Fire-Coded
For Sale
$849,000
Pending
52 Erastus Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size2,986 SF
Lot Size0.14 Acres
Days on Market59
Property Features for 52 Erastus Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 2, Bedroom 7, Bedroom 6, Basement, Bedroom 5, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 10, Bedroom 9, Bedroom 1
Parking
8
Parking features
None
Basement
Unfinished, Full
Appliances
Gas Water Heater
Subdivision
Mount Pleasant
Standard status
Pending
Size
2,986 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7767
Utilities
Heating system
Natural Gas, Electric (Heating), Baseboard
Building Details
Year built
1914
Number of units
4
Flooring type
Tile - Ceramic, Laminate, Hardwood, Vinyl
Building materials
Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Thomas Paliotte
(401) 523-1166
Added: Jun 15
Changed: Aug 3
Last Checked: Aug 12 at 5:06AM
MLS# 1415061
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 fully fire-coded 4-unit quadplex provides a turnkey residential income option with renovated kitchens and bathrooms, updated windows, and bright, spacious layouts. Several units include in-unit washer and dryer hookups. The building has been thoughtfully improved throughout and includes a basement, tile/ceramic, laminate, hardwood, and vinyl flooring finishes, with a vinyl siding exterior. Heating is provided by electric baseboard and natural gas, and the property includes a gas water heater.
Set on a 0.14-acre lot, the property is 2,986 square feet and was built in 1914. It is located in Providence, conveniently right off Atwells Avenue, offering an owner-occupant or investor the option to select tenants for four vacant units.
With four units available, the next owner can position the property to match their preferred tenant mix, leveraging the recent updates and fire-code compliance.
Set on a 0.14-acre lot, the property is 2,986 square feet and was built in 1914. It is located in Providence, conveniently right off Atwells Avenue, offering an owner-occupant or investor the option to select tenants for four vacant units.
With four units available, the next owner can position the property to match their preferred tenant mix, leveraging the recent updates and fire-code compliance.
Key Highlights
- Fully fire‑coded 4‑unit quadplex
- Renovated kitchens and bathrooms plus updated windows
- In‑unit washer and dryer hookups in multiple units
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
$50,422
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
5.94%
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%
$1,008,440
$1.0M
Cap Rate 7%
$720,314
$720.3K
Cap Rate 9%
$560,244
$560.2K
Market Conditions
NOI Build-Up for 2,986 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
$77.0K $25.80/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$72.0K $24.12/SF
− OpEx
−$21.6K −$7.24/SF
NOI
$50.4K $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%
$1,008,440
Cap Rate 7%
$720,314
Cap Rate 9%
$560,244
Alternative Uses
Best Use
Multifamily LT 5
$720.3K
$630.3K – $840.4K
NOI $50,422 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$647.0K
$566.1K – $754.8K
NOI $45,290 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$999.0K
$874.1K – $1.17M
NOI $69,929 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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?
Quadplex - Fully fire-coded 4-unit quadplex with renovated kitchens and bathrooms, updated windows, and in-unit washer/dryer hookups in multiple units.
Where is this quadplex located?
The property is located at 52 Erastus Street Providence, RI.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Fully fire‑coded 4‑unit quadplex; Renovated kitchens and bathrooms plus updated windows; In‑unit washer and dryer hookups in multiple units
