Renovated 4-Unit
New
For Sale
$949,900
23 Spring Street, Pawtucket, RI 02860
Four vacant residences feature updated kitchens, bathrooms, building systems, and substantial on-site parking.
Property Size5,412 SF
Price / SF$175.52
Days on Market7
Property Features for 23 Spring Street
General Information
Standard status
Active
Size
5,412 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
eXp Realty
Listed By:
Cindy Urizar · License #43338
Source:
Onshorerealtors
Added: Sep 29
Last Checked: Oct 4 at 7:06AM
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 eXp Realty
Investment Insights
Based on property information with market context.
At 23 Spring Street in Pawtucket, this 5,412-square-foot quadplex contains four currently vacant units. Renovations include a replacement roof, Navien heating systems, updated plumbing and electrical systems, a fire alarm system, and new kitchens and bathrooms. Two units have fireplaces, and the building retains original architectural details. Built in 1910, the property also has approximately 1,200 square feet of open basement area; any future use would depend on zoning and approvals.
The property is in Pawtucket’s Quality Hill Historic District, near shopping, restaurants, schools, and other local amenities. The Pawtucket/Central Falls Commuter Rail Station and Interstate 95 are also nearby, with access to the Massachusetts line.
An expansive parking area accommodates 8+ vehicles. All four units are vacant, and the basement provides additional open space subject to applicable approvals.
The property is in Pawtucket’s Quality Hill Historic District, near shopping, restaurants, schools, and other local amenities. The Pawtucket/Central Falls Commuter Rail Station and Interstate 95 are also nearby, with access to the Massachusetts line.
An expansive parking area accommodates 8+ vehicles. All four units are vacant, and the basement provides additional open space subject to applicable approvals.
Key Highlights
- Four vacant residential units in a 5,412‑square‑foot building
- Renovations include new kitchens and bathrooms, Navien heating systems, plumbing, electrical systems, and a fire alarm
- Approximately 1,200 square feet of open basement area; future use subject to zoning and approvals
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.
Property Analytics
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Current Use
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
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four vacant residences feature updated kitchens, bathrooms, building systems, and substantial on-site parking.
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 vacant residential units in a 5,412‑square‑foot building; Renovations include new kitchens and bathrooms, Navien heating systems, plumbing, electrical systems, and a fire alarm; Approximately 1,200 square feet of open basement area; future use subject to zoning and approvals
