms and one full bathroom per unit. Improvements include a new roof, new vinyl siding, and a new porch. Bathrooms have been updated throughout, including a completely new first-floor bathroom. One unit is vacant and ready for occupancy or rental use. Interior finishes include laminate and carpet flooring, drywall, wall insulation, stairs, and forced-air heating supplied by natural gas. A gas water heater serves the property.
The 0.05-acre property is near local shops, restaurants, schools, healthcare facilities, grocery stores, and everyday services. It is minutes from Downtown Central Falls and nearby Pawtucket dining, arts, and entertainment. The Pawtucket/Central Falls Transit Center provides commuter rail access to Boston, while Interstate 95, Broad Street, Dexter Street, and Slater Memorial Park are also nearby.
The 0.05-acre property is near local shops, restaurants, schools, healthcare facilities, grocery stores, and everyday services. It is minutes from Downtown Central Falls and nearby Pawtucket dining, arts, and entertainment. The Pawtucket/Central Falls Transit Center provides commuter rail access to Boston, while Interstate 95, Broad Street, Dexter Street, and Slater Memorial Park are also nearby.
Key Highlights
- Three‑unit property with 4,312 square feet of building area
- Each unit offers 3 bedrooms and 1 full bathroom
- One unit is currently vacant for occupancy or rental use
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
$56,981
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
8.03%
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%
$1,139,620
$1.1M
Cap Rate 7%
$814,014
$814.0K
Cap Rate 9%
$633,122
$633.1K
Market Conditions
NOI Build-Up for 4,312 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
$110.2K $25.56/SF
− Vacancy
−$6.6K −$1.53/SF
EGI
$103.6K $24.03/SF
− OpEx
−$46.6K −$10.81/SF
NOI
$57.0K $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%
$1,139,620
Cap Rate 7%
$814,014
Cap Rate 9%
$633,122
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$897.5K – $1.20M
NOI $71,797 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$814.0K
$712.3K – $949.7K
NOI $56,981 @ 7.0% cap · market cap 8.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three spacious three-bedroom units include one vacancy suited to immediate occupancy or rental use.
Where is this triplex located?
The property is located at 2 King Street Central Falls, RI.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: Three‑unit property with 4,312 square feet of building area; Each unit offers 3 bedrooms and 1 full bathroom; One unit is currently vacant for occupancy or rental use
