Renovated Side-by-Side
For Sale
$670,000
520 Providence St, West Warwick, RI 02893
Townhouse-style multifamily property with separate utilities, in-unit laundry, and two updated residences.
Property Size2,478 SF
Price / SF$270.38
Days on Market8
Property Features for 520 Providence St
General Information
Standard status
Active
Size
2,478 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1.5BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
in-unit laundry
Building Details
Year Built
1900
Construction
terracotta block
Listing Agency:
RE/MAX New Horizons
Listed By:
Cristina Zapata
Source:
Alpernandmesenbourg
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 12:12PM
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 New Horizons
Investment Insights
Based on property information with market context.
Located at 520 Providence Street in West Warwick, this three-unit multifamily property has a side-by-side townhouse-style configuration and was built in 1900. The exterior combines terracotta block construction with stucco finishes. Two residences have been renovated: one includes two bedrooms, one and a half baths, and a finished basement room, while the other offers two bedrooms and one bath. The third residence also has two bedrooms and one bath and is occupied by a tenant.
Each unit has separate gas and electric utilities and in-unit laundry. The finished basement room in one residence can accommodate office, recreation, fitness, or guest-space use. Shopping, restaurants, schools, and major highways are located nearby.
Each unit has separate gas and electric utilities and in-unit laundry. The finished basement room in one residence can accommodate office, recreation, fitness, or guest-space use. Shopping, restaurants, schools, and major highways are located nearby.
Key Highlights
- Three‑unit side‑by‑side townhouse‑style layout
- Two renovated units, including a 2‑bedroom, 1.5‑bath residence
- Finished basement room in one unit for office, recreation, fitness, or guest use
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
$36,005
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
5.37%
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%
$720,100
$720.1K
Cap Rate 7%
$514,357
$514.4K
Cap Rate 9%
$400,056
$400.1K
Market Conditions
NOI Build-Up for 2,478 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
$55.0K $22.20/SF
− Vacancy
−$3.6K −$1.44/SF
EGI
$51.4K $20.76/SF
− OpEx
−$15.4K −$6.23/SF
NOI
$36.0K $14.53/SF
Area
Kent County, RI
Vacancy
6.50%
Lease Rate
$22.20 /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%
$720,100
Cap Rate 7%
$514,357
Cap Rate 9%
$400,056
Alternative Uses
Best Use
Multifamily LT 5
$514.4K
$450.1K – $600.1K
NOI $36,005 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$472.5K
$413.5K – $551.3K
NOI $33,077 @ 7.0% cap · market cap 4.94%
Theoretical Best
Specialty Retail
$620.6K
$543.1K – $724.1K
NOI $43,444 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
Explore this area
Business Placement
Demographics for 02893, RI
31,030
Population
15,103
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
7.8 sq mi
ZIP Area
3,978
Density / Sq Mi
$73,903
Median Household Income
$49,087
Median Earnings
$1,249
Median Rent
$293,100
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 - Townhouse-style multifamily property with separate utilities, in-unit laundry, and two updated residences.
Where is this triplex located?
The property is located at 520 Providence St West Warwick, RI.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Three‑unit side‑by‑side townhouse‑style layout; Two renovated units, including a 2‑bedroom, 1.5‑bath residence; Finished basement room in one unit for office, recreation, fitness, or guest use
