Two-Building Apartment
For Sale
Under Contract
$979,000
411 Rathbun Street, Woonsocket, RI 02895
Commercial/Business,Commercial Sale, Woonsocket, RI
Property Size6,000 SF
Lot Size0.18 Acres
Price / SF$163.17
Days on Market24
Property Features for 411 Rathbun Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R4
Rooms
Basement
Parking
5
Basement
Full
Lot features
Downtown
Standard status
Active Under Contract
Size
6,000 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7074
Utilities
Heating system
Baseboard
Building Details
Year built
1910
Building materials
Frame
Listing Agency:
Keller Williams Realty
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
(774) 266-1068
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 20 at 7:06AM
MLS# 1418850
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 apartment property includes two separate buildings on one lot with five residential units. The front structure is configured as a side-by-side duplex, with each apartment offering four bedrooms, 1.5 baths, a first-floor bedroom, three second-floor bedrooms, in-unit laundry, and unfinished basement storage. The rear structure contains three renovated apartments, each with three bedrooms, one full bath, living and dining areas, and a functional kitchen. The property has frame construction, baseboard heating, and was built in 1910.
Located at 411 Rathbun Street in Woonsocket, the property is zoned R4 and occupies 0.18 acres. The site provides off-street parking and includes access to shopping, restaurants, schools, parks, and major commuter routes. The two-building layout separates the duplex and three-family components, while the rear building is vacant and available for occupancy or leasing.
Located at 411 Rathbun Street in Woonsocket, the property is zoned R4 and occupies 0.18 acres. The site provides off-street parking and includes access to shopping, restaurants, schools, parks, and major commuter routes. The two-building layout separates the duplex and three-family components, while the rear building is vacant and available for occupancy or leasing.
Key Highlights
- Two‑building property with 5 residential units on one lot
- 6,000 square feet on 0.18 acres
- Front building configured as a side‑by‑side duplex with 4 bedrooms per unit
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
$79,287
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
8.10%
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%
$1,585,740
$1.6M
Cap Rate 7%
$1,132,671
$1.1M
Cap Rate 9%
$880,967
$881.0K
Market Conditions
NOI Build-Up for 6,000 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
$153.4K $25.56/SF
− Vacancy
−$9.2K −$1.53/SF
EGI
$144.2K $24.03/SF
− OpEx
−$64.9K −$10.81/SF
NOI
$79.3K $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%
$1,585,740
Cap Rate 7%
$1,132,671
Cap Rate 9%
$880,967
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $99,903 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$1.13M
$991.1K – $1.32M
NOI $79,287 @ 7.0% cap · market cap 8.10%
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?
Apartment building - Five residential units include a side-by-side duplex and renovated three-family building.
Where is this apartment building located?
The property is located at 411 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‑building property with 5 residential units on one lot; 6,000 square feet on 0.18 acres; Front building configured as a side‑by‑side duplex with 4 bedrooms per unit
