12-Bedroom
For Sale
$850,000
Pending
420 Orms Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size3,342 SF
Lot Size0.09 Acres
Days on Market116
Property Features for 420 Orms Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Triplex
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 11, Bedroom 10, Bedroom 7, Bedroom 4, Bathroom 4, Bedroom 5, Bedroom 8, Bedroom 12, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 9, Bathroom 2
Parking
7
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed)
Fireplace
1
Basement
Finished, Full
Appliances
Electric Water Heater
Subdivision
Smith Hill
Standard status
Pending
Size
3,342 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4649
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
4
Number of units
3
Flooring type
Hardwood
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Realpro By The Water
(401) 600-4100
Listed By:
The Realpro Group
(401) 400-2019
Added: May 6
Changed: Aug 20
Last Checked: Aug 29 at 12:06PM
MLS# 1411856
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.
Located at 420 Orms Street in Providence, this triplex property contains 3,342 square feet with 12 bedrooms and four bathrooms. The interior includes hardwood flooring, drywall, mixed plumbing, a basement, and a fireplace. Construction features vinyl siding, while heating is provided by electric baseboard systems and cooling by window units. An electric water heater serves the building, and the water source is public.
Built in 1900, the property sits on a 0.0879-acre parcel. No parking is identified among the property features. The sale excludes the lot, a material consideration for evaluating the offering and its included real estate. The property is designated Triplex under zoning information provided for the listing.
Built in 1900, the property sits on a 0.0879-acre parcel. No parking is identified among the property features. The sale excludes the lot, a material consideration for evaluating the offering and its included real estate. The property is designated Triplex under zoning information provided for the listing.
Key Highlights
- 3,342‑square‑foot triplex property with 12 bedrooms
- Four bathrooms and a basement
- Built in 1900
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
$56,433
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
6.64%
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%
$1,128,660
$1.1M
Cap Rate 7%
$806,186
$806.2K
Cap Rate 9%
$627,033
$627.0K
Market Conditions
NOI Build-Up for 3,342 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
$86.2K $25.80/SF
− Vacancy
−$5.6K −$1.68/SF
EGI
$80.6K $24.12/SF
− OpEx
−$24.2K −$7.24/SF
NOI
$56.4K $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%
$1,128,660
Cap Rate 7%
$806,186
Cap Rate 9%
$627,033
Alternative Uses
Best Use
Multifamily LT 5
$806.2K
$705.4K – $940.6K
NOI $56,433 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$724.1K
$633.6K – $844.8K
NOI $50,690 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.12M
$978.3K – $1.30M
NOI $78,266 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - The building offers four bathrooms, a basement, hardwood flooring, and electric baseboard heat.
Where is this triplex located?
The property is located at 420 Orms Street Providence, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,342‑square‑foot triplex property with 12 bedrooms; Four bathrooms and a basement; Built in 1900
