Triplex with Unfinished
For Sale
$989,000
45 Carrington Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size4,144 SF
Lot Size0.08 Acres
Price / SF$238.66
Days on Market49
Property Features for 45 Carrington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 3, Bedroom 7, Basement, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 9, Bedroom 1, Bedroom 8, Bathroom 3, Bedroom 4, Bathroom 2
Parking
6
Interior features
Wall (Plaster), Attic, Attic Stairs, Attic Storage
Basement
Storage Space, Full, Unfinished
Appliances
Dryer, Oven, Range, Refrigerator, Washer, Gas Water Heater
Subdivision
East Side
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
4,144 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14816
Utilities
Heating system
Natural Gas, Steam
Amenities
hardwood floors
large front porch
eat-in kitchen
pantry
double parlors
Building Details
Year built
1930
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Plaster, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Patriot Realty, Inc.
Listed By:
Ed Kazarian
(401) 578-7898
Added: Aug 26
Changed: Sep 30
Last Checked: Oct 13 at 10:06AM
MLS# 1421473
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 4,144-square-foot triplex contains three residences, each with three bedrooms, double parlors, an eat-in kitchen, a pantry, hardwood floors, and a large front porch. The unfinished attic offers additional interior space, and a two-car garage provides off-street parking. Gas and electric infrastructure is separated by unit. The building was constructed in 1930 and is zoned R3.
All three units are leased: the first-floor unit through August 2027, and the second- and third-floor units through May 2027. The property is on Carrington Avenue in Providence, with access to College Hill and Thayer Street, Hope Village, downtown, and the train station. Shopping, educational, and recreational facilities are also identified in the surrounding area.
All three units are leased: the first-floor unit through August 2027, and the second- and third-floor units through May 2027. The property is on Carrington Avenue in Providence, with access to College Hill and Thayer Street, Hope Village, downtown, and the train station. Shopping, educational, and recreational facilities are also identified in the surrounding area.
Key Highlights
- Three units, each with three bedrooms and double parlors
- 4,144 square feet; lot area is 0.0781 acres
- Two‑car garage and large front porches
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
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
NOI $69,976 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$897.9K
$785.7K – $1.05M
NOI $62,854 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,048 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,395
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
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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 three-bedroom residences feature double parlors, eat-in kitchens, and individual gas and electric utility infrastructure.
Where is this triplex located?
The property is located at 45 Carrington Avenue 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 units, each with three bedrooms and double parlors; 4,144 square feet; lot area is 0.0781 acres; Two‑car garage and large front porches
