Three-Unit Property Near Fox Point
New
For Sale
$799,900
355 Williams Street, Providence, RI 02906
As-is triplex with three three-bedroom residences in Providence’s East Side.
Property Size3,259 SF
Price / SF$245.44
Days on Market6
Property Features for 355 Williams Street
General Information
Standard status
Active
Size
3,259 SF
Property subtype
Multifamily
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Building Details
Year Built
1930
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Stephanie Ricardo
Source:
Lockandkeyre
Added: Aug 12
Changed: Aug 17
Last Checked: Aug 17 at 6:10AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 1930, this triplex contains three three-bedroom units within a 3,259-square-foot property. The building is offered as-is and is positioned for restoration or other improvements, with layouts described as spacious in the available property information.
The property is located on Williams Street in Providence’s East Side, directly across from Fox Point Park. Parks, shopping, restaurants, universities, downtown Providence, and major highways are identified as nearby amenities and access points.
The property is located on Williams Street in Providence’s East Side, directly across from Fox Point Park. Parks, shopping, restaurants, universities, downtown Providence, and major highways are identified as nearby amenities and access points.
Key Highlights
- Three three‑bedroom units in a single triplex property
- 3,259 square feet of property size
- Built in 1930
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
$55,032
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
6.88%
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%
$1,100,640
$1.1M
Cap Rate 7%
$786,171
$786.2K
Cap Rate 9%
$611,467
$611.5K
Market Conditions
NOI Build-Up for 3,259 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
$84.1K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$78.6K $24.12/SF
− OpEx
−$23.6K −$7.24/SF
NOI
$55.0K $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%
$1,100,640
Cap Rate 7%
$786,171
Cap Rate 9%
$611,467
Alternative Uses
Best Use
Multifamily LT 5
$786.2K
$687.9K – $917.2K
NOI $55,032 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$706.2K
$617.9K – $823.9K
NOI $49,431 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$1.09M
$954.0K – $1.27M
NOI $76,322 @ 7.0% cap · market cap 9.54%
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
2,788
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?
Triplex - As-is triplex with three three-bedroom residences in Providence’s East Side.
Where is this triplex located?
The property is located at 355 Williams Street Providence, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three three‑bedroom units in a single triplex property; 3,259 square feet of property size; Built in 1930
