Triplex with Basement
For Sale
$599,000
Pending
453 Central Avenue, Pawtucket, RI 02861
Residential Income, Pawtucket, RI
Property Size4,084 SF
Lot Size0.08 Acres
Days on Market74
Property Features for 453 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MO
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
4
Parking features
None
Interior features
Stairs, Plumbing (Mixed)
Basement
Storage Space, Full, Unfinished
Appliances
Oven/Range, Refrigerator
Subdivision
Darlington
Lot features
Fenced, Paved Driveway, Sidewalks
Standard status
Pending
Size
4,084 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5013
Utilities
Heating system
Natural Gas, Steam, Baseboard
Amenities
off-street parking
basement space
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Vinyl
Building materials
Vinyl Siding
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
Jake Pereira
(774) 284-3802
Added: Jun 10
Changed: Aug 20
Last Checked: Aug 22 at 4:06AM
MLS# 1414583
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 three-unit residential property contains 4,084 square feet on a 0.08-acre lot and was built in 1900. The building has vinyl siding, a basement, three bathrooms, six bedrooms, and a combination of hardwood and vinyl flooring. Interior features include stairs and mixed plumbing, while appliances include an oven/range and refrigerator. Heating is provided through natural gas, steam, and baseboard systems.
Unit 2 is scheduled to become available July 1, creating flexibility for an owner-occupant or a new leasing arrangement. The property has been professionally managed and is located at 453 Central Avenue in Pawtucket, Rhode Island. Zoning is designated MO.
Unit 2 is scheduled to become available July 1, creating flexibility for an owner-occupant or a new leasing arrangement. The property has been professionally managed and is located at 453 Central Avenue in Pawtucket, Rhode Island. Zoning is designated MO.
Key Highlights
- Triplex totaling 4,084 square feet on a 0.08‑acre lot
- Six bedrooms, three bathrooms, and basement space
- Unit 2 scheduled to become available July 1
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
$53,968
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
9.01%
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%
$1,079,360
$1.1M
Cap Rate 7%
$770,971
$771.0K
Cap Rate 9%
$599,644
$599.6K
Market Conditions
NOI Build-Up for 4,084 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
$104.4K $25.56/SF
− Vacancy
−$6.3K −$1.53/SF
EGI
$98.1K $24.03/SF
− OpEx
−$44.2K −$10.81/SF
NOI
$54.0K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,079,360
Cap Rate 7%
$770,971
Cap Rate 9%
$599,644
Alternative Uses
Best Use
Multifamily LT 5
$971.4K
$850.0K – $1.13M
NOI $68,001 @ 7.0% cap · market cap 11.35%
Second Best
Apartment 5plus
$771.0K
$674.6K – $899.5K
NOI $53,968 @ 7.0% cap · market cap 9.01%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,008
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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?
Triplex - Three-unit residential property with mixed hardwood and vinyl flooring, natural-gas heating, and a practical interior layout.
Where is this triplex located?
The property is located at 453 Central Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Triplex totaling 4,084 square feet on a 0.08‑acre lot; Six bedrooms, three bathrooms, and basement space; Unit 2 scheduled to become available July 1
