Three-Family Residential Income
538 Wood Ave Woonsocket, RI 02895
For Sale
$725,000
Well-maintained three-family with separate utilities, a full basement, garage storage, and ample off-street parking.
Property Size3,975 SF
Price / SF$182.39
Days on Market99
Property Features for 538 Wood Ave
General Information
Standard status
Active
Size
3,975 SF
Property subtype
3 Family - 3 Units Up/Down
Building Details
Year Built
1900
Listing Agency:
eXp Realty
(401) 787-3757
Listed By:
Matthew Mandeville
(401) 787-3757
Source:
Lockandkeyre
Added: Apr 20
Changed: Jul 22
Last Checked: Jul 23 at 5:13AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This well-maintained three-family residential income property offers three separate units with comfortable layouts. The home includes a full basement for additional storage and a full garage that can support storage or other add-on income opportunities. Separate utilities are provided for each unit, supporting convenient, independent tenant arrangements.
The property is positioned just minutes from the Massachusetts line, offering commuter-friendly access to major routes and everyday conveniences such as shopping and dining.
The property is positioned just minutes from the Massachusetts line, offering commuter-friendly access to major routes and everyday conveniences such as shopping and dining.
Key Highlights
- Well‑maintained three‑family with separate utilities for all units
- Year built: 1900
- Full basement provides additional storage
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.1k | $25.44 |
| − Vacancy | −$6.6k | −$1.65 |
| EGI | $94.6k | $23.79 |
| − OpEx | −$28.4k | −$7.14 |
| NOI | $66.2k | $16.65 |
3,975 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$945.5K
$827.3K – $1.10M
NOI $66,186 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$750.4K
$656.6K – $875.5K
NOI $52,528 @ 7.0% cap · market cap 7.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-family with separate utilities, a full basement, garage storage, and ample off-street parking.
Where is this triplex located?
The property is located at 538 Wood Ave Woonsocket, RI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Well‑maintained three‑family with separate utilities for all units; Year built: 1900; Full basement provides additional storage
