Multifamily Property with Garage
New
For Sale
$569,000
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$239.28
Days on Market4
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) 845-9200
Source:
Lavonnelopes
Added: Sep 13
Last Checked: Sep 14 at 6:05AM
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
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 = 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
$39,595
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
6.96%
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%
$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
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
$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 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%
$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 6.96%
Second Best
Apartment 5plus
$448.9K
$392.8K – $523.7K
NOI $31,424 @ 7.0% cap · market cap 5.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
Vacancy Rate% for Multifamily in Northeast region
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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 $569,000.
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
