Seven-Unit Multifamily
For Sale
$949,000
414 420 Rathbun St, Woonsocket, RI 02895
Commercial Sale, Woonsocket, RI
Property Size5,492 SF
Price / SF$172.80
Days on Market74
Property Features for 414 420 Rathbun St
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Use GPS
Standard status
Active
APN
M:21I L:196 U:28
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7758
Building Details
Year built
1900
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(508) 695-4545
Added: Jun 24
Changed: Sep 3
Last Checked: Sep 5 at 9:06AM
MLS# 73541393
Copyright © 2026 MLS Property Information Network 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 offering includes seven separately deeded condominium units distributed between two adjacent buildings at 414 and 420 Rathbun Street. The package contains 14 bedrooms and 7 bathrooms across approximately 5,492 square feet of living area, with unit layouts ranging from one to three bedrooms. The buildings date to 1900 and are professionally managed.
Six units are occupied, while one two-bedroom condominium is vacant. Association services include water, sewer, snow removal, refuse removal, and additional storage. The properties generate rental income and combine occupied units with a vacant residence within a single acquisition.
Six units are occupied, while one two-bedroom condominium is vacant. Association services include water, sewer, snow removal, refuse removal, and additional storage. The properties generate rental income and combine occupied units with a vacant residence within a single acquisition.
Key Highlights
- 7 separately deeded condominium units across 2 adjacent buildings
- 14 bedrooms and 7 bathrooms across 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
Lease Details
7
Residential units
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 - Seven separately deeded condominiums span two professionally managed buildings with a mix of one-, two-, and three-bedroom layouts.
Where is this multifamily property located?
The property is located at 414 420 Rathbun St 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: 7 separately deeded condominium units across 2 adjacent buildings; 14 bedrooms and 7 bathrooms across approximately 5,492 square feet; Unit mix includes 1-, 2-, and 3‑bedroom residences
