Renovated Triplex with Off-Street
For Sale
$599,999
Pending
372 Hawkins St, Providence, RI 02904
Three residential units feature updated kitchens, bathrooms, flooring, and major systems.
Property Size1,512 SF
Days on Market69
Property Features for 372 Hawkins St
General Information
Standard status
Pending
Size
1,512 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR, 1 x 3BR
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,975
Amenities
off-street parking
Listing Agency:
RISE REC
(401) 919-7002
Listed By:
Herson Martinez · License #RES.0045513
(401) 919-7002
Source:
Exprealty
Added: Jun 15
Changed: Aug 21
Last Checked: Aug 22 at 1:26PM
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 RISE REC
Investment Insights
Based on property information with market context.
This 1,512 SF triplex contains two 2-bedroom apartments and one oversized 3-bedroom apartment. Renovations include new flooring, refreshed kitchens with stainless steel appliances, updated bathrooms, fresh paint, modern fixtures, and improvements to the electrical and plumbing systems. New off-street parking has also been added, while the driveway has been addressed and fixed.
The property is located at 372 Hawkins St in Providence’s Charles neighborhood, minutes from Downtown Providence and near restaurants, shopping, parks, Providence College, I-95, and Route 1. The combination of three distinct units, updated interiors, and on-site parking supports both rental and owner-occupant use.
The property is located at 372 Hawkins St in Providence’s Charles neighborhood, minutes from Downtown Providence and near restaurants, shopping, parks, Providence College, I-95, and Route 1. The combination of three distinct units, updated interiors, and on-site parking supports both rental and owner-occupant use.
Key Highlights
- Three‑unit property with two 2‑bedroom apartments and one oversized 3‑bedroom apartment
- 1,512 SF triplex at 372 Hawkins St, Providence, RI
- Renovated kitchens include stainless steel appliances
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
$25,532
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
4.26%
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%
$510,640
$510.6K
Cap Rate 7%
$364,743
$364.7K
Cap Rate 9%
$283,689
$283.7K
Market Conditions
NOI Build-Up for 1,512 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
$39.0K $25.80/SF
− Vacancy
−$2.5K −$1.68/SF
EGI
$36.5K $24.12/SF
− OpEx
−$10.9K −$7.24/SF
NOI
$25.5K $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%
$510,640
Cap Rate 7%
$364,743
Cap Rate 9%
$283,689
Alternative Uses
Best Use
Multifamily LT 5
$364.7K
$319.2K – $425.5K
NOI $25,532 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$327.6K
$286.7K – $382.2K
NOI $22,933 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$505.8K
$442.6K – $590.2K
NOI $35,409 @ 7.0% cap · market cap 5.90%
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
786
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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 residential units feature updated kitchens, bathrooms, flooring, and major systems.
Where is this triplex located?
The property is located at 372 Hawkins St Providence, RI.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom apartments and one oversized 3‑bedroom apartment; 1,512 SF triplex at 372 Hawkins St, Providence, RI; Renovated kitchens include stainless steel appliances
