Three-Family Home with Private
For Sale
$599,900
32 Richter Street, Providence, RI 02908
Meticulously maintained triplex with private decks, hardwood floors, and off-street parking for three vehicles.
Property Size3,366 SF
Price / SF$178.22
Days on Market16
Property Features for 32 Richter Street
General Information
Standard status
Active
Size
3,366 SF
Total Parking Spaces
3
Property subtype
Multifamily
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Craft Realty
(401) 423-4237
Listed By:
Iris Ribeiro
Source:
Lockandkeyre
Added: Jul 28
Changed: Aug 11
Last Checked: Aug 11 at 5:47AM
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 Craft Realty
Investment Insights
Based on property information with market context.
This meticulously maintained three-family (triplex) offers a versatile residential setup for investors or owner-occupants. The property includes three spacious units, and each unit features two bedrooms and one bathroom, hardwood floors, tasteful updates, and a private deck for outdoor living.
Additional amenities include off-street parking for three vehicles and well-maintained heating systems. The property totals 3,366 SF and was built in 1930. It is situated in the Smith Hill/Elmhurst neighborhood of Providence.
The home is also described as having low-maintenance design for reliable, long-term income potential. It may be purchased as part of a larger package with neighboring properties, with the opportunity to assemble up to a 12-unit investment portfolio.
Additional amenities include off-street parking for three vehicles and well-maintained heating systems. The property totals 3,366 SF and was built in 1930. It is situated in the Smith Hill/Elmhurst neighborhood of Providence.
The home is also described as having low-maintenance design for reliable, long-term income potential. It may be purchased as part of a larger package with neighboring properties, with the opportunity to assemble up to a 12-unit investment portfolio.
Key Highlights
- Triplex with three units and private decks
- Each unit has 2 bedrooms and 1 bathroom
- Hardwood floors and tasteful updates in each unit
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
$51,054
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
8.51%
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%
$1,021,080
$1.0M
Cap Rate 7%
$729,343
$729.3K
Cap Rate 9%
$567,267
$567.3K
Market Conditions
NOI Build-Up for 3,366 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
$99.0K $29.40/SF
− Vacancy
−$6.1K −$1.82/SF
EGI
$92.8K $27.58/SF
− OpEx
−$41.8K −$12.41/SF
NOI
$51.1K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,021,080
Cap Rate 7%
$729,343
Cap Rate 9%
$567,267
Alternative Uses
Best Use
Multifamily LT 5
$812.0K
$710.5K – $947.3K
NOI $56,839 @ 7.0% cap · market cap 9.47%
Second Best
Apartment 5plus
$729.3K
$638.2K – $850.9K
NOI $51,054 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$1.13M
$985.4K – $1.31M
NOI $78,828 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,927
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Meticulously maintained triplex with private decks, hardwood floors, and off-street parking for three vehicles.
Where is this triplex located?
The property is located at 32 Richter Street Providence, 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: Triplex with three units and private decks; Each unit has 2 bedrooms and 1 bathroom; Hardwood floors and tasteful updates in each unit
