Providence Multi-Family Investment
48 Calais Street, Providence, RI 02908
New
MULTI_FAMILY - Providence, RI
Property size:
2,188 SFLot size:
0.07 AcresPrice / SF:
$260/SF- Added:
- May 13, 2026
- Days on Market:
- 4
- Last Refresh:
- May 16 at 11:06 pm
Property Features for 48 Calais Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-3
- Bedrooms
- 6
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Basement
- Parking features
- Garage
- Interior features
- Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Cap), Insulation (Walls)
- Basement
- Unfinished, Storage Space, Full
- Appliances
- Electric Water Heater, Dryer, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 2,188 SF
- Lot size
- 0.07 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 6378
Utilities
- Heating system
- Electric (Heating)
- Cooling system
- Ductless
- Water source
- Public
Building Details
- Year built
- 1870
- Floors in Building
- 4
- Number of units
- 3
- Flooring type
- Hardwood, Laminate
- Building materials
- Dry Wall, Plaster, Vinyl Siding
Listing agent Ramiro Encizo License #RES.0042346 (401) 439-7705
Listing office Residential Properties Ltd. 140 Wickenden Street, RI (401) 274-6740
Listing date May 13, 2026
MLS# 1412474
Listing URL
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.
HighLights
- Proven rental history with immediate occupancy due to proximity to Rhode Island Statehouse, Downtown Providence, and highway access.
- Recent capital improvements including newer ductless HVAC systems (2022), new electric meters, and a younger roof (2018).
- Well‑maintained 3‑family property with three 2‑bedroom units.
- Desirable location on a quiet street in Providence's Smith Hill neighborhood.
- Charming exterior with curb appeal and a spacious, welcoming backyard.
- Low owner‑occupied tax rate of $3,440.
Overview
Located on a quiet street in Providence's Smith Hill neighborhood, this well-maintained 3-family property offers convenient access to local amenities. The property features curb appeal and a spacious backyard. Inside, the building contains three 2-bedroom units with comfortable interiors. The units have historically rented quickly due to their proximity to the Rhode Island Statehouse, walkability to Downtown Providence, and easy highway access. Recent capital improvements include newer ductless HVAC systems installed in 2022, new electric meters, a younger roof installed in 2018, and vinyl siding. The property has been continuously maintained by its current owner. The lot size is 0.07 acres. The property size is 2188 square feet. The zoning is R-3. The property is suitable for both owner occupants and investors.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$410.5K
NOI $36,947 @ 9.00% cap · cautious / downside scenario
Moderate
$527.8K
NOI $36,947 @ 7.00% cap · market / base-case scenario
Aggressive
$738.9K
NOI $36,947 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.5k | $25.80 |
| − Vacancy | −$3.7k | −$1.68 |
| EGI | $52.8k | $24.12 |
| − OpEx | −$15.8k | −$7.24 |
| NOI | $36.9k | $16.89 |
2,188 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$527.8K
$461.8K – $615.8K
NOI $36,947 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$474.1K
$414.8K – $553.1K
NOI $33,186 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$732.0K
$640.5K – $854.0K
NOI $51,240 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.420592
- Latitude
- 41.832104
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Well-maintained 3-family property in Providence's Smith Hill neighborhood.
Where is this triplex located?
The property is located at 48 Calais Street Providence, RI.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Proven rental history with immediate occupancy due to proximity to Rhode Island Statehouse, Downtown Providence, and highway access.; Recent capital improvements including newer ductless HVAC systems (2022), new electric meters, and a younger roof (2018).; Well‑maintained 3‑family property with three 2‑bedroom units.
