Three-Unit Two-Bedroom
New
For Sale
$600,000
360 Manton Avenue, Providence, RI 02909
Separate utility metering covers gas heat, hot water, and electricity for each residence.
Property Size2,901 SF
Price / SF$206.83
Days on Market6
Property Features for 360 Manton Avenue
General Information
Standard status
Active
Size
2,901 SF
Total Parking Spaces
6
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Parking per Unit
2
Building Details
Year Built
1930
Listing Agency:
Century 21 Limitless
(508) 567-3468
Listed By:
Kyle Seyboth · License #REB.0019335
(508) 726-3492
Source:
Lockandkeyre
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 8:44AM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
Built in 1930, this triplex contains three residences, each with two bedrooms. The property is fire coded and has current lead certificates. Separate utilities serve gas baseboard heat, hot water, and electricity; the owner pays water and sewer, along with service to the basement and shared areas. Interior common areas feature refreshed LVP flooring, painted hallways and stairs, thread covers, and motion-sensor lighting. Exterior areas also have automatic motion-sensor lighting.
Six parking spaces are provided, with two assigned to each unit. The property is on Manton Avenue in Providence, near Manton Plaza and shopping along Hartford Avenue. Route 6, Route 44, and RIPTA service are among the stated nearby transportation options. Other nearby destinations include Olneyville Square, Federal Hill, Downtown Providence, hospitals, colleges, restaurants, and the Woonasquatucket River Greenway.
Six parking spaces are provided, with two assigned to each unit. The property is on Manton Avenue in Providence, near Manton Plaza and shopping along Hartford Avenue. Route 6, Route 44, and RIPTA service are among the stated nearby transportation options. Other nearby destinations include Olneyville Square, Federal Hill, Downtown Providence, hospitals, colleges, restaurants, and the Woonasquatucket River Greenway.
Key Highlights
- Three units, each with 2 bedrooms
- Separate utilities for gas baseboard heat, hot water, and electricity; owner pays water and sewer
- Six parking spaces, with two assigned to each 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
$48,987
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
8.16%
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%
$979,740
$979.7K
Cap Rate 7%
$699,814
$699.8K
Cap Rate 9%
$544,300
$544.3K
Market Conditions
NOI Build-Up for 2,901 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
$74.8K $25.80/SF
− Vacancy
−$4.9K −$1.68/SF
EGI
$70.0K $24.12/SF
− OpEx
−$21.0K −$7.24/SF
NOI
$49.0K $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%
$979,740
Cap Rate 7%
$699,814
Cap Rate 9%
$544,300
Alternative Uses
Best Use
Multifamily LT 5
$699.8K
$612.3K – $816.5K
NOI $48,987 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$628.6K
$550.0K – $733.4K
NOI $44,001 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$970.5K
$849.2K – $1.13M
NOI $67,938 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate utility metering covers gas heat, hot water, and electricity for each residence.
Where is this triplex located?
The property is located at 360 Manton Avenue Providence, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three units, each with 2 bedrooms; Separate utilities for gas baseboard heat, hot water, and electricity; owner pays water and sewer; Six parking spaces, with two assigned to each unit
