Renovated Four-Unit
23 Spring Street, Pawtucket, RI 02860
For Sale
New
$949,900
Residential Income, Pawtucket, RI
Property Size5,412 SF
Lot Size0.18 Acres
Price / SF$175.52
Days on Market1
Property Features for 23 Spring Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Interior features
Fireplace
Basement
Appliances
Lot features
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Buildings
Listing Agency:
Exp Realty
(888) 315-3445
Listed By:
Cindy Urizar · License RI #43338
(401) 300-2550
Added: Nov 14
Last Checked: Nov 14 at 8:06PM
MLS# 1428543
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.
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Investment Insights
Based on property information with market context.
Built in 1910, this four-unit property contains 5,412 square feet on a 0.1806-acre parcel and is zoned RM. Recent work includes a replacement roof, Navien heating systems, updated plumbing and electrical systems, a new fire alarm, and new kitchens and bathrooms. Two units have fireplaces. The basement provides approximately 1,200 square feet of open area, with any future use subject to zoning and approvals.
The property is in Pawtucket’s Quality Hill Historic District, near shopping, restaurants, schools, and local amenities. The Pawtucket/Central Falls Commuter Rail Station and Interstate 95 are also nearby, with access toward the Massachusetts line.
The property is in Pawtucket’s Quality Hill Historic District, near shopping, restaurants, schools, and local amenities. The Pawtucket/Central Falls Commuter Rail Station and Interstate 95 are also nearby, with access toward the Massachusetts line.
Key Highlights
- Four units, all currently vacant
- 5,412 square feet on a 0.1806‑acre parcel
- RM zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,517
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,430,340
$1.4M
Cap Rate 7%
$1,021,671
$1.0M
Cap Rate 9%
$794,633
$794.6K
Market Conditions
NOI Build-Up for 5,412 SF
Gross rent
$138.3K $25.56/SF
− Vacancy
−$8.3K −$1.53/SF
EGI
$130.0K $24.03/SF
− OpEx
−$58.5K −$10.81/SF
NOI
$71.5K $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 Rate 5%
$1,430,340
Cap Rate 7%
$1,021,671
Cap Rate 9%
$794,633
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.50M
NOI $90,112 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$1.02M
$894.0K – $1.19M
NOI $71,517 @ 7.0% cap · market cap 7.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,683
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Providence County, RI
Properties on Market for Quadplexes in Providence County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - All four residences are vacant, giving the next owner control over initial leasing decisions.
Where is this quadplex located?
The property is located at 23 Spring Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Four units, all currently vacant; 5,412 square feet on a 0.1806‑acre parcel; RM zoning
