Three-Level
For Sale
$549,900
Pending
3 Makin Street, Pawtucket, RI 02861
Corner-lot property with separate utilities, off-street parking, and multiple living areas.
Property Size2,500 SF
Days on Market14
Property Features for 3 Makin Street
General Information
Standard status
Pending
Size
2,500 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
off-street parking
partially fenced yard
common laundry area
Building Details
Year Built
1910
Listing Agency:
Noble Realty NE
(508) 262-8618
Listed By:
Adam Laprade · License #REB.0019741
(401) 965-5031
Source:
Lockandkeyre
Added: Sep 14
Changed: Sep 26
Last Checked: Sep 26 at 9:12AM
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 Noble Realty NE
Investment Insights
Based on property information with market context.
This 2,500-square-foot duplex, built in 1910, includes two bedrooms and one full bathroom in each primary unit. The first-floor residence also has a living room, kitchen, and private laundry appliances, while the upper residence spans the second and third floors and adds three bedrooms plus additional living space. A finished basement provides another living area, partial kitchen, full bathroom, and shared laundry facilities.
Located at 3 Makin Street in Pawtucket, RI, the property occupies a corner lot with a partially fenced yard and off-street parking. Separate heat, electric, and hot water serve each unit. The first-floor tenancy is month to month, and the upper unit and third-floor space are vacant. The roof is approximately 2 years old.
Located at 3 Makin Street in Pawtucket, RI, the property occupies a corner lot with a partially fenced yard and off-street parking. Separate heat, electric, and hot water serve each unit. The first-floor tenancy is month to month, and the upper unit and third-floor space are vacant. The roof is approximately 2 years old.
Key Highlights
- 2,500‑square‑foot duplex on a corner lot at 3 Makin Street, Pawtucket, RI 02861
- Two primary units, each with 2 bedrooms and 1 full bathroom
- Upper residence extends across the second and third floors with 3 additional bedrooms
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
$41,626
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
7.57%
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%
$832,520
$832.5K
Cap Rate 7%
$594,657
$594.7K
Cap Rate 9%
$462,511
$462.5K
Market Conditions
NOI Build-Up for 2,500 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
$63.6K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.5K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $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%
$832,520
Cap Rate 7%
$594,657
Cap Rate 9%
$462,511
Alternative Uses
Best Use
Multifamily LT 5
$594.7K
$520.3K – $693.8K
NOI $41,626 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$471.9K
$413.0K – $550.6K
NOI $33,036 @ 7.0% cap · market cap 6.01%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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?
Duplex - Corner-lot property with separate utilities, off-street parking, and multiple living areas.
Where is this duplex located?
The property is located at 3 Makin Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: 2,500‑square‑foot duplex on a corner lot at 3 Makin Street, Pawtucket, RI 02861; Two primary units, each with 2 bedrooms and 1 full bathroom; Upper residence extends across the second and third floors with 3 additional bedrooms
