6-Unit Multifamily Investment
For Sale
$850,000
29 Mowry Street, Central Falls, RI 02863
Six 2-bedroom units with separately metered utilities and off-street parking support a straightforward rental setup.
Property Size3,720 SF
Price / SF$228.49
Days on Market50
Property Features for 29 Mowry Street
General Information
Standard status
Active
Size
3,720 SF
Total Parking Spaces
10
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
The ALBA Group · License #37342
(508) 810-0700
Source:
Lockandkeyre
Added: Jul 26
Changed: Sep 12
Last Checked: Sep 13 at 10:44AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This well-maintained 6-unit multifamily property includes six spacious units, each featuring 2 bedrooms and 1 full bathroom. Utilities are separately metered for each unit, offering an uncomplicated approach to utility management. The property also provides 8–10 off-street parking spaces for tenant convenience.
The building is located at 29 Mowry Street in Central Falls, Rhode Island, and is described as being just minutes from I-95 and the Blackstone Valley commuter rail station. The surrounding area includes restaurants, shopping, schools, and parks.
As an income-focused residential property, the consistent unit mix and dedicated utility metering are key operational features for prospective investors or buyers evaluating a turnkey multifamily configuration.
The building is located at 29 Mowry Street in Central Falls, Rhode Island, and is described as being just minutes from I-95 and the Blackstone Valley commuter rail station. The surrounding area includes restaurants, shopping, schools, and parks.
As an income-focused residential property, the consistent unit mix and dedicated utility metering are key operational features for prospective investors or buyers evaluating a turnkey multifamily configuration.
Key Highlights
- 6‑unit multifamily built in 1900, with each unit offering 2 bedrooms and 1 full bathroom
- Each of the six units has separately metered utilities for simplified tenant billing and management
- Includes 8–10 off‑street parking spaces for tenants and guests
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
$49,158
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
5.78%
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%
$983,160
$983.2K
Cap Rate 7%
$702,257
$702.3K
Cap Rate 9%
$546,200
$546.2K
Market Conditions
NOI Build-Up for 3,720 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
$95.1K $25.56/SF
− Vacancy
−$5.7K −$1.53/SF
EGI
$89.4K $24.03/SF
− OpEx
−$40.2K −$10.81/SF
NOI
$49.2K $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%
$983,160
Cap Rate 7%
$702,257
Cap Rate 9%
$546,200
Alternative Uses
Best Use
Apartment 5plus
$702.3K
$614.5K – $819.3K
NOI $49,158 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$884.9K
$774.3K – $1.03M
NOI $61,940 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,311
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?
Apartment building - Six 2-bedroom units with separately metered utilities and off-street parking support a straightforward rental setup.
Where is this apartment building located?
The property is located at 29 Mowry Street Central Falls, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6‑unit multifamily built in 1900, with each unit offering 2 bedrooms and 1 full bathroom; Each of the six units has separately metered utilities for simplified tenant billing and management; Includes 8–10 off‑street parking spaces for tenants and guests
