Three-Unit Multifamily
For Sale
$669,900
Pending
35 Rand Street, Central Falls, RI 02863
Residential Income, Central Falls, RI
Property Size4,170 SF
Lot Size0.17 Acres
Days on Market163
Property Features for 35 Rand Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 10, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 9, Bedroom 1, Bedroom 12, Bathroom 1, Bedroom 11, Bedroom 3
Parking
8
Parking features
None
Interior features
Wall (Plaster), Attic, Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Partially Finished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Lot features
Fenced, Paved Driveway
Standard status
Pending
Size
4,170 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6079
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Tile - Ceramic, Laminate, Hardwood
Building materials
Plaster, Shingles
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Nelson Esteves · License #RES.0029681
(401) 440-0080
Added: Mar 12
Changed: Aug 20
Last Checked: Aug 21 at 7:06AM
MLS# 1406430
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 4,170-square-foot multifamily property was built in 1900 on 0.1677 acres and is configured as a legal three-family residence. The first floor includes three/four bedrooms, a large kitchen with dining area, and a double parlor. Floors two and three form a seven-bedroom townhouse-style unit, while the basement contains a separate two-bedroom unit with electric heat. Other units have updated Navien heating systems, and the property includes gas water heating, an oven/range, and a refrigerator.
The property is located in Central Falls near a train station, shopping, and schools. Solar panels serve the first floor, with 9 years remaining on the associated lease. Interior finishes include plaster walls, ceramic tile, laminate, and hardwood flooring.
The property is located in Central Falls near a train station, shopping, and schools. Solar panels serve the first floor, with 9 years remaining on the associated lease. Interior finishes include plaster walls, ceramic tile, laminate, and hardwood flooring.
Key Highlights
- Legal 3‑family property with 4,170 square feet of building area
- 0.1677‑acre lot in Central Falls, RI
- Upper floors configured as a 7‑bedroom townhouse‑style unit
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
$55,105
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
8.23%
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%
$1,102,100
$1.1M
Cap Rate 7%
$787,214
$787.2K
Cap Rate 9%
$612,278
$612.3K
Market Conditions
NOI Build-Up for 4,170 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
$106.6K $25.56/SF
− Vacancy
−$6.4K −$1.53/SF
EGI
$100.2K $24.03/SF
− OpEx
−$45.1K −$10.81/SF
NOI
$55.1K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /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%
$1,102,100
Cap Rate 7%
$787,214
Cap Rate 9%
$612,278
Alternative Uses
Best Use
Multifamily LT 5
$991.9K
$867.9K – $1.16M
NOI $69,433 @ 7.0% cap · market cap 10.36%
Second Best
Apartment 5plus
$787.2K
$688.8K – $918.4K
NOI $55,105 @ 7.0% cap · market cap 8.23%
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
Location Intelligence
Trade Area within ½ mile
1,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
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 - Legal three-family configuration with spacious units and updated heating systems.
Where is this triplex located?
The property is located at 35 Rand Street Central Falls, RI.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: Legal 3‑family property with 4,170 square feet of building area; 0.1677‑acre lot in Central Falls, RI; Upper floors configured as a 7‑bedroom townhouse‑style unit
