Renovated 10-Unit Apartment
For Sale
$1,700,000
228 W School St, Woonsocket, RI 02895
Two-building multifamily asset with updated residences and off-street parking.
Property Size5,400 SF
Price / SF$314.81
Days on Market10
Property Features for 228 W School St
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Commercial
Building Details
Year Built
1926
Listing Agency:
N.E. Commercial RE Brokers
(843) 367-0291
Listed By:
Robert Berle
Source:
Rhodeislandhomesforsale
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 31 at 5:51PM
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 N.E. Commercial RE Brokers
Investment Insights
Based on property information with market context.
This multifamily property includes two separate apartment buildings with 10 residential units in total. Each residence offers a one-bedroom, one-bath layout, and the combined living area measures approximately 5,400 square feet. Renovated interiors and off-street parking are among the property’s functional features.
Originally built in 1926, the property provides a defined apartment configuration across two buildings. The unit mix is consistent throughout, with five one-bedroom, one-bath apartments in each building.
Originally built in 1926, the property provides a defined apartment configuration across two buildings. The unit mix is consistent throughout, with five one-bedroom, one-bath apartments in each building.
Key Highlights
- 10 residential apartment units across two separate buildings
- Each building contains five 1‑bedroom, 1‑bath apartments
- Approximately 5,400 square feet of living space
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
$71,358
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
4.20%
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%
$1,427,160
$1.4M
Cap Rate 7%
$1,019,400
$1.0M
Cap Rate 9%
$792,867
$792.9K
Market Conditions
NOI Build-Up for 5,400 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
$138.0K $25.56/SF
− Vacancy
−$8.3K −$1.53/SF
EGI
$129.7K $24.03/SF
− OpEx
−$58.4K −$10.81/SF
NOI
$71.4K $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%
$1,427,160
Cap Rate 7%
$1,019,400
Cap Rate 9%
$792,867
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$892.0K – $1.19M
NOI $71,358 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.28M
$1.12M – $1.50M
NOI $89,913 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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?
Apartment building - Two-building multifamily asset with updated residences and off-street parking.
Where is this apartment building located?
The property is located at 228 W School St Woonsocket, RI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10 residential apartment units across two separate buildings; Each building contains five 1‑bedroom, 1‑bath apartments; Approximately 5,400 square feet of living space
