Triplex with Detached
For Sale
$619,000
Pending
339 Waterman Avenue, East Providence, RI 02914
Residential Income, East Providence, RI
Property Size2,912 SF
Lot Size0.24 Acres
Days on Market66
Property Features for 339 Waterman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Basement, Bathroom 2
Parking
7
Interior features
Plumbing (Mixed)
Basement
Full, Unfinished, Storage Space
Appliances
Gas Water Heater
Standard status
Pending
Size
2,912 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6742
Utilities
Heating system
Forced Air, Steam, Natural Gas
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Carpet
Building materials
Shingles
Listing Agency:
Re/Max River's Edge · RE/MAX International
(401) 245-2000
Listed By:
Robert Bohlen · License #RES.0042441
(401) 527-8594
Added: Jun 25
Changed: Aug 20
Last Checked: Aug 29 at 1:06PM
MLS# 1416389
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property in East Providence includes 2,912 square feet arranged as three apartments. Each unit has two bedrooms and one full bathroom, creating a consistent layout across the building. The property also includes a basement and a detached two-car garage. Interior details include carpet flooring, mixed plumbing, a gas water heater, and forced-air and steam heating powered by natural gas. The building was constructed in 1900 and has shingle-covered exterior materials.
Set on a 0.2434-acre lot at 339 Waterman Avenue, the property is near shopping, dining, schools, and major highways. Its three-apartment configuration and detached garage provide a straightforward multifamily layout with additional on-site storage and parking capacity.
Set on a 0.2434-acre lot at 339 Waterman Avenue, the property is near shopping, dining, schools, and major highways. Its three-apartment configuration and detached garage provide a straightforward multifamily layout with additional on-site storage and parking capacity.
Key Highlights
- Three apartments, each with 2 bedrooms and 1 full bathroom
- 2,912 square feet on a 0.2434‑acre lot
- Detached 2‑car garage with additional storage and parking
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
$48,486
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
7.83%
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%
$969,720
$969.7K
Cap Rate 7%
$692,657
$692.7K
Cap Rate 9%
$538,733
$538.7K
Market Conditions
NOI Build-Up for 2,912 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
$74.1K $25.44/SF
− Vacancy
−$4.8K −$1.65/SF
EGI
$69.3K $23.79/SF
− OpEx
−$20.8K −$7.14/SF
NOI
$48.5K $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%
$969,720
Cap Rate 7%
$692,657
Cap Rate 9%
$538,733
Alternative Uses
Best Use
Multifamily LT 5
$692.7K
$606.1K – $808.1K
NOI $48,486 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$549.7K
$481.0K – $641.4K
NOI $38,481 @ 7.0% cap · market cap 6.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,309
Businesses Nearby
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units combine two-bedroom layouts with dedicated full bathrooms and shared outdoor space.
Where is this triplex located?
The property is located at 339 Waterman Avenue East Providence, RI.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Three apartments, each with 2 bedrooms and 1 full bathroom; 2,912 square feet on a 0.2434‑acre lot; Detached 2‑car garage with additional storage and parking
