Providence Turnkey Three-Family
For Sale
$549,800
Pending
54 Candace Street, Providence, RI 02908
Well-maintained three-family property with income potential in Providence.
Property Size2,337 SF
Days on Market169
Property Features for 54 Candace Street
General Information
Standard status
Pending
Size
2,337 SF
Property subtype
MultiFamily
Building Details
Year Built
1900
Listing Agency:
Keller Williams Leading Edge
(401) 333-4900
Listed By:
Riley White · License #REB.0019467
(401) 575-1285
Source:
Lockandkeyre
Added: Apr 28
Changed: Oct 13
Last Checked: Oct 12 at 7:50PM
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 Keller Williams Leading Edge
Investment Insights
Based on property information with market context.
Located in Providence, this three-family property at 54 Candace Ave presents an opportunity for owner-occupancy or investment. The property contains three units, each featuring 2 bedrooms and 1 full bath, totaling 6 beds and 3 baths across the property. Unit 1 is currently rented at $1,700 per month, providing immediate income. Units 2 and 3 are vacant. Off-street parking is available for up to 6 vehicles. The property is located close to local amenities, highways, and other Providence attractions. This property may be suitable for those looking to house hack, build equity, or start an investment portfolio.
Key Highlights
- Turnkey 3‑family property ideal for owner‑occupancy or investment.
- Immediate income from currently rented Unit 1 ($1,700/month).
- Vacant Units 2 & 3 ready for immediate occupancy, perfect for house hacking.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,463
Cap Rate
7.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$789,260
$789.3K
Cap Rate 7%
$563,757
$563.8K
Cap Rate 9%
$438,478
$438.5K
Market Conditions
NOI Build-Up for 2,337 SF
Gross rent
$60.3K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.4K $24.12/SF
− OpEx
−$16.9K −$7.24/SF
NOI
$39.5K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$789,260
Cap Rate 7%
$563,757
Cap Rate 9%
$438,478
Alternative Uses
Best Use
Multifamily LT 5
$563.8K
$493.3K – $657.7K
NOI $39,463 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$506.4K
$443.1K – $590.8K
NOI $35,446 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$781.9K
$684.1K – $912.2K
NOI $54,730 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Well-maintained three-family property with income potential in Providence.
Where is this triplex located?
The property is located at 54 Candace Street Providence, RI.
What is the asking price?
The asking price for this property is $549,800.
What are key features of this property?
This property features: Turnkey 3‑family property ideal for owner‑occupancy or investment.; Immediate income from currently rented Unit 1 ($1,700/month).; Vacant Units 2 & 3 ready for immediate occupancy, perfect for house hacking.
