Updated Three-Unit Property with
For Sale
$585,000
32 Judith Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size3,049 SF
Lot Size0.07 Acres
Price / SF$191.87
Days on Market48
Property Features for 32 Judith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Basement, Bedroom 7, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 2
Parking features
None
Interior features
Plumbing (Mixed)
Basement
Unfinished, Full
Appliances
Gas Water Heater
Standard status
Active
Size
3,049 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3715
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
backyard
laundry hookups
Building Details
Year built
1859
Floors in Building
3
Number of units
3
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Yasah Pitcher
(401) 286-9420
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 11 at 11:06PM
MLS# 1416315
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 legal triplex contains two vacant 2-bedroom, 1-bathroom units and one 3-bedroom, 2-bathroom unit, with one room currently rented. The 3,049-square-foot property has updated interiors, vinyl siding, carpet and vinyl flooring, natural-gas forced-air heat, and 100-amp electrical panels. Each unit has separately paid electric and gas utilities.
A full basement provides high ceilings, laundry hookups, and expansion potential. The property sits on 0.07 acres along a quiet dead-end street in Providence's Silver Lake area. There is no off-street parking, while the spacious backyard adds exterior space. Public water and public sewer serve the building, which was constructed in 1859.
A full basement provides high ceilings, laundry hookups, and expansion potential. The property sits on 0.07 acres along a quiet dead-end street in Providence's Silver Lake area. There is no off-street parking, while the spacious backyard adds exterior space. Public water and public sewer serve the building, which was constructed in 1859.
Key Highlights
- Legal 3‑unit property totaling 3,049 square feet
- Unit mix includes two vacant 2‑bedroom/1‑bathroom units and one 3‑bedroom/2‑bathroom unit
- 0.07‑acre lot in Providence's Silver Lake area
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
$51,486
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
8.80%
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%
$1,029,720
$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
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
$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 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%
$1,029,720
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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,235
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Legal three-unit building with separate tenant-paid utilities, updated heating systems, and a spacious backyard.
Where is this triplex located?
The property is located at 32 Judith Street 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 totaling 3,049 square feet; Unit mix includes two vacant 2‑bedroom/1‑bathroom units and one 3‑bedroom/2‑bathroom unit; 0.07‑acre lot in Providence's Silver Lake area
