Four-Unit Multifamily Property with
New
For Sale
$710,000
28 Knight Street, Central Falls, RI 02863
A varied bedroom mix, private parking, porches, and an oversized garage support the property’s residential configuration.
Property Size3,681 SF
Price / SF$192.88
Days on Market5
Property Features for 28 Knight Street
General Information
Standard status
Active
Size
3,681 SF
Property subtype
MultiFamily
Building Details
Year Built
1925
Listing Agency:
SERHANT.
(401) 382-0600
Listed By:
Amy Barrett · License #RES.0047119
(401) 474-1358
Source:
Lockandkeyre
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 10:42AM
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 SERHANT.
Investment Insights
Based on property information with market context.
At 28 Knight Street, this 3,681-square-foot multifamily property contains four units: two with three bedrooms and two with one bedroom. The 1925 building has vinyl siding and porches, with private off-street parking and an oversized two-car garage. The garage offers additional space for storage or personal use.
The property is a short walk from commuter rail service linking Providence and Boston, with area hospitals, colleges, universities, and major highways also accessible. Its unit mix, outdoor features, parking, and garage space define the property’s practical layout.
The property is a short walk from commuter rail service linking Providence and Boston, with area hospitals, colleges, universities, and major highways also accessible. Its unit mix, outdoor features, parking, and garage space define the property’s practical layout.
Key Highlights
- Four residential units: two three‑bedroom apartments and two one‑bedroom apartments
- 3,681 square feet; built in 1925
- Oversized two‑car garage, plus private off‑street parking
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
$61,290
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
8.63%
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%
$1,225,800
$1.2M
Cap Rate 7%
$875,571
$875.6K
Cap Rate 9%
$681,000
$681.0K
Market Conditions
NOI Build-Up for 3,681 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
$93.6K $25.44/SF
− Vacancy
−$6.1K −$1.65/SF
EGI
$87.6K $23.79/SF
− OpEx
−$26.3K −$7.14/SF
NOI
$61.3K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
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%
$1,225,800
Cap Rate 7%
$875,571
Cap Rate 9%
$681,000
Alternative Uses
Best Use
Multifamily LT 5
$875.6K
$766.1K – $1.02M
NOI $61,290 @ 7.0% cap · market cap 8.63%
Second Best
Apartment 5plus
$694.9K
$608.0K – $810.7K
NOI $48,643 @ 7.0% cap · market cap 6.85%
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
1,629
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
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Frequently Asked Questions
What type of property is this?
Quadplex - A varied bedroom mix, private parking, porches, and an oversized garage support the property’s residential configuration.
Where is this quadplex located?
The property is located at 28 Knight Street Central Falls, RI.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: Four residential units: two three‑bedroom apartments and two one‑bedroom apartments; 3,681 square feet; built in 1925; Oversized two‑car garage, plus private off‑street parking
