Two-Home Multifamily
For Sale
$599,000
2 Plainfield Pike, Foster, RI 02825
Two residences share one parcel, with separate utilities and heating systems for each home.
Property Size3,140 SF
Price / SF$190.76
Days on Market79
Property Features for 2 Plainfield Pike
General Information
Standard status
Active
Size
3,140 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,752
Amenities
laundry area
fenced backyard
Building Details
Buildings
2
Listing Agency:
REMAX Revolution
(401) 413-6258
Listed By:
Donna Dalton
(401) 413-6258
Source:
Exprealty
Added: May 25
Changed: Aug 11
Last Checked: Aug 11 at 12:04PM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
This multifamily property includes two residences on a single parcel totaling 3,140 square feet. The primary home offers three bedrooms, two full bathrooms, a remodeled kitchen with granite counters and stainless steel appliances, a dedicated laundry area, replacement windows, and a refreshed first-floor bathroom. A newer septic system serves the property.
The second residence contains two bedrooms and one bathroom, along with hardwood flooring, in-unit laundry, and a fenced backyard. Each home has its own electrical panel and heating system. Both residences are currently vacant.
The second residence contains two bedrooms and one bathroom, along with hardwood flooring, in-unit laundry, and a fenced backyard. Each home has its own electrical panel and heating system. Both residences are currently vacant.
Key Highlights
- Two homes located on one lot
- 3,140 square feet across the property
- Main residence with 3 bedrooms and 2 full baths
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
$41,494
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
6.93%
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%
$829,880
$829.9K
Cap Rate 7%
$592,771
$592.8K
Cap Rate 9%
$461,044
$461.0K
Market Conditions
NOI Build-Up for 3,140 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
$80.3K $25.56/SF
− Vacancy
−$4.8K −$1.53/SF
EGI
$75.4K $24.03/SF
− OpEx
−$33.9K −$10.81/SF
NOI
$41.5K $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%
$829,880
Cap Rate 7%
$592,771
Cap Rate 9%
$461,044
Alternative Uses
Best Use
Apartment 5plus
$592.8K
$518.7K – $691.6K
NOI $41,494 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$746.9K
$653.5K – $871.4K
NOI $52,283 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
10
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two residences share one parcel, with separate utilities and heating systems for each home.
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 $599,000.
What are key features of this property?
This property features: Two homes located on one lot; 3,140 square feet across the property; Main residence with 3 bedrooms and 2 full baths
