Two-Building Multifamily
New
For Sale
$569,000
2 Plainfield Pike, Foster, RI 02825
Residential Income, Foster, RI
Property Size2,378 SF
Lot Size0.32 Acres
Price / SF$239.28
Days on Market6
Property Features for 2 Plainfield Pike
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
0030
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Basement
Parking
7
Interior features
Wall (Dry Wall), Wall (Plaster), Wall (Wood), Plumbing (Mixed)
Basement
Full, Unfinished
Appliances
Electric Water Heater, Oven/Range, Refrigerator
Subdivision
Foster
Standard status
Active
Size
2,378 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8752
Utilities
Sewer type
Septic Tank
Heating system
Steam, Oil, Baseboard
Water source
Well
Amenities
laundry facilities
fenced yard
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Hardwood, Laminate, Carpet
Building materials
Dry Wall, Plaster, Wood Wall(s), Vinyl Siding
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Robert Sweeney · License #40013
(401) 741-6931
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 16 at 10:06AM
MLS# 1423129
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 two-building multifamily property at 2 Plainfield Pike includes 2,378 square feet on a 0.32-acre lot. The primary residence contains approximately 1,520 square feet, with an updated first-floor kitchen and bathroom. The second structure adds substantial garage and workspace capacity, including four total bays with one garage door and three framed openings that can be converted back into working bays. A two-bedroom, one-bath apartment is located above the garage area.
Both buildings have laundry facilities. The fully fenced yard provides space for parking, equipment storage, and outdoor work areas. The property was built in 1910 and is served by a private well and septic tank. Interior features include laminate, ceramic tile, hardwood, and carpet flooring, with oil-fired baseboard and steam heating. Zoning is 0030.
Both buildings have laundry facilities. The fully fenced yard provides space for parking, equipment storage, and outdoor work areas. The property was built in 1910 and is served by a private well and septic tank. Interior features include laminate, ceramic tile, hardwood, and carpet flooring, with oil-fired baseboard and steam heating. Zoning is 0030.
Key Highlights
- 2,378 SF of total property size on a 0.32‑acre lot
- Primary residence offers approximately 1,520 SF with updated first‑floor kitchen and bathroom
- Second building includes 4 total garage bays, including 3 framed openings 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
$31,424
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
5.52%
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%
$628,480
$628.5K
Cap Rate 7%
$448,914
$448.9K
Cap Rate 9%
$349,156
$349.2K
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
$60.8K $25.56/SF
− Vacancy
−$3.6K −$1.53/SF
EGI
$57.1K $24.03/SF
− OpEx
−$25.7K −$10.81/SF
NOI
$31.4K $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%
$628,480
Cap Rate 7%
$448,914
Cap Rate 9%
$349,156
Alternative Uses
Best Use
Apartment 5plus
$448.9K
$392.8K – $523.7K
NOI $31,424 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$565.6K
$494.9K – $659.9K
NOI $39,595 @ 7.0% cap · market cap 6.96%
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
Explore this area
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 structures combine residential space, a two-bedroom apartment, garage capacity, and a fenced yard for flexible occupancy and use.
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: 2,378 SF of total property size on a 0.32‑acre lot; Primary residence offers approximately 1,520 SF with updated first‑floor kitchen and bathroom; Second building includes 4 total garage bays, including 3 framed openings for conversion
