Renovated Multifamily
For Sale
$529,000
507 Summer St, Woonsocket, RI 02895
Flexible multifamily asset with a renovated owner’s unit, walk-out basement, detached garage, and off-street parking.
Property Size1,843 SF
Price / SF$287.03
Days on Market46
Property Features for 507 Summer St
General Information
Standard status
Active
Size
1,843 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Amenities
walk-out basement
detached garage
Building Details
Year Built
1900
Listing Agency:
HERE Realty
(401) 649-2358
Listed By:
Jaston Robinson
Source:
Rhodeislandhomesforsale
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 10:37AM
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 HERE Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 1,843-square-foot multifamily property at 507 Summer St. includes a four-bedroom, two-bath home and a renovated owner’s unit. Heating is provided by separate forced hot air systems for each unit.
The walk-out basement has two independent exits and its own heating system, creating additional space for storage, a workshop, or other uses. The property also includes a detached garage and off-street parking. An additional lot in Blackstone, MA is already subdivided, providing a separate land component associated with the offering.
The walk-out basement has two independent exits and its own heating system, creating additional space for storage, a workshop, or other uses. The property also includes a detached garage and off-street parking. An additional lot in Blackstone, MA is already subdivided, providing a separate land component associated with the offering.
Key Highlights
- 1,843‑square‑foot multifamily property built in 1900
- Four‑bedroom, two‑bath home with a renovated owner’s unit
- Walk‑out basement with two separate exits and an existing heating system
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
$24,354
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
4.60%
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%
$487,080
$487.1K
Cap Rate 7%
$347,914
$347.9K
Cap Rate 9%
$270,600
$270.6K
Market Conditions
NOI Build-Up for 1,843 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
$47.1K $25.56/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$44.3K $24.03/SF
− OpEx
−$19.9K −$10.81/SF
NOI
$24.4K $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%
$487,080
Cap Rate 7%
$347,914
Cap Rate 9%
$270,600
Alternative Uses
Best Use
Apartment 5plus
$347.9K
$304.4K – $405.9K
NOI $24,354 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$438.4K
$383.6K – $511.5K
NOI $30,687 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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?
Multifamily property - Flexible multifamily asset with a renovated owner’s unit, walk-out basement, detached garage, and off-street parking.
Where is this multifamily property located?
The property is located at 507 Summer St Woonsocket, RI.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 1,843‑square‑foot multifamily property built in 1900; Four‑bedroom, two‑bath home with a renovated owner’s unit; Walk‑out basement with two separate exits and an existing heating system
