Renovated 5-Unit Apartment
New
For Sale
$1,050,000
237 Cowden Street, Central Falls, RI 02863
Commercial/Business,Commercial Sale, Central Falls, RI
Property Size4,356 SF
Lot Size0.10 Acres
Price / SF$241.05
Days on Market3
Property Features for 237 Cowden Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
5
Lot features
Urban
Standard status
Active
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6450
Utilities
Heating system
Forced Air, Natural Gas
Amenities
off-street parking
Building Details
Year built
1900
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Tomas Pelaez · License #RES.0201351
(203) 613-2629
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 2 at 7:06PM
MLS# 1424820
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.
Investment Insights
Based on property information with market context.
This five-unit apartment property contains four two-bedroom, one-bath residences and one four-bedroom, two-bath residence. Renovations include kitchens, bathrooms, electrical and plumbing work, HVAC, insulation, and other major building systems. The property provides approximately 4,356 square feet of living area, off-street parking, and natural gas, forced-air heating. Built in 1900, the building occupies a 0.1-acre site.
The property is located at 237 Cowden Street in Central Falls, Rhode Island.
The property is located at 237 Cowden Street in Central Falls, Rhode Island.
Key Highlights
- Five apartments: four 2‑bedroom/1‑bath units and one 4‑bedroom/2‑bath unit
- Approximately 4,356 square feet of living space
- Renovations include kitchens, bathrooms, electrical, plumbing, HVAC, and insulation
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
$57,562
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
5.48%
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%
$1,151,240
$1.2M
Cap Rate 7%
$822,314
$822.3K
Cap Rate 9%
$639,578
$639.6K
Market Conditions
NOI Build-Up for 4,356 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
$111.3K $25.56/SF
− Vacancy
−$6.7K −$1.53/SF
EGI
$104.7K $24.03/SF
− OpEx
−$47.1K −$10.81/SF
NOI
$57.6K $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%
$1,151,240
Cap Rate 7%
$822,314
Cap Rate 9%
$639,578
Alternative Uses
Best Use
Apartment 5plus
$822.3K
$719.5K – $959.4K
NOI $57,562 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.04M
$906.6K – $1.21M
NOI $72,529 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Updated building systems and a varied bedroom mix support its multifamily configuration.
Where is this apartment building located?
The property is located at 237 Cowden Street Central Falls, RI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Five apartments: four 2‑bedroom/1‑bath units and one 4‑bedroom/2‑bath unit; Approximately 4,356 square feet of living space; Renovations include kitchens, bathrooms, electrical, plumbing, HVAC, and insulation
