Five-Unit Multifamily
For Sale
Contact for pricing
Pending
33 Benefit Street, Pawtucket, RI 02861
Two residential buildings share one parcel and include off-street parking, with interiors requiring updates.
Property Size2,775 SF
Days on Market710
Property Features for 33 Benefit Street
General Information
Standard status
Pending
Size
2,775 SF
Total Parking Spaces
6
Property subtype
Land
Property Condition
Severity
Repairs Needed
Evidence
some interior updating
Units
Unit Mix
3 x 2BR, 2 x 1BR
Multifamily Units
5
Building Details
Year Built
1920
Buildings
2
Units
5
Listing Agency:
Century 21 Topsail Realty
(401) 254-1900
Listed By:
Kristin Mcgrath · License #RES.0043351
Source:
Crexi
Added: Sep 20, 2024
Changed: Aug 30
Last Checked: Aug 30 at 4:50AM
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 Century 21 Topsail Realty
Investment Insights
Based on property information with market context.
This multifamily property combines two residential buildings on a single lot, comprising five units in total. The unit mix includes four two-bedroom apartments and two one-bedroom apartments, with one of the one-bedroom units located on the lower level. The buildings offer 2,775 square feet and include off-street parking.
Both structures received replacement roofs and vinyl siding in 2011. Built in 1920, the property remains suited to an owner seeking a multi-unit residential asset with interior updating identified as part of the work needed. The address is 33 Benefit Street in Pawtucket, Rhode Island.
Both structures received replacement roofs and vinyl siding in 2011. Built in 1920, the property remains suited to an owner seeking a multi-unit residential asset with interior updating identified as part of the work needed. The address is 33 Benefit Street in Pawtucket, Rhode Island.
Key Highlights
- Five units across two residential buildings on one lot
- 2,775 square feet with off‑street parking
- Unit mix includes four 2‑bedroom and two 1‑bedroom apartments
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
$46,205
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
7.39%
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%
$924,100
$924.1K
Cap Rate 7%
$660,071
$660.1K
Cap Rate 9%
$513,389
$513.4K
Market Conditions
NOI Build-Up for 2,775 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
$70.6K $25.44/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$66.0K $23.79/SF
− OpEx
−$19.8K −$7.14/SF
NOI
$46.2K $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%
$924,100
Cap Rate 7%
$660,071
Cap Rate 9%
$513,389
Alternative Uses
Best Use
Multifamily LT 5
$660.1K
$577.6K – $770.1K
NOI $46,205 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$523.9K
$458.4K – $611.2K
NOI $36,670 @ 7.0% cap · market cap 5.87%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,314
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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 - Two residential buildings share one parcel and include off-street parking, with interiors requiring updates.
Where is this multifamily property located?
The property is located at 33 Benefit Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Five units across two residential buildings on one lot; 2,775 square feet with off‑street parking; Unit mix includes four 2‑bedroom and two 1‑bedroom apartments
