Occupied Triplex with
For Sale
$710,000
53 Alger Avenue, Providence, RI 02907
Three-family property with existing tenants, off-street parking, and access to Providence amenities and regional transportation routes.
Property Size4,167 SF
Price / SF$170.39
Days on Market53
Property Features for 53 Alger Avenue
General Information
Standard status
Active
Size
4,167 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Century 21 Limitless
(508) 726-3492
Listed By:
Kyle Seyboth · License #32535
Source:
Lavonnelopes
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 1:39PM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
This 1930-built triplex contains 4,167 square feet across three residential units. The property is fully occupied, with tenants already in place, and each apartment is described as offering a spacious layout. Off-street parking provides on-site convenience for residents.
The property is located at 53 Alger Avenue in Providence’s South Providence neighborhood, near shopping, dining, grocery stores, schools, and daily services. Rhode Island Hospital, Hasbro Children’s Hospital, Brown University, Johnson & Wales University, and the Rhode Island School of Design are nearby. Access to I-95, Route 10, and I-195 connects the property with Downtown Providence, Federal Hill, other parts of Rhode Island, and Massachusetts. Roger Williams Park, RIPTA transit, and T.F. Green Airport are also in the surrounding area.
The property is located at 53 Alger Avenue in Providence’s South Providence neighborhood, near shopping, dining, grocery stores, schools, and daily services. Rhode Island Hospital, Hasbro Children’s Hospital, Brown University, Johnson & Wales University, and the Rhode Island School of Design are nearby. Access to I-95, Route 10, and I-195 connects the property with Downtown Providence, Federal Hill, other parts of Rhode Island, and Massachusetts. Roger Williams Park, RIPTA transit, and T.F. Green Airport are also in the surrounding area.
Key Highlights
- 3‑family property with all units occupied and tenants in place
- 4,167 square feet across three residential units
- Built in 1930
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
$63,203
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
8.90%
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%
$1,264,060
$1.3M
Cap Rate 7%
$902,900
$902.9K
Cap Rate 9%
$702,256
$702.3K
Market Conditions
NOI Build-Up for 4,167 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
$122.5K $29.40/SF
− Vacancy
−$7.6K −$1.82/SF
EGI
$114.9K $27.58/SF
− OpEx
−$51.7K −$12.41/SF
NOI
$63.2K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,264,060
Cap Rate 7%
$902,900
Cap Rate 9%
$702,256
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$879.6K – $1.17M
NOI $70,364 @ 7.0% cap · market cap 9.91%
Second Best
Apartment 5plus
$902.9K
$790.0K – $1.05M
NOI $63,203 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,586 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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?
Triplex - Three-family property with existing tenants, off-street parking, and access to Providence amenities and regional transportation routes.
Where is this triplex located?
The property is located at 53 Alger Avenue Providence, RI.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: 3‑family property with all units occupied and tenants in place; 4,167 square feet across three residential units; Built in 1930
