Renovated 3-Unit
For Sale
$624,000
35 Laurel Street, Pawtucket, RI 02860
Three updated residences feature modernized kitchens, bathrooms, flooring, fixtures, and building systems.
Property Size3,312 SF
Days on Market188
Property Features for 35 Laurel Street
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
Baseboard
Electric
Gas
Water Heater
Building Details
Building Size
3,312 SF
Year Built
1890
Stories
3
Listing Agency:
Realty One Group Dream Makers
(401) 275-3787
Listed By:
Linara Galva
Source:
Kw
Added: Feb 22
Changed: Aug 29
Last Checked: Aug 29 at 1:11PM
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 Realty One Group Dream Makers
Investment Insights
Based on property information with market context.
Located at 35 Laurel Street in Pawtucket, this triplex contains three residential units, each arranged with two bedrooms and one full bathroom. The property was built in 1890 and has undergone comprehensive interior updates, including refreshed kitchens and bathrooms, contemporary flooring, new paint, updated fixtures, and upgraded systems.
Interior features include baseboard heating, electric and gas service, and a water heater. The property is positioned near major highways, shopping, dining, and commuter routes in Pawtucket, RI 02860.
Interior features include baseboard heating, electric and gas service, and a water heater. The property is positioned near major highways, shopping, dining, and commuter routes in Pawtucket, RI 02860.
Key Highlights
- Three‑unit triplex with two bedrooms and one full bathroom per unit
- Fully renovated interiors with updated kitchens and bathrooms
- New flooring, paint, and fixtures throughout 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
$55,146
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
8.84%
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%
$1,102,920
$1.1M
Cap Rate 7%
$787,800
$787.8K
Cap Rate 9%
$612,733
$612.7K
Market Conditions
NOI Build-Up for 3,312 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
$84.3K $25.44/SF
− Vacancy
−$5.5K −$1.65/SF
EGI
$78.8K $23.79/SF
− OpEx
−$23.6K −$7.14/SF
NOI
$55.1K $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%
$1,102,920
Cap Rate 7%
$787,800
Cap Rate 9%
$612,733
Alternative Uses
Best Use
Multifamily LT 5
$787.8K
$689.3K – $919.1K
NOI $55,146 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$625.2K
$547.1K – $729.4K
NOI $43,766 @ 7.0% cap · market cap 7.01%
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
1,458
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Triplex - Three updated residences feature modernized kitchens, bathrooms, flooring, fixtures, and building systems.
Where is this triplex located?
The property is located at 35 Laurel Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $624,000.
What are key features of this property?
This property features: Three‑unit triplex with two bedrooms and one full bathroom per unit; Fully renovated interiors with updated kitchens and bathrooms; New flooring, paint, and fixtures throughout the units
