Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Manville Triplex with Updated Units Title is generated by Realmo AI

    54 Spring Street, Lincoln, RI 02838

    View on Map
    Claim this Listing
    For Sale
    $549,000

    Three-unit property in Lincoln with updated apartments and month-to-month tenants.

    Type:Multi-family
    Lot size:
    0.12 Acres
    Added:
    Apr 20, 2026
    Days on Market:
    40
    Last Refresh:
    Apr 21 at 10:31 pm

    Property Features for 54 Spring Street

    General Information

    Standard status
    Active
    Lot size
    0.12 Acres
    Property subtype
    Multi-family

    Building Details

    Year Built
    1890

    We can help!

    Listing Contact
    James Luth

    Listing agent James Luth

    Listing office HERE Realty

    Listing date Apr 20, 2026

    Source Milburyre

    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 HERE Realty

    HighLights

    • Three‑unit property offering immediate rental income.
    • Attractive unit mix: one 3‑bedroom and two 4‑bedroom apartments.
    • Large units with updates and upgrades throughout.
    • Well‑maintained and professionally managed.
    • Vinyl siding and full basement.
    • Three off‑street parking spaces.

    Overview

    This three-unit property is located in the Manville section of Lincoln. The unit mix includes one 3-bedroom apartment and two 4-bedroom apartments. The units are large and feature many updates and upgrades throughout. All three units are currently occupied with month-to-month tenancies. The exterior of the building is vinyl sided, and it includes a full basement plus two living levels in a townhouse style. The lot size is 0.12 acres. Parking is available with three off-street spaces. The property is well maintained and professionally managed. Rent roll are available upon request.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lincoln
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4724457
    Latitude
    41.9698862

    Nearby Similar for Sale

    • $599,900
      4,005 SF

      Lincoln, RI Multi-Unit Property

      Three-unit property with seven detached garages in Lincoln, RI.
      62 SPRING Street, Lincoln, RI 02838
      View Details
    • $599,900
      4,596 SF

      Manville Multifamily with Garage Apartment

      Three-unit residential property with garage and updated apartment in Lincoln.
      167 Central Street, Lincoln, RI 02838
      View Details
    • $849,000
      11,442 SF

      Lincoln, RI Multifamily Investment

      Well-maintained 7-unit property with detached garage on 0.42 acres.
      372 OLD RIVER Road, Lincoln, RI 02838
      View Details
    • $180,000

      Turnkey Convenience Store Business Opportunity

      Profitable convenience store with lottery and tobacco licenses for sale.
      198 Front Street, Lincoln, RI 02865
      View Details
    • $849,000
      11,442 SF

      Lincoln, RI Multifamily Investment

      Seven-unit property with detached garage on 0.42 acres.
      372 OLD RIVER Road, Lincoln, RI 02838
      View Details
    • $319,000
      2,266 SF

      Lincoln Two-Family with Expansion Potential

      Two-family property in desirable location with conversion and ADU potential.
      149 Front Street, Lincoln, RI 02865
      View Details
    • $960,000
      13,073 SF

      Lincoln, RI - 9-Unit Property

      Two buildings, 24 bedrooms, ample parking, professionally managed.
      176 RAILROAD Street, Lincoln, RI 02838
      View Details
    • $549,000
      2,604 SF

      Lincoln, RI Three-Unit Property

      Three-unit property with updated apartments and month-to-month tenancies.
      54 SPRING Street, Lincoln, RI 02838
      View Details
    • $685,000
      12,666 SF

      Lincoln Multifamily Investment Opportunity

      Five-unit multifamily property in Lincoln, Rhode Island.
      60 SPRING Street, Lincoln, RI 02838
      View Details
    • $649,900
      5,518 SF

      Turnkey Lincoln Triplex Investment

      Remodeled triplex in Lincoln, fully rented, immediate income.
      35 Central Street, Lincoln, RI 02838
      View Details
    • $599,900
      5,356 SF

      Turnkey Investment Opportunity in Lincoln

      Remodeled three-family property with immediate, stable income in Lincoln, RI.
      92 Spring Street, Lincoln, RI 02838
      View Details
    • $685,000
      12,666 SF

      Manville Area 5-Unit Building

      Large 5-unit building in Lincoln, RI with recent upgrades.
      60 SPRING Street, Lincoln, RI 02838
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit property in Lincoln with updated apartments and month-to-month tenants.
    Where is this triplex located?
    The property is located at 54 Spring Street Lincoln, RI.
    What is the asking price?
    The asking price for this property is $549,000.
    What are key features of this property?
    This property features: Three‑unit property offering immediate rental income.; Attractive unit mix: one 3‑bedroom and two 4‑bedroom apartments.; **Large units with updates and upgrades throughout.**
    We can help!
    Listing Contact
    James Luth
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    54 Spring Street, Lincoln, RI 02838
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!