Three-Family Residential Income
For Sale
$739,900
Pending
209 Webster Avenue, Providence, RI 02909
Large legal three-family with three bedrooms per unit, eat-in kitchen, and double-parlor living spaces.
Property Size3,915 SF
Days on Market19
Property Features for 209 Webster Avenue
General Information
Standard status
Pending
Size
3,915 SF
Property subtype
Multifamily
Additional Details
Fenced Yard
Yes
Multifamily Units
3
Amenities
fenced yard
detached two car garage
walk-up attic
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Start Realty
(401) 380-7000
Listed By:
Stacey ELIADES
Source:
Lockandkeyre
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 11 at 5:59AM
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 Start Realty
Investment Insights
Based on property information with market context.
This legal three-family residence is offered in good condition with some updates needed. Each unit shares the same layout, including three bedrooms, an eat-in kitchen with a galley setup, and double-parlor living space. A walk-up attic adds additional bonus space, and the first-floor unit features a brand-new bath with a stall shower. Hallways are described as well maintained. The exterior is vinyl sided, and the property includes a fenced yard.
The home also has a detached two-car garage and plenty of off-street parking, supporting tenant convenience and day-to-day access for residents.
All units have the same configuration, which can simplify leasing and operations compared with mixed-unit floorplans.
The home also has a detached two-car garage and plenty of off-street parking, supporting tenant convenience and day-to-day access for residents.
All units have the same configuration, which can simplify leasing and operations compared with mixed-unit floorplans.
Key Highlights
- Legal three‑family with 3 bedrooms per unit, plus eat‑in kitchen with galley layout and double‑parlor living spaces
- Walk‑up attic provides additional bonus space
- First‑floor unit features a brand‑new bath with a stall shower
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
$66,109
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
8.93%
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%
$1,322,180
$1.3M
Cap Rate 7%
$944,414
$944.4K
Cap Rate 9%
$734,544
$734.5K
Market Conditions
NOI Build-Up for 3,915 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
$101.0K $25.80/SF
− Vacancy
−$6.6K −$1.68/SF
EGI
$94.4K $24.12/SF
− OpEx
−$28.3K −$7.24/SF
NOI
$66.1K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$1,322,180
Cap Rate 7%
$944,414
Cap Rate 9%
$734,544
Alternative Uses
Best Use
Multifamily LT 5
$944.4K
$826.4K – $1.10M
NOI $66,109 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$848.3K
$742.3K – $989.7K
NOI $59,381 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,685 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
848
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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?
Triplex - Large legal three-family with three bedrooms per unit, eat-in kitchen, and double-parlor living spaces.
Where is this triplex located?
The property is located at 209 Webster Avenue Providence, RI.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: Legal three‑family with 3 bedrooms per unit, plus eat‑in kitchen with galley layout and double‑parlor living spaces; Walk‑up attic provides additional bonus space; First‑floor unit features a brand‑new bath with a stall shower
