Four-Unit Residential Income
For Sale
$1,150,000
Pending
33 Amy Street, Providence, RI 02906
Three-family home plus detached cottage with updated kitchens and baths, hardwood floors, and off-street parking.
Property Size3,562 SF
Days on Market33
Property Features for 33 Amy Street
General Information
Standard status
Pending
Size
3,562 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
4
Amenities
off-street parking
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Compass
(401) 274-1644
Listed By:
Kira Greene
Source:
Lockandkeyre
Added: Jul 6
Changed: Jul 26
Last Checked: Jul 26 at 3:58PM
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 Compass
Investment Insights
Based on property information with market context.
This four-unit residential income property combines a nicely maintained three-family home with a separate detached cottage, providing flexibility for investors or owner-occupants. The main residence features updated kitchens and baths, hardwood floors, oversized windows, and abundant natural light throughout. Each unit offers bright, well-designed layouts that preserve classic architectural details. The detached cottage adds an additional rental or private living option.
Set on Providence’s East Side, the property is described as walkable to India Point Park and Trader Joe’s, with nearby shops, restaurants, cafes, and nightlife along Ives and Wickenden Streets. The buildings also feature new roofs, ample off-street parking, low-maintenance exteriors, and are presented in turnkey condition, with convenience to downtown Providence, Brown University, Rhode Island School of Design, hospitals, and major commuter routes.
Set on Providence’s East Side, the property is described as walkable to India Point Park and Trader Joe’s, with nearby shops, restaurants, cafes, and nightlife along Ives and Wickenden Streets. The buildings also feature new roofs, ample off-street parking, low-maintenance exteriors, and are presented in turnkey condition, with convenience to downtown Providence, Brown University, Rhode Island School of Design, hospitals, and major commuter routes.
Key Highlights
- Year built 1900; three‑family home plus a separate detached cottage on the Providence East Side
- Updated kitchens and baths and hardwood floors in the main residence
- Abundant natural light with oversized windows across the units
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
$60,148
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
5.23%
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%
$1,202,960
$1.2M
Cap Rate 7%
$859,257
$859.3K
Cap Rate 9%
$668,311
$668.3K
Market Conditions
NOI Build-Up for 3,562 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
$91.9K $25.80/SF
− Vacancy
−$6.0K −$1.68/SF
EGI
$85.9K $24.12/SF
− OpEx
−$25.8K −$7.24/SF
NOI
$60.1K $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%
$1,202,960
Cap Rate 7%
$859,257
Cap Rate 9%
$668,311
Alternative Uses
Best Use
Multifamily LT 5
$859.3K
$751.9K – $1.00M
NOI $60,148 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$771.8K
$675.3K – $900.4K
NOI $54,026 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,418 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,612
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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?
Multifamily property - Three-family home plus detached cottage with updated kitchens and baths, hardwood floors, and off-street parking.
Where is this multifamily property located?
The property is located at 33 Amy Street Providence, RI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Year built 1900; three‑family home plus a separate detached cottage on the Providence East Side; Updated kitchens and baths and hardwood floors in the main residence; Abundant natural light with oversized windows across the units
