Wickenden Street Multi-Unit
For Sale
$1,599,000
Pending
323 Wickenden, Providence, RI 02903
Multi-unit property near Brown University, RISD, and India Point Park.
Property Size5,470 SF
Days on Market347
Property Features for 323 Wickenden
General Information
Standard status
Pending
Size
5,470 SF
Property subtype
Commercial
Building Details
Year Built
1800
Listing Agency:
RESIDENTIAL PROPERTIES LTD.
(401) 245-9600
Listed By:
EDDIE RAYDEN
(401) 439-7705
Source:
Corcoran
Added: Sep 30, 2025
Changed: Jul 6
Last Checked: Sep 11 at 7:53AM
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 RESIDENTIAL PROPERTIES LTD.
Investment Insights
Based on property information with market context.
This multi-unit property is located at 323-329 Wickenden Street (AKA 15 Thompson) in Fox Point, near College Hill. The property is situated close to coffee shops, restaurants, India Point Park's waterfront, Brown University, RISD, and hospitals. It consists of five units: two, three, and four-bedroom units. The property is zoned as a three-family dwelling, office unit, and arts studio unit. Trader Joe's is located at the end of the street, and Whole Foods is a few blocks away. Originally built circa 1798 as a double house known as the Isaac Peck House. Residents can enjoy WaterFire and ferry service to Newport in the summer. The property is less than a mile from downtown Providence, the Amtrak Train Station, and major interstates. The property size is 5470 square feet.
Key Highlights
- Prime location in Fox Point, near Brown University, RISD, India Point Park, and hospitals.
- Multi‑unit property with 5 total units (2, 3, and 4 bedroom configurations).
- Convenient access to coffee shops, trending restaurants, Trader Joe's, and Whole Foods.
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
$82,966
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
5.19%
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%
$1,659,320
$1.7M
Cap Rate 7%
$1,185,229
$1.2M
Cap Rate 9%
$921,844
$921.8K
Market Conditions
NOI Build-Up for 5,470 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
$160.8K $29.40/SF
− Vacancy
−$10.0K −$1.82/SF
EGI
$150.8K $27.58/SF
− OpEx
−$67.9K −$12.41/SF
NOI
$83.0K $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%
$1,659,320
Cap Rate 7%
$1,185,229
Cap Rate 9%
$921,844
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.04M – $1.38M
NOI $82,966 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,101 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-unit property near Brown University, RISD, and India Point Park.
Where is this apartment building located?
The property is located at 323 Wickenden Providence, RI.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Prime location in Fox Point, near Brown University, RISD, India Point Park, and hospitals.; Multi‑unit property with 5 total units (2, 3, and 4 bedroom configurations).; Convenient access to coffee shops, trending restaurants, Trader Joe's, and Whole Foods.
