Four-Unit Quadplex with Attic
For Sale
$975,000
45 Forest Street, Providence, RI 02906
Four residential units offer separate utilities, replacement windows, original woodwork, and on-site parking.
Property Size3,666 SF
Price / SF$265.96
Days on Market9
Property Features for 45 Forest Street
General Information
Standard status
Active
Size
3,666 SF
Property subtype
Multifamily
Units
Unit Mix
3 x 1BR, 1 x 2BR
Multifamily Units
4
Parking per Unit
1
Amenities
laundry in basement
walk-up attic
widow's walk
Building Details
Year Built
1910
Listing Agency:
RE/MAX River's Edge
(401) 245-2000
Listed By:
Brooke Buckett
Source:
Lockandkeyre
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 5:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX River's Edge
Investment Insights
Based on property information with market context.
Built in 1910, this 3,666-square-foot quadplex contains four residential units: three one-bedroom apartments and one two-bedroom apartment. The units feature adaptable layouts, high ceilings, substantial natural light, replacement windows, and preserved original woodwork. Each apartment has its own gas heating and hot water system. One off-street parking space is provided per unit, while basement laundry adds practical resident convenience.
The property also includes a walk-up attic with substantial storage and a widow’s walk. Any future expansion would be subject to approvals. Located at 45 Forest Street in Providence’s Mount Hope neighborhood, the property is near Hope Street cafés, restaurants, and shops, as well as Blackstone Boulevard, Brown University, downtown Providence, and major highways.
The property also includes a walk-up attic with substantial storage and a widow’s walk. Any future expansion would be subject to approvals. Located at 45 Forest Street in Providence’s Mount Hope neighborhood, the property is near Hope Street cafés, restaurants, and shops, as well as Blackstone Boulevard, Brown University, downtown Providence, and major highways.
Key Highlights
- Four‑unit quadplex with 3 one‑bedroom units and 1 two‑bedroom unit
- 3,666 SF property built in 1910
- Separate gas heating and hot water systems for each 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
$61,904
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
6.35%
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%
$1,238,080
$1.2M
Cap Rate 7%
$884,343
$884.3K
Cap Rate 9%
$687,822
$687.8K
Market Conditions
NOI Build-Up for 3,666 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
$94.6K $25.80/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$88.4K $24.12/SF
− OpEx
−$26.5K −$7.24/SF
NOI
$61.9K $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%
$1,238,080
Cap Rate 7%
$884,343
Cap Rate 9%
$687,822
Alternative Uses
Best Use
Multifamily LT 5
$884.3K
$773.8K – $1.03M
NOI $61,904 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$794.3K
$695.1K – $926.7K
NOI $55,604 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,853 @ 7.0% cap · market cap 8.81%
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
1,251
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer separate utilities, replacement windows, original woodwork, and on-site parking.
Where is this quadplex located?
The property is located at 45 Forest Street Providence, RI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3 one‑bedroom units and 1 two‑bedroom unit; 3,666 SF property built in 1910; Separate gas heating and hot water systems for each unit
