Five-Unit Apartment
New
For Sale
$979,000
409 Rathbun Street, Woonsocket, RI 02895
Two separate buildings provide spacious layouts, off-street parking, and a renovated three-family building.
Property Size5,938 SF
Price / SF$164.87
Days on Market6
Property Features for 409 Rathbun Street
General Information
Standard status
Active
Size
5,938 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 4BR/1.5BA, 3 x 3BR/1BA
Multifamily Units
5
Amenities
in-unit laundry
Building Details
Year Built
1910
Buildings
2
Listing Agency:
Keller Williams Realty
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
Source:
Lockandkeyre
Added: Jul 28
Changed: Jul 31
Last Checked: Aug 1 at 4:54AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Located at 409 Rathbun Street in Woonsocket, this 5,938-square-foot apartment property includes two buildings on one lot with five residential units. Built in 1910, the front building is a side-by-side duplex with two four-bedroom, 1.5-bath units. Each unit includes a first-floor bedroom, three second-floor bedrooms, in-unit laundry, unfinished basement storage, and spacious living areas. Both front units are currently rented.
The rear building is a fully renovated three-family property. Each unit offers three bedrooms, one full bath, living and dining areas, a functional kitchen, and abundant natural light. The property also features ample off-street parking and separate buildings that provide physical separation between the residences. Its Woonsocket location is described as being close to shopping, restaurants, schools, parks, and major commuter routes.
The rear building is a fully renovated three-family property. Each unit offers three bedrooms, one full bath, living and dining areas, a functional kitchen, and abundant natural light. The property also features ample off-street parking and separate buildings that provide physical separation between the residences. Its Woonsocket location is described as being close to shopping, restaurants, schools, parks, and major commuter routes.
Key Highlights
- Two buildings on one lot with 5 residential units
- 5,938‑square‑foot apartment property built in 1910
- Front building includes a side‑by‑side duplex with two 4‑bedroom, 1.5‑bath units
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.8k | $25.56 |
| − Vacancy | −$9.1k | −$1.53 |
| EGI | $142.7k | $24.03 |
| − OpEx | −$64.2k | −$10.81 |
| NOI | $78.5k | $13.21 |
5,938 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.41M
$1.24M – $1.65M
NOI $98,871 @ 7.0% cap · market cap 10.10%
Second Best
Apartment 5plus
$1.12M
$980.9K – $1.31M
NOI $78,468 @ 7.0% cap · market cap 8.02%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,099
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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?
Apartment building - Two separate buildings provide spacious layouts, off-street parking, and a renovated three-family building.
Where is this apartment building located?
The property is located at 409 Rathbun Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Two buildings on one lot with 5 residential units; 5,938‑square‑foot apartment property built in 1910; Front building includes a side‑by‑side duplex with two 4‑bedroom, 1.5‑bath units
