Renovated Triplex with
3222 Pawtucket Avenue, East Providence, RI 02915
For Sale
$679,900
Three distinct apartment configurations are complemented by updated kitchens, bathrooms, flooring, and mechanical systems.
Property Size2,584 SF
Lot Size0.52 Acres
Price / SF$263.12
Days on Market21
Property Features for 3222 Pawtucket Avenue
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Buildings
Listing Agency:
Coldwell Banker Realty
Listed By:
Steven Miller Group · License RI #39387
Source:
Lavonnelopes
Added: Oct 23
Changed: Nov 12
Last Checked: Nov 12 at 4:39AM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This three-unit property contains a 2-bedroom, 1-bathroom apartment, a 1-bedroom, 1-bathroom apartment, and a studio. Renovations include kitchens and bathrooms in each unit, new flooring throughout, and updated mechanical systems. The building was constructed in 1926 and contains 2,584 square feet.
The property occupies a 22,765-square-foot lot and includes a 4-car garage. Its East Providence setting is near Silver Spring Golf Club, Crescent Park, Sabin Point Waterfront Park, the East Bay Bike Path, and Riverside Square. Providence and surrounding communities are accessible from the area.
The property occupies a 22,765-square-foot lot and includes a 4-car garage. Its East Providence setting is near Silver Spring Golf Club, Crescent Park, Sabin Point Waterfront Park, the East Bay Bike Path, and Riverside Square. Providence and surrounding communities are accessible from the area.
Key Highlights
- Three units: 2‑bedroom/1‑bathroom, 1‑bedroom/1‑bathroom, and studio
- 2,584‑square‑foot building constructed in 1926
- 22,765‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,025
Cap Rate
6.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$860,500
$860.5K
Cap Rate 7%
$614,643
$614.6K
Cap Rate 9%
$478,056
$478.1K
Market Conditions
NOI Build-Up for 2,584 SF
Gross rent
$65.7K $25.44/SF
− Vacancy
−$4.3K −$1.65/SF
EGI
$61.5K $23.79/SF
− OpEx
−$18.4K −$7.14/SF
NOI
$43.0K $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 Rate 5%
$860,500
Cap Rate 7%
$614,643
Cap Rate 9%
$478,056
Alternative Uses
Best Use
Multifamily LT 5
$614.6K
$537.8K – $717.1K
NOI $43,025 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$487.8K
$426.8K – $569.1K
NOI $34,146 @ 7.0% cap · market cap 5.02%
Theoretical Best
—
—
same as Best Use
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
304
Businesses Nearby
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Business Placement
Demographics for 02915, RI
16,603
Population
7,746
Households
2.1
Avg Household Size
47
Median Age
36%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,019
Density / Sq Mi
$90,558
Median Household Income
$61,062
Median Earnings
$1,482
Median Rent
$317,600
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Providence County, RI
Properties on Market for Triplexes in Providence County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct apartment configurations are complemented by updated kitchens, bathrooms, flooring, and mechanical systems.
Where is this triplex located?
The property is located at 3222 Pawtucket Avenue East Providence, RI.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Three units: 2‑bedroom/1‑bathroom, 1‑bedroom/1‑bathroom, and studio; 2,584‑square‑foot building constructed in 1926; 22,765‑square‑foot lot
