Updated Triplex with Finished
For Sale
$899,999
217 Carleton Street, Providence, RI 02908
Three four-bedroom units offer separate utilities and flexible living layouts.
Property Size4,976 SF
Price / SF$180.87
Days on Market28
Property Features for 217 Carleton Street
General Information
Standard status
Active
Size
4,976 SF
Total Parking Spaces
8
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$8,217
Amenities
finished basement
garage
Restaurant
Natural Gas, Electric, Forced Air
Full, Finished, Interior Entry
Gas Water Heater, Oven, Range, Refrigerator
Fenced
Paved, Detached, Garage
Stacked
Building Details
Building Size
4,976 SF
Year Built
1910
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
(401) 480-3668
Listed By:
Yolanda Nazario
(401) 480-3668
Source:
Evrealestate
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 11 at 4:36AM
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 Yolanda Nazario
Investment Insights
Based on property information with market context.
Built in 1910, this Providence triplex contains three residential units, each with four bedrooms, one full bathroom, a spacious living room, and an eat-in kitchen. Two units include newly installed kitchens with quartz countertops and laundry hookups. Separate utilities, gas heat, hardwood flooring, and tile are present throughout the property. A finished basement adds usable interior space for storage, recreation, or other household needs.
The property also includes an additional buildable lot with a garage and the possibility of an ADU, subject to buyer due diligence. Located at 217 Carleton Street in Providence, Rhode Island, the offering combines a three-unit configuration with additional land and existing accessory improvements.
The property also includes an additional buildable lot with a garage and the possibility of an ADU, subject to buyer due diligence. Located at 217 Carleton Street in Providence, Rhode Island, the offering combines a three-unit configuration with additional land and existing accessory improvements.
Key Highlights
- Three‑unit property with four bedrooms and one full bathroom per unit
- Two units feature brand‑new kitchens with quartz countertops
- Separate utilities and gas heat serve the units
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
$75,473
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
8.39%
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%
$1,509,460
$1.5M
Cap Rate 7%
$1,078,186
$1.1M
Cap Rate 9%
$838,589
$838.6K
Market Conditions
NOI Build-Up for 4,976 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
$146.3K $29.40/SF
− Vacancy
−$9.1K −$1.82/SF
EGI
$137.2K $27.58/SF
− OpEx
−$61.8K −$12.41/SF
NOI
$75.5K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,509,460
Cap Rate 7%
$1,078,186
Cap Rate 9%
$838,589
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,025 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$1.08M
$943.4K – $1.26M
NOI $75,473 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,532 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Three four-bedroom units offer separate utilities and flexible living layouts.
Where is this triplex located?
The property is located at 217 Carleton Street Providence, RI.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Three‑unit property with four bedrooms and one full bathroom per unit; Two units feature brand‑new kitchens with quartz countertops; Separate utilities and gas heat serve the units
