Three-Unit Triplex with New
For Sale
$699,000
422 East Avenue, Pawtucket, RI 02860
MULTI_FAMILY - Pawtucket, RI
Property Size2,864 SF
Lot Size0.17 Acres
Price / SF$244.06
Days on Market8
Property Features for 422 East Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Basement, Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Parking
6
Parking features
None
Patio and Porch features
Deck
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Stairs, Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC), Insulation (Unknown)
Exterior features
Deck
Basement
Full, Unfinished, Storage Space
Appliances
Gas Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
Lot features
Extra Lot, Fenced, Paved, Sidewalks
Standard status
Active
Size
2,864 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5857
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1880
Floors in Building
3
Number of units
3
Flooring type
Vinyl, Laminate
Building materials
Dry Wall, Paneled, Plaster, Vinyl Siding
Listing Agency:
Badger Realty
(401) 495-4756
Listed By:
Inessa Moshkina
(401) 556-4352
Added: Aug 5
Changed: Aug 8
Last Checked: Aug 12 at 1:06AM
MLS# 1417472
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 2,864-square-foot triplex contains three two-bedroom units within an 1880-built residential structure on a 0.17-acre lot. Recent work includes a new roof, new vinyl siding, and two new hot water heaters. Interior finishes include vinyl and laminate flooring, along with drywall, paneled, and plaster wall surfaces. Natural-gas baseboard heat, public water, and a mix of household appliances support day-to-day occupancy. A deck adds exterior amenity space.
Located at 422 East Avenue in Pawtucket, the property is positioned near shopping, dining, schools, public transportation, and major routes. The configuration also supports an owner-occupant arrangement with rental income from the other units, as described in the property information.
Located at 422 East Avenue in Pawtucket, the property is positioned near shopping, dining, schools, public transportation, and major routes. The configuration also supports an owner-occupant arrangement with rental income from the other units, as described in the property information.
Key Highlights
- Three two‑bedroom units in a single triplex
- 2,864 square feet on a 0.17‑acre lot
- New roof and new vinyl siding
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
$47,687
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
6.82%
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%
$953,740
$953.7K
Cap Rate 7%
$681,243
$681.2K
Cap Rate 9%
$529,856
$529.9K
Market Conditions
NOI Build-Up for 2,864 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
$72.9K $25.44/SF
− Vacancy
−$4.7K −$1.65/SF
EGI
$68.1K $23.79/SF
− OpEx
−$20.4K −$7.14/SF
NOI
$47.7K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$953,740
Cap Rate 7%
$681,243
Cap Rate 9%
$529,856
Alternative Uses
Best Use
Multifamily LT 5
$681.2K
$596.1K – $794.8K
NOI $47,687 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$540.7K
$473.1K – $630.8K
NOI $37,846 @ 7.0% cap · market cap 5.41%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,154
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Triplex - Residential income property with updated exterior materials, modernized water-heating equipment, and individual two-bedroom layouts.
Where is this triplex located?
The property is located at 422 East Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three two‑bedroom units in a single triplex; 2,864 square feet on a 0.17‑acre lot; New roof and new vinyl siding
