Three-Unit Multifamily Condo
For Sale
$422,460
414 Rathbun Street, Woonsocket, RI 02895
Separate condominium ownership combines leased and vacant residences within a six-unit building.
Property Size2,347 SF
Price / SF$180
Days on Market86
Property Features for 414 Rathbun Street
General Information
Standard status
Active
Size
2,347 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
HOA Fee
$540
Amenities
extra storage
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Elite
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
Source:
Milburyre
Added: May 16
Changed: Aug 8
Last Checked: Aug 9 at 12:13PM
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 Elite
Investment Insights
Based on property information with market context.
This offering combines three separately deeded condominium residences within a six-unit multifamily building at 414 Rathbun Street in Woonsocket, Rhode Island. The package contains approximately 2,347 square feet, with a total of 6 bedrooms and 3 full bathrooms. Each residence is configured as a two-bedroom, one-bath unit, providing a consistent layout across the portfolio.
Two residences are occupied, while the third is vacant. The property was built in 1900 and includes an HOA structure covering water, sewer, snow removal, refuse removal, and additional storage. The building is situated near highways, shopping, schools, and other local amenities, giving the units access to established community services.
Two residences are occupied, while the third is vacant. The property was built in 1900 and includes an HOA structure covering water, sewer, snow removal, refuse removal, and additional storage. The building is situated near highways, shopping, schools, and other local amenities, giving the units access to established community services.
Key Highlights
- Three separately deeded condominium units sold together
- Approximately 2,347 square feet with 6 bedrooms and 3 full bathrooms
- Three consistent two‑bedroom, one‑bath residences
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
$31,014
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
7.34%
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%
$620,280
$620.3K
Cap Rate 7%
$443,057
$443.1K
Cap Rate 9%
$344,600
$344.6K
Market Conditions
NOI Build-Up for 2,347 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
$60.0K $25.56/SF
− Vacancy
−$3.6K −$1.53/SF
EGI
$56.4K $24.03/SF
− OpEx
−$25.4K −$10.81/SF
NOI
$31.0K $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%
$620,280
Cap Rate 7%
$443,057
Cap Rate 9%
$344,600
Alternative Uses
Best Use
Apartment 5plus
$443.1K
$387.7K – $516.9K
NOI $31,014 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$558.3K
$488.5K – $651.3K
NOI $39,079 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
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 - Separate condominium ownership combines leased and vacant residences within a six-unit building.
Where is this multifamily property located?
The property is located at 414 Rathbun Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $422,460.
What are key features of this property?
This property features: Three separately deeded condominium units sold together; Approximately 2,347 square feet with 6 bedrooms and 3 full bathrooms; Three consistent two‑bedroom, one‑bath residences
