Triplex with Unfinished
For Sale
$629,000
419 Orms St, Providence, RI 02908
Three separate residences feature individual mechanical systems and dedicated kitchen appliances.
Property Size2,929 SF
Price / SF$214.75
Days on Market18
Property Features for 419 Orms St
General Information
Standard status
Active
Size
2,929 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1917
Buildings
1
Listing Agency:
RE/MAX Professionals
Listed By:
Nicholas Pardy · License #RES.0040238
(401) 884-6050
Source:
Rhodeislandhomesforsale
Added: Sep 10
Changed: Sep 26
Last Checked: Sep 26 at 7:22AM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
Built in 1917, this 2,929-square-foot triplex contains three residential units, each with its own kitchen appliances, heating system, hot water tank, and electrical panel. The appliance packages include a dishwasher, refrigerator, oven/range, and microwave. Common electric and common water/sewer service are paid by the owner.
An unfinished attic with attic stairs provides additional unfinished space within the property. The building is located on Orms Street in Providence, with access to restaurants, shopping, major highways, and other city amenities.
An unfinished attic with attic stairs provides additional unfinished space within the property. The building is located on Orms Street in Providence, with access to restaurants, shopping, major highways, and other city amenities.
Key Highlights
- Three‑family property with 3 residential units
- 2,929 square feet; built in 1917
- Each unit includes a dishwasher, refrigerator, oven/range, and microwave
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
$49,459
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
7.86%
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%
$989,180
$989.2K
Cap Rate 7%
$706,557
$706.6K
Cap Rate 9%
$549,544
$549.5K
Market Conditions
NOI Build-Up for 2,929 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
$75.6K $25.80/SF
− Vacancy
−$4.9K −$1.68/SF
EGI
$70.7K $24.12/SF
− OpEx
−$21.2K −$7.24/SF
NOI
$49.5K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$989,180
Cap Rate 7%
$706,557
Cap Rate 9%
$549,544
Alternative Uses
Best Use
Multifamily LT 5
$706.6K
$618.2K – $824.3K
NOI $49,459 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$634.6K
$555.3K – $740.4K
NOI $44,425 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$979.9K
$857.4K – $1.14M
NOI $68,594 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,538
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences feature individual mechanical systems and dedicated kitchen appliances.
Where is this triplex located?
The property is located at 419 Orms St Providence, RI.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Three‑family property with 3 residential units; 2,929 square feet; built in 1917; Each unit includes a dishwasher, refrigerator, oven/range, and microwave
