Triplex with Three-Bedroom
New
For Sale
$799,900
355 Williams Street, Providence, RI 02906
MULTI_FAMILY - Providence, RI
Property Size3,259 SF
Lot Size0.11 Acres
Price / SF$245.44
Days on Market3
Property Features for 355 Williams Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 6, Bedroom 8, Basement, Bedroom 2, Bedroom 9, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 7, Bedroom 1, Bathroom 1, Bedroom 5
Parking
8
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Insulation (Unknown)
Basement
Unfinished, Full
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
3,259 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10416
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Window Unit(s)
Building Details
Year built
1930
Floors in Building
3
Number of units
3
Flooring type
Laminate, Hardwood
Building materials
Dry Wall, Paneled, Plaster, Brick, Wood
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Stephanie Ricardo
(401) 477-6949
Added: Aug 12
Last Checked: Aug 14 at 7:06AM
MLS# 1419697
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 triplex contains three 3-bedroom units within a 3,259-square-foot residential property built in 1930. Interior finishes include laminate and hardwood flooring, with drywall, paneled, and plaster wall treatments. Heating is provided by natural gas baseboard systems, while cooling is handled by window units. The property is being sold as-is, with layouts and physical improvements suited to a renovation-focused project.
Located at 355 Williams Street in Providence, the property sits directly across from Fox Point Park. Shopping, restaurants, universities, downtown Providence, and major highways are identified among the surrounding conveniences. The site encompasses 0.1148 acres and is configured for three residential households.
Located at 355 Williams Street in Providence, the property sits directly across from Fox Point Park. Shopping, restaurants, universities, downtown Providence, and major highways are identified among the surrounding conveniences. The site encompasses 0.1148 acres and is configured for three residential households.
Key Highlights
- Three 3‑bedroom units in a triplex configuration
- 3,259 square feet on a 0.1148‑acre site
- 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - The 1930-built property offers three residential units near Fox Point Park and Providence amenities.
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 3‑bedroom units in a triplex configuration; 3,259 square feet on a 0.1148‑acre site; Built in 1930
