Value-Add Triplex with Updated
For Sale
$585,000
32 Judith St, Providence, RI 02909
Legal three-unit property with two newly updated units, separate tenant-paid utilities, and updated heating systems.
Property Size3,049 SF
Price / SF$191.87
Days on Market100
Property Features for 32 Judith St
General Information
Standard status
Active
Size
3,049 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Silver Lake
Additional Details
Multifamily Units
3
Building Details
Year Built
1859
Listing Agency:
Keller Williams Leading Edge
Listed By:
Yasah Pitcher
(401) 286-9420
Source:
Alpernandmesenbourg
Added: Jul 19
Changed: Oct 25
Last Checked: Oct 24 at 10:46PM
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 Keller Williams Leading Edge
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Investment Insights
Based on property information with market context.
This legal three-unit triplex offers a value-add setup with multiple configuration possibilities. The building includes two units described as two-bedroom and one-bedroom, both currently vacant, and a third unit described as three bedrooms with two bathrooms, with one room rented. Two of the units have been newly updated, and the property provides separate tenant-paid utilities.
Improvements also include updated energy-efficient heating systems and 100-amp electrical panels, along with a large basement featuring laundry hookups. The basement level is noted as having a high ceiling and expansion potential, and the property is described as offering the possibility of creating a fourth unit.
Set on a quiet dead-end street with street parking only and a spacious backyard, the property is located in the Silver Lake area of Providence.
Improvements also include updated energy-efficient heating systems and 100-amp electrical panels, along with a large basement featuring laundry hookups. The basement level is noted as having a high ceiling and expansion potential, and the property is described as offering the possibility of creating a fourth unit.
Set on a quiet dead-end street with street parking only and a spacious backyard, the property is located in the Silver Lake area of Providence.
Key Highlights
- Legal 3‑unit property with Year Built 1859, featuring two 2BR/1BR units (vacant) and a 3BR/2BA unit (one room rented)
- Two newly updated units and separate tenant‑paid utilities for each unit
- Updated energy‑efficient heating systems and 100‑amp electrical panels
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,486
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,029,720
$1.0M
Cap Rate 7%
$735,514
$735.5K
Cap Rate 9%
$572,067
$572.1K
Market Conditions
NOI Build-Up for 3,049 SF
Gross rent
$78.7K $25.80/SF
− Vacancy
−$5.1K −$1.68/SF
EGI
$73.6K $24.12/SF
− OpEx
−$22.1K −$7.24/SF
NOI
$51.5K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,029,720
Cap Rate 7%
$735,514
Cap Rate 9%
$572,067
Alternative Uses
Best Use
Multifamily LT 5
$735.5K
$643.6K – $858.1K
NOI $51,486 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$660.7K
$578.1K – $770.8K
NOI $46,246 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$1.02M
$892.6K – $1.19M
NOI $71,404 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
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Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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
Frequently Asked Questions
What type of property is this?
Triplex - Legal three-unit property with two newly updated units, separate tenant-paid utilities, and updated heating systems.
Where is this triplex located?
The property is located at 32 Judith St Providence, RI.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Legal 3‑unit property with Year Built 1859, featuring two 2BR/1BR units (vacant) and a 3BR/2BA unit (one room rented); Two newly updated units and separate tenant‑paid utilities for each unit; Updated energy‑efficient heating systems and 100‑amp electrical panels
