Triplex With Off-Street
For Sale
$559,900
54 Candace Street, Providence, RI 02908
MULTI_FAMILY - Providence, RI
Property Size2,337 SF
Lot Size0.07 Acres
Price / SF$239.58
Days on Market107
Property Features for 54 Candace Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 1, Basement, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 6
Parking
6
Parking features
None
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Lot features
Paved Driveway
Standard status
Active
Size
2,337 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6563
Utilities
Heating system
Baseboard, Natural Gas
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Laminate, Vinyl, Hardwood
Building materials
Plaster, Other Siding
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Riley White · License #REB.0019467
(401) 575-1285
Added: Apr 28
Changed: Aug 1
Last Checked: Aug 12 at 12:06AM
MLS# 1411218
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-maintained triplex offering a turnkey owner-occupant opportunity, presented as a three-family home at 54 Candace Street. Interior features include plaster walls, mixed plumbing, and insulation listed as unknown. The property is heated by baseboard systems with natural gas, and includes a gas water heater, oven/range, and refrigerator. Flooring features laminate, vinyl, and hardwood. The home was built in 1900 and includes a basement.
The property sits on a 0.07-acre lot and has a total size of 2,337 square feet. Off-street parking is provided for up to 6 vehicles.
The listing is noted as back on market due to financing, with conventional financing only.
The property sits on a 0.07-acre lot and has a total size of 2,337 square feet. Off-street parking is provided for up to 6 vehicles.
The listing is noted as back on market due to financing, with conventional financing only.
Key Highlights
- Three‑family triplex at 54 Candace Street
- 0.07‑acre lot
- 2,337 SF total building size
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
$39,463
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
7.05%
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%
$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
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
$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 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%
$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 7.05%
Second Best
Apartment 5plus
$506.4K
$443.1K – $590.8K
NOI $35,446 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$781.9K
$684.1K – $912.2K
NOI $54,730 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-family triplex on a small lot with off-street parking for up to six vehicles and natural gas heat.
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 $559,900.
What are key features of this property?
This property features: Three‑family triplex at 54 Candace Street; 0.07‑acre lot; 2,337 SF total building size
