Multifamily Property with Garage
For Sale
$549,000
2 Plainfield Pike, Foster, RI 02825
Two-building setup includes updated living space, garage bays, an apartment, laundry facilities, and a fenced yard.
Property Size2,378 SF
Price / SF$230.87
Days on Market55
Property Features for 2 Plainfield Pike
General Information
Standard status
Active
Size
2,378 SF
Property subtype
Multi-Family
Amenities
laundry facilities
fenced yard
Building Details
Year Built
1910
Buildings
2
Listing Agency:
Real Broker, LLC
Listed By:
Robert Sweeney · License #40013
(401) 741-6931
Source:
Lavonnelopes
Added: Sep 13
Changed: Nov 4
Last Checked: Nov 6 at 5:35AM
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 Real Broker, LLC
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Investment Insights
Based on property information with market context.
This multifamily property at 2 Plainfield Pike includes two buildings with residential and workspace components. The main house measures approximately 1,520 square feet and has a recently updated kitchen and first-floor bathroom. A second building contains four garage bays, with three framed openings positioned for conversion back to usable bays. Above the garage area is a two-bedroom, one-bath apartment that adds separate living space. Laundry facilities are located in both buildings.
The property also includes a large fully fenced yard that accommodates parking, storage, and outdoor work areas. Built in 1910, the site combines residential accommodations with substantial enclosed workspace and garage capacity in Foster, Rhode Island.
The property also includes a large fully fenced yard that accommodates parking, storage, and outdoor work areas. Built in 1910, the site combines residential accommodations with substantial enclosed workspace and garage capacity in Foster, Rhode Island.
Key Highlights
- Approximately 1,520 square feet in the main house
- Two‑bedroom, one‑bath apartment above the garage area
- Four total garage bays, including three framed openings ready for conversion
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,595
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$791,900
$791.9K
Cap Rate 7%
$565,643
$565.6K
Cap Rate 9%
$439,944
$439.9K
Market Conditions
NOI Build-Up for 2,378 SF
Gross rent
$60.5K $25.44/SF
− Vacancy
−$3.9K −$1.65/SF
EGI
$56.6K $23.79/SF
− OpEx
−$17.0K −$7.14/SF
NOI
$39.6K $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 Rate 5%
$791,900
Cap Rate 7%
$565,643
Cap Rate 9%
$439,944
Alternative Uses
Best Use
Multifamily LT 5
$565.6K
$494.9K – $659.9K
NOI $39,595 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$448.9K
$392.8K – $523.7K
NOI $31,424 @ 7.0% cap · market cap 5.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
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Business Placement
Demographics for 02825, RI
5,265
Population
2,027
Households
2.6
Avg Household Size
47
Median Age
34%
College-Educated
94%
High-School Grad
55.0 sq mi
ZIP Area
96
Density / Sq Mi
$110,177
Median Household Income
$51,550
Median Earnings
$1,525
Median Rent
$398,900
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Providence County, RI
Properties on Market for Multifamily properties in Providence County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two-building setup includes updated living space, garage bays, an apartment, laundry facilities, and a fenced yard.
Where is this multifamily property located?
The property is located at 2 Plainfield Pike Foster, RI.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 1,520 square feet in the main house; Two‑bedroom, one‑bath apartment above the garage area; Four total garage bays, including three framed openings ready for conversion
