Building Details

Year Built 1930

Listing Agency: Patriot Realty, Inc.

Listed By: Ed Kazarian Show Phone

Source: Alpernandmesenbourg

Added: Aug 28 Changed: Oct 10 Last Checked: Oct 7 at 2:58PM

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Investment Insights

Based on property information with market context.

Built in 1930, this multifamily property contains three residential units within an estimated 4,000+ square feet. Each apartment offers three bedrooms, double parlors, an eat-in kitchen, pantry, hardwood flooring, and a large front porch. A substantial unfinished attic provides internal expansion potential, while the two-car garage adds off-street parking. Gas and electric service are separately metered by unit.

The second- and third-floor apartments are leased through May 2027, and the first-floor apartment is leased through August 2027. The property is situated on Providence’s East Side with access to College Hill, Thayer Street, Hope Village, Downtown, the train station, and multiple shopping, educational, and recreational destinations.

Key Highlights

• Three residential units, each with 3 bedrooms and double parlors
• Estimated 4000+sf multifamily property built in 1930
• Unfinished attic offers internal expansion potential

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$69,976

Cap Rate

7.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,399,520 $1.4M

Cap Rate 7%

$999,657 $999.7K

Cap Rate 9%

$777,511 $777.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,144 SF

Gross rent

$106.9K $25.80/SF

− Vacancy

−$6.9K −$1.68/SF

EGI

$100.0K $24.12/SF

− OpEx

−$30.0K −$7.24/SF

NOI

$70.0K $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 Rate 5%

$1,399,520

Cap Rate 7%

$999,657

Cap Rate 9%

$777,511

Alternative Uses

Best Use

Multifamily LT 5

$999.7K

$874.7K – $1.17M (±1% cap)

NOI $69,976 @ 7.0% cap · market cap 7.08%

Second Best

Apartment 5plus

$897.9K

$785.7K – $1.05M (±1% cap)

NOI $62,854 @ 7.0% cap · market cap 6.36%

Theoretical Best

Office A

$1.39M

$1.21M – $1.62M (±1% cap)

NOI $97,048 @ 7.0% cap · market cap 9.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Auto Parts Store HVAC Service Daycare Center Carpet & Flooring Store Building Supply (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,503

Businesses Nearby

Explore this area Business Placement

Demographics for 02906, RI

25,559

Population

13,468

Households

1.9

Avg Household Size

35

Median Age

80%

College-Educated

97%

High-School Grad

3.1 sq mi

ZIP Area

8,245

Density / Sq Mi

$102,796

Median Household Income

$57,214

Median Earnings

$1,729

Median Rent

$582,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Spacious residential units feature three bedrooms, double parlors, eat-in kitchens, pantries, hardwood floors, and front porches.

Where is this triplex located?

The property is located at 45 Carrington Ave Providence, RI.

What is the asking price?

The asking price for this property is $989,000.

What are key features of this property?

This property features: Three residential units, each with 3 bedrooms and double parlors; Estimated 4000+sf multifamily property built in 1930; Unfinished attic offers internal expansion potential