Triplex with Unfinished
New
For Sale
$1,100,000
45 Carrington Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size4,144 SF
Lot Size0.08 Acres
Price / SF$265.44
Days on Market1
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
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 8, Bedroom 4, Basement, Bedroom 6, Bedroom 7, Bedroom 9, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Parking
6
Interior features
Wall (Plaster), Attic, Attic Stairs, Attic Storage
Basement
Unfinished, Storage Space, Full
Appliances
Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
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
Steam, Natural Gas
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.
(401) 578-7898
Listed By:
Ed Kazarian
(401) 578-7898
Added: Aug 26
Last Checked: Aug 26 at 3:06PM
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.
Built in 1930, this 4,144-square-foot triplex contains three residential units, each with three bedrooms, double parlors, an eat-in kitchen, pantry, hardwood flooring, and a large front porch. The property includes a substantial unfinished attic with expansion potential, a two-car garage, and additional off-street parking. Interior details include plaster walls, ceramic tile, attic storage, and attic stairs. Heating is provided by natural-gas steam, while each unit has separately metered gas and electric service.
All three apartments are currently leased, with the second- and third-floor agreements extending through May 2027 and the first-floor lease continuing through August 2027. Existing rents are below current market levels. Zoned R3 and situated on a 0.0781-acre lot at 45 Carrington Avenue in Providence, the property is near College Hill, Thayer Street, Hope Village, downtown, the train station, shopping, educational facilities, and recreational destinations.
All three apartments are currently leased, with the second- and third-floor agreements extending through May 2027 and the first-floor lease continuing through August 2027. Existing rents are below current market levels. Zoned R3 and situated on a 0.0781-acre lot at 45 Carrington Avenue in Providence, the property is near College Hill, Thayer Street, Hope Village, downtown, the train station, shopping, educational facilities, and recreational destinations.
Key Highlights
- 4,144 SF triplex with three 3‑bedroom residential units
- Each unit includes double parlors, an eat‑in kitchen, pantry, hardwood floors, and a large front porch
- Unfinished attic with attic stairs and storage areas
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
$69,976
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
6.36%
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%
$1,399,520
$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
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
$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 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%
$1,399,520
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 6.36%
Second Best
Apartment 5plus
$897.9K
$785.7K – $1.05M
NOI $62,854 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,048 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Three leased residences provide spacious layouts, separate utility infrastructure, and garage parking in Providence’s East Side.
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 $1,100,000.
What are key features of this property?
This property features: 4,144 SF triplex with three 3‑bedroom residential units; Each unit includes double parlors, an eat‑in kitchen, pantry, hardwood floors, and a large front porch; Unfinished attic with attic stairs and storage areas
