Condominium Multifamily
For Sale
$566,100
420 Rathbun Street, Woonsocket, RI 02895
MULTI_FAMILY - Woonsocket, RI
Property Size3,145 SF
Price / SF$180
Days on Market52
Property Features for 420 Rathbun Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 8, Basement, Bathroom 3, Bedroom 6, Bathroom 4, Bedroom 1
Parking
8
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed)
Exterior features
Balcony
Basement
Unfinished, Full
Standard status
Active
Size
3,145 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4239
HOA Fee
$180 Monthly
Utilities
Heating system
Electric (Heating), Natural Gas, Baseboard, Forced Air, Space Heater
Cooling system
Wall Unit(s)
Building Details
Year built
1900
Number of units
4
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 13
Last Checked: Aug 14 at 7:06AM
MLS# 1416193
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 professionally managed condominium multifamily offering includes four income-producing condominium units within a total six-unit building. Across the separately deeded units, the layout provides a total of eight bedrooms and four bathrooms, with approximately 3,145 square feet in combined living area. The unit mix includes one 1-bedroom unit, two 2-bedroom units, and one 3-bedroom unit. Finishes and utilities include dry wall construction, laminate and ceramic tile flooring, and interior plumbing noted as mixed. Heating systems include electric and natural gas sources with forced air and baseboard components, and cooling is provided by wall unit(s). A balcony is included as an exterior feature.
The monthly HOA fees are $180 per unit and cover water, sewer, snow removal, refuse removal, and extra storage, which can help reduce day-to-day ownership responsibilities.
The building’s configuration as multiple separately deeded income units provides a consolidated approach for acquiring multiple residences in one transaction.
The monthly HOA fees are $180 per unit and cover water, sewer, snow removal, refuse removal, and extra storage, which can help reduce day-to-day ownership responsibilities.
The building’s configuration as multiple separately deeded income units provides a consolidated approach for acquiring multiple residences in one transaction.
Key Highlights
- Four separately deeded income condo units within a six‑unit building
- Approximately 3,145 square feet across eight bedrooms and four bathrooms
- One 1‑bedroom unit, two 2‑bedroom units, and one 3‑bedroom unit
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
$41,560
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%
$831,200
$831.2K
Cap Rate 7%
$593,714
$593.7K
Cap Rate 9%
$461,778
$461.8K
Market Conditions
NOI Build-Up for 3,145 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
$80.4K $25.56/SF
− Vacancy
−$4.8K −$1.53/SF
EGI
$75.6K $24.03/SF
− OpEx
−$34.0K −$10.81/SF
NOI
$41.6K $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%
$831,200
Cap Rate 7%
$593,714
Cap Rate 9%
$461,778
Alternative Uses
Best Use
Apartment 5plus
$593.7K
$519.5K – $692.7K
NOI $41,560 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$748.1K
$654.6K – $872.8K
NOI $52,366 @ 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
4
Residential units
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 - Four separately deeded income condo units in a professionally managed six-unit building with a balcony and electric and natural gas heat.
Where is this multifamily property located?
The property is located at 420 Rathbun Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $566,100.
What are key features of this property?
This property features: Four separately deeded income condo units within a six‑unit building; Approximately 3,145 square feet across eight bedrooms and four bathrooms; One 1‑bedroom unit, two 2‑bedroom units, and one 3‑bedroom unit
