Building Details

Year Built 1900

Listing Agency: Re/Max Bell Park Show Phone

Listed By: Nicole Garbutt · License #RES.0033477 Show Phone

Source: Lockandkeyre

Added: Sep 3 Changed: Sep 10 Last Checked: Sep 10 at 6:22AM

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Investment Insights

Based on property information with market context.

This three-unit residential property contains 2,952 square feet and was built in 1900. The configuration includes one three-bedroom apartment and two two-bedroom apartments. Two units are occupied, while the remaining unit is vacant and unfinished, providing space for completion and customization.

The property occupies 1.45 acres at 32 Money Hill Road in Glocester, Rhode Island. Exterior features include a spacious yard and a detached barn that provides additional storage space. The property is located in Chepachet and offers a combination of residential units, open land, and accessory storage improvements.

Key Highlights

• Three‑unit property with one 3‑bedroom unit and two 2‑bedroom units
• 2,952 square feet on 1.45 acres
• Two units occupied; third unit vacant and unfinished

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

$49,152

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

8.19%

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%

$983,040 $983.0K

Cap Rate 7%

$702,171 $702.2K

Cap Rate 9%

$546,133 $546.1K

Market Conditions

NOI Build-Up for 2,952 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

$75.1K $25.44/SF

− Vacancy

−$4.9K −$1.65/SF

EGI

$70.2K $23.79/SF

− OpEx

−$21.1K −$7.14/SF

NOI

$49.2K $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%

$983,040

Cap Rate 7%

$702,171

Cap Rate 9%

$546,133

Alternative Uses

Best Use

Multifamily LT 5

$702.2K

$614.4K – $819.2K (±1% cap)

NOI $49,152 @ 7.0% cap · market cap 8.19%

Second Best

Apartment 5plus

$557.3K

$487.6K – $650.2K (±1% cap)

NOI $39,009 @ 7.0% cap · market cap 6.50%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Auto Repair Shop Parking Lot & Garage Big Box & Wholesale Store Auto Parts Store Storage Facility Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

143

Businesses Nearby

Explore this area Business Placement

Demographics for 02814, RI

7,549

Population

3,249

Households

2.3

Avg Household Size

48

Median Age

32%

College-Educated

95%

High-School Grad

43.4 sq mi

ZIP Area

174

Density / Sq Mi

$109,632

Median Household Income

$58,446

Median Earnings

$1,046

Median Rent

$376,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Triplex - Three-unit residential property with a mixed bedroom layout, one unfinished apartment, and a detached barn for storage.

Where is this triplex located?

The property is located at 32 Money Hill Road Glocester, RI.

What is the asking price?

The asking price for this property is $599,900.

What are key features of this property?

This property features: Three‑unit property with one 3‑bedroom unit and two 2‑bedroom units; 2,952 square feet on 1.45 acres; Two units occupied; third unit vacant and unfinished