Seven-Unit Multifamily
For Sale
$949,000
414 Rathbun Street, Woonsocket, RI 02895
Commercial/Business,Commercial Sale, Woonsocket, RI
Property Size5,492 SF
Price / SF$172.80
Days on Market64
Property Features for 414 Rathbun Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
10
Basement
Full
Lot features
Paved, Downtown, Rural
Standard status
Active
Size
5,492 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7758
HOA Fee
$180 Monthly
Utilities
Heating system
Baseboard, Space Heater
Cooling system
Wall Unit(s)
Building Details
Year built
1900
Building materials
Frame
Listing Agency:
Keller Williams Realty
(508) 695-4545
Listed By:
Talib Hussain · License #449585701
(774) 266-1068
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 1416208
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 multifamily portfolio comprises seven separately deeded condominium units distributed between two professionally managed buildings. The units provide 14 bedrooms and seven bathrooms across approximately 5,492 square feet of living area, with a mix of one-, two-, and three-bedroom layouts. Six units are occupied, while one two-bedroom unit is vacant. Frame construction dates to 1900, and heating is provided by baseboard systems and space heaters with wall-unit cooling.
The buildings are adjacent and located at 414 Rathbun Street and 420 Rathbun Street in Woonsocket. Three units are in the first building and four are in the second. Monthly condominium association services include water, sewer, snow removal, refuse removal, and additional storage. The property also includes basement space.
The buildings are adjacent and located at 414 Rathbun Street and 420 Rathbun Street in Woonsocket. Three units are in the first building and four are in the second. Monthly condominium association services include water, sewer, snow removal, refuse removal, and additional storage. The property also includes basement space.
Key Highlights
- Seven separately deeded condominium units across two adjacent buildings
- 14 bedrooms and 7 bathrooms within approximately 5,492 square feet
- Unit mix includes 1-, 2-, and 3‑bedroom 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
$72,574
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
7.65%
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%
$1,451,480
$1.5M
Cap Rate 7%
$1,036,771
$1.0M
Cap Rate 9%
$806,378
$806.4K
Market Conditions
NOI Build-Up for 5,492 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
$140.4K $25.56/SF
− Vacancy
−$8.4K −$1.53/SF
EGI
$132.0K $24.03/SF
− OpEx
−$59.4K −$10.81/SF
NOI
$72.6K $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%
$1,451,480
Cap Rate 7%
$1,036,771
Cap Rate 9%
$806,378
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$907.2K – $1.21M
NOI $72,574 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.31M
$1.14M – $1.52M
NOI $91,444 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Seven separately deeded condominium units in two professionally managed buildings offer a diversified residential rental portfolio.
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 $949,000.
What are key features of this property?
This property features: Seven separately deeded condominium units across two adjacent buildings; 14 bedrooms and 7 bathrooms within approximately 5,492 square feet; Unit mix includes 1-, 2-, and 3‑bedroom residences
