Four-Unit Residential Income
For Sale
$599,000
39 Highland St, Pawtucket, RI 02860
Well maintained four-family property with all units occupied and two separately rented garage spaces.
Property Size1,901 SF
Price / SF$315.10
Days on Market54
Property Features for 39 Highland St
General Information
Standard status
Active
Size
1,901 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
RT
Occupancy
100%
Net Operating Income
$58,800
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,257
Building Details
Building Size
1,901 SF
Year Built
1880
Stories
4
Tenancy
Multi
Listing Agency:
Pailin Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 20
Changed: Sep 10
Last Checked: Sep 10 at 6:00AM
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 Pailin Realty
Investment Insights
Based on property information with market context.
Well maintained 4-family residential income property offering four occupied units and immediate rental income. The property also generates additional revenue from two separately rented garage spaces. Each unit includes a functional layout designed to provide comfortable living space.
The quadplex is offered for sale as a versatile investment or owner-occupant option, with the flexibility to live in one unit while renting the others.
The current configuration provides on-site residential units supported by separate garage revenue, creating a straightforward income-producing setup.
The quadplex is offered for sale as a versatile investment or owner-occupant option, with the flexibility to live in one unit while renting the others.
The current configuration provides on-site residential units supported by separate garage revenue, creating a straightforward income-producing setup.
Key Highlights
- Four‑family property built in 1880
- All four units are currently occupied, providing immediate rental income
- Two separately rented garage spaces add additional revenue
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
$31,653
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
5.28%
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%
$633,060
$633.1K
Cap Rate 7%
$452,186
$452.2K
Cap Rate 9%
$351,700
$351.7K
Market Conditions
NOI Build-Up for 1,901 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
$48.4K $25.44/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$45.2K $23.79/SF
− OpEx
−$13.6K −$7.14/SF
NOI
$31.7K $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%
$633,060
Cap Rate 7%
$452,186
Cap Rate 9%
$351,700
Alternative Uses
Best Use
Multifamily LT 5
$452.2K
$395.7K – $527.6K
NOI $31,653 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$358.9K
$314.0K – $418.7K
NOI $25,121 @ 7.0% cap · market cap 4.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,153
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Well maintained four-family property with all units occupied and two separately rented garage spaces.
Where is this quadplex located?
The property is located at 39 Highland St Pawtucket, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four‑family property built in 1880; All four units are currently occupied, providing immediate rental income; Two separately rented garage spaces add additional revenue
