Updated Six-Unit Apartment
For Sale
$799,900
Pending
54 First Avenue, Woonsocket, RI 02895
Six residential units feature two-bedroom layouts, individual heating, owned appliances, and access to on-site parking.
Property Size5,262 SF
Days on Market50
Property Features for 54 First Avenue
General Information
Standard status
Pending
Size
5,262 SF
Property subtype
MultiFamily
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
porches
on-site laundry
Building Details
Year Built
1900
Listing Agency:
CrossRoads Real Estate Group
(401) 766-7545
Listed By:
Bruce Burlingame · License #RES.0030452
(401) 595-9633
Source:
Lockandkeyre
Added: Aug 8
Changed: Sep 24
Last Checked: Sep 24 at 9:58AM
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 CrossRoads Real Estate Group
Investment Insights
Based on property information with market context.
This 1900 apartment building contains 6 units, each arranged with 2 bedrooms, a bathroom, a spacious living room, and a kitchen. Unit interiors include hardwood or vinyl plank flooring, while many kitchens and bathrooms have been updated. Improvements also include rebuilt porches, vinyl replacement windows, upgraded or refinished cabinetry, circuit breaker panels, and hardwired fire-coded smoke and carbon monoxide detectors. Appliances are owned and included with the property.
The property at 54 First Avenue in Woonsocket, RI, is accompanied by an abutting 2,500-square-foot lot. The additional parcel provides parking for up to 10 cars+ and contributes to the stated lot size and tax figures. Each apartment has individual central baseboard heating paid by tenants. A basement laundry area includes coin-operated washers and dryers.
The property at 54 First Avenue in Woonsocket, RI, is accompanied by an abutting 2,500-square-foot lot. The additional parcel provides parking for up to 10 cars+ and contributes to the stated lot size and tax figures. Each apartment has individual central baseboard heating paid by tenants. A basement laundry area includes coin-operated washers and dryers.
Key Highlights
- 6‑unit apartment building with 2 bedrooms and 1 bathroom in each unit
- Abutting 2,500‑square‑foot lot provides parking for up to 10 cars+
- Many kitchens and bathrooms have been updated
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
$69,535
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
8.69%
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%
$1,390,700
$1.4M
Cap Rate 7%
$993,357
$993.4K
Cap Rate 9%
$772,611
$772.6K
Market Conditions
NOI Build-Up for 5,262 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
$134.5K $25.56/SF
− Vacancy
−$8.1K −$1.53/SF
EGI
$126.4K $24.03/SF
− OpEx
−$56.9K −$10.81/SF
NOI
$69.5K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /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%
$1,390,700
Cap Rate 7%
$993,357
Cap Rate 9%
$772,611
Alternative Uses
Best Use
Apartment 5plus
$993.4K
$869.2K – $1.16M
NOI $69,535 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.25M
$1.10M – $1.46M
NOI $87,615 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
495
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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?
Apartment building - Six residential units feature two-bedroom layouts, individual heating, owned appliances, and access to on-site parking.
Where is this apartment building located?
The property is located at 54 First Avenue Woonsocket, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 6‑unit apartment building with 2 bedrooms and 1 bathroom in each unit; Abutting 2,500‑square‑foot lot provides parking for up to 10 cars+; Many kitchens and bathrooms have been updated
