Four-Unit Multifamily
For Sale
$699,000
39-41 Myrtle St, Pawtucket, RI 02860
Multifamily building with varied apartment layouts, shared basement laundry, and month-to-month tenancies.
Property Size3,558 SF
Price / SF$196.46
Days on Market42
Property Features for 39-41 Myrtle St
General Information
Standard status
Active
Size
3,558 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
RM
Additional Details
Road Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,829
Amenities
shared laundry
Building Details
Building Size
3,558 SF
Year Built
1900
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
Puciato Altieri Realty Group
(203) 823-6687
Listed By:
Jeffrey Puciato
(203) 823-6687
Source:
Alliancepartnersre
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 5 at 3:51AM
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 Puciato Altieri Realty Group
Investment Insights
Based on property information with market context.
This 3,558-square-foot multifamily property, built in 1900, contains four apartments with a combined eight bedrooms. The unit mix includes three-bedroom and one-bedroom apartments, each offering a functional interior arrangement along with a gas range and ceiling fans. Shared laundry facilities are located in the basement.
All tenancies are currently month-to-month, providing flexibility in occupancy arrangements. The property is located at 39-41 Myrtle Street in Pawtucket, Rhode Island.
All tenancies are currently month-to-month, providing flexibility in occupancy arrangements. The property is located at 39-41 Myrtle Street in Pawtucket, Rhode Island.
Key Highlights
- Four‑unit property with 8 total bedrooms
- Unit mix includes three‑bedroom and one‑bedroom apartments
- 3,558 SF building constructed in 1900
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
$59,242
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
8.48%
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%
$1,184,840
$1.2M
Cap Rate 7%
$846,314
$846.3K
Cap Rate 9%
$658,244
$658.2K
Market Conditions
NOI Build-Up for 3,558 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
$90.5K $25.44/SF
− Vacancy
−$5.9K −$1.65/SF
EGI
$84.6K $23.79/SF
− OpEx
−$25.4K −$7.14/SF
NOI
$59.2K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$1,184,840
Cap Rate 7%
$846,314
Cap Rate 9%
$658,244
Alternative Uses
Best Use
Multifamily LT 5
$846.3K
$740.5K – $987.4K
NOI $59,242 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$671.7K
$587.7K – $783.6K
NOI $47,017 @ 7.0% cap · market cap 6.73%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Quadplex - Multifamily building with varied apartment layouts, shared basement laundry, and month-to-month tenancies.
Where is this quadplex located?
The property is located at 39-41 Myrtle St Pawtucket, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Four‑unit property with 8 total bedrooms; Unit mix includes three‑bedroom and one‑bedroom apartments; 3,558 SF building constructed in 1900
