Two-Building Multifamily
New
For Sale
$979,000
409 Rathbun Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size5,938 SF
Lot Size0.18 Acres
Price / SF$164.87
Days on Market2
Property Features for 409 Rathbun Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
17
Bathrooms
6
Full bathrooms
5
Half bathrooms
2
Rooms
Bedroom 3, Bedroom 12, Bedroom 2, Bathroom 5, Bedroom 15, Bedroom 17, Bedroom 11, Bedroom 4, Bathroom 4, Bathroom 1, Basement, Bedroom 16, Bedroom 13, Bedroom 9, Bedroom 7, Bedroom 6, Bedroom 10, Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 8, Bedroom 5, Bathroom 6, Bathroom 7, Bedroom 14
Parking
5
Parking features
None
Basement
Unfinished, Full
Appliances
Gas Water Heater
Standard status
Active
Size
5,938 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7074
Utilities
Heating system
Natural Gas, Baseboard
Amenities
in-unit laundry
Building Details
Year built
1910
Number of units
4
Flooring type
Hardwood, Laminate, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Realty
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
(774) 266-1068
Added: Aug 25
Last Checked: Aug 26 at 7:06AM
MLS# 1421531
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This R4-zoned multifamily property includes two residential buildings totaling 5 units on a 0.18-acre lot. The 5,938-square-foot offering dates to 1910 and features vinyl siding, hardwood, laminate, and ceramic tile flooring, along with natural-gas baseboard heat and a gas water heater.
The front structure contains a side-by-side duplex with 4 bedrooms and 1.5 baths per unit. Each residence includes a first-floor bedroom, three second-floor bedrooms, in-unit laundry, unfinished basement storage, and living areas with natural light. The rear building is a renovated 3-family property with 3 bedrooms, 1 full bath, living and dining areas, and kitchens in each unit. The property is located in Woonsocket, Rhode Island, near shopping, restaurants, schools, parks, and major commuter routes.
The front structure contains a side-by-side duplex with 4 bedrooms and 1.5 baths per unit. Each residence includes a first-floor bedroom, three second-floor bedrooms, in-unit laundry, unfinished basement storage, and living areas with natural light. The rear building is a renovated 3-family property with 3 bedrooms, 1 full bath, living and dining areas, and kitchens in each unit. The property is located in Woonsocket, Rhode Island, near shopping, restaurants, schools, parks, and major commuter routes.
Key Highlights
- Two buildings with 5 residential units on a 0.18‑acre lot
- 5,938 SF multifamily property built in 1910
- Front building configured as a side‑by‑side duplex
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
$78,468
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
8.02%
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%
$1,569,360
$1.6M
Cap Rate 7%
$1,120,971
$1.1M
Cap Rate 9%
$871,867
$871.9K
Market Conditions
NOI Build-Up for 5,938 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
$151.8K $25.56/SF
− Vacancy
−$9.1K −$1.53/SF
EGI
$142.7K $24.03/SF
− OpEx
−$64.2K −$10.81/SF
NOI
$78.5K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,569,360
Cap Rate 7%
$1,120,971
Cap Rate 9%
$871,867
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
Property Profile
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?
Multifamily property - R4-zoned property combines varied residential layouts with separate structures and natural light.
Where is this multifamily property 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 with 5 residential units on a 0.18‑acre lot; 5,938 SF multifamily property built in 1910; Front building configured as a side‑by‑side duplex
