Occupied Triplex with
For Sale
$710,000
Pending
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
Days on Market98
Property Features for 53 Alger Avenue
General Information
Standard status
Pending
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
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Source:
Lavonnelopes
Added: Jul 10
Changed: Oct 12
Last Checked: Oct 14 at 8:29PM
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 / Yr
$63,203
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
