3-Unit Multifamily
For Sale
$585,000
41 Carter Street, Providence, RI 02907
Three-unit residential property with two vacant units, updated kitchens, and ceramic-tiled bathrooms.
Property Size2,203 SF
Days on Market13
Property Features for 41 Carter Street
General Information
Standard status
Active
Size
2,203 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Zoning
R-3
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,013
Building Details
Building Size
2,203 SF
Year Built
1900
Buildings
1
Stories
3
Units
3
Listing Agency:
Right Move RI, LLC
(401) 499-8863
Listed By:
Jan Hay
(401) 499-8863
Source:
Liongatere
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 11 at 2:59PM
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 Right Move RI, LLC
Investment Insights
Based on property information with market context.
This three-unit multifamily property, built in 1900, offers a combination of vacant space and existing residential configuration. The first- and third-floor units are vacant, while the second-floor unit requires some work before it can be rented. Laminate flooring runs throughout the property, and the kitchens feature granite countertops and newer cabinetry. Ceramic tile is installed in the bathrooms.
The property is zoned R-3 and includes parking for 4-5 cars. Its Providence location provides proximity to shopping, schools, highways, and restaurants, offering access to a range of everyday services and transportation routes.
The property is zoned R-3 and includes parking for 4-5 cars. Its Providence location provides proximity to shopping, schools, highways, and restaurants, offering access to a range of everyday services and transportation routes.
Key Highlights
- Three‑unit multifamily property built in 1900
- First- and third‑floor units are vacant
- Newer kitchens with granite countertops and cabinetry
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
$37,200
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
6.36%
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%
$744,000
$744.0K
Cap Rate 7%
$531,429
$531.4K
Cap Rate 9%
$413,333
$413.3K
Market Conditions
NOI Build-Up for 2,203 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
$56.8K $25.80/SF
− Vacancy
−$3.7K −$1.68/SF
EGI
$53.1K $24.12/SF
− OpEx
−$15.9K −$7.24/SF
NOI
$37.2K $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%
$744,000
Cap Rate 7%
$531,429
Cap Rate 9%
$413,333
Alternative Uses
Best Use
Multifamily LT 5
$531.4K
$465.0K – $620.0K
NOI $37,200 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$477.3K
$417.7K – $556.9K
NOI $33,414 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$737.0K
$644.9K – $859.9K
NOI $51,592 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,146
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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-unit residential property with two vacant units, updated kitchens, and ceramic-tiled bathrooms.
Where is this triplex located?
The property is located at 41 Carter Street Providence, RI.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1900; First- and third‑floor units are vacant; Newer kitchens with granite countertops and cabinetry
