Multifamily Condo Unit
For Sale
$422,460
414 Rathbun Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size2,347 SF
Price / SF$180
Days on Market64
Property Features for 414 Rathbun Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
6
Parking features
None
Interior features
Wall (Dry Wall)
Exterior features
Balcony
Basement
Full, Unfinished
Standard status
Active
Size
2,347 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3519
HOA Fee
$180 Monthly
Utilities
Heating system
Natural Gas, Electric (Heating), Baseboard, Space Heater, Forced Air
Cooling system
Wall Unit(s)
Building Details
Year built
1900
Number of units
3
Flooring type
Laminate, Tile - Ceramic
Building materials
Dry Wall
Listing Agency:
Keller Williams Realty
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
(774) 266-1068
Added: Jun 24
Changed: Aug 20
Last Checked: Aug 26 at 7:06AM
MLS# 1416184
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 offering comprises three separately deeded condominium units within a well-maintained six-unit multifamily building. Together, the units provide six bedrooms and three full bathrooms across approximately 2,347 square feet, with each residence arranged as a two-bedroom, one-bath unit. Two units are occupied, while the third is vacant and available for a new occupant or lease-up.
The condominium association’s monthly fee covers water, sewer, snow removal, refuse removal, and additional storage. Interior finishes include drywall, laminate, and ceramic tile, with natural gas and electric heating systems, baseboard heat, space heaters, forced air, and wall-unit cooling. Each unit also includes a balcony. The property is located near highways, shopping, schools, and local amenities in Woonsocket.
The condominium association’s monthly fee covers water, sewer, snow removal, refuse removal, and additional storage. Interior finishes include drywall, laminate, and ceramic tile, with natural gas and electric heating systems, baseboard heat, space heaters, forced air, and wall-unit cooling. Each unit also includes a balcony. The property is located near highways, shopping, schools, and local amenities in Woonsocket.
Key Highlights
- Three separately deeded condominium units in a 6‑unit building
- Six bedrooms and 3 full bathrooms across approximately 2,347 sq. ft.
- Three 2‑bedroom, 1‑bath units sold together
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
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
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 - Three deeded condominium units within a six-unit building, including one vacancy for occupancy flexibility or leasing.
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 in a 6‑unit building; Six bedrooms and 3 full bathrooms across approximately 2,347 sq. ft.; Three 2‑bedroom, 1‑bath units sold together
