5-Unit Brick Apartment
New
For Sale
$565,000
558 East School St, Woonsocket, RI 02895
Multifamily property with a mixed one- and two-bedroom unit layout and in-place laundry equipment.
Property Size1,800 SF
Price / SF$313.89
Days on Market6
Property Features for 558 East School St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
5+ Family - 5+ Units Up/Down
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR, 4 x 1BR
Multifamily Units
5
Amenities
range and refrigerator
coin-operated washer and dryer
Building Details
Building Size
1,800 SF
Year Built
1900
Buildings
1
Construction
brick
Listing Agency:
RE/MAX Town & Country
(401) 333-0020
Listed By:
Debra Blanchet
(401) 743-6137
Source:
Iverty
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 9:47AM
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 RE/MAX Town & Country
Investment Insights
Based on property information with market context.
This 5-unit apartment building in Woonsocket, Rhode Island, contains 4,825 square feet and dates to 1900. The unit mix includes four 1-bedroom apartments and one 2-bedroom apartment. Each residence is equipped with a range and refrigerator, while the building also provides coin-operated laundry equipment. A brick exterior, vinyl replacement windows, and a roof approximately 5 years old are among the property’s physical features.
Natural gas supplies the heat and hot water. Gas and electric service are separately metered, although the owner currently pays all utilities. The building is fully fire-coded and is located near shopping, restaurants, public transportation, and everyday amenities at 558 East School Street.
Natural gas supplies the heat and hot water. Gas and electric service are separately metered, although the owner currently pays all utilities. The building is fully fire-coded and is located near shopping, restaurants, public transportation, and everyday amenities at 558 East School Street.
Key Highlights
- 5‑unit apartment building with 4,825 square feet
- Unit mix includes four 1‑bedroom apartments and one 2‑bedroom apartment
- Brick exterior with vinyl replacement windows
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
$23,786
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
4.21%
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%
$475,720
$475.7K
Cap Rate 7%
$339,800
$339.8K
Cap Rate 9%
$264,289
$264.3K
Market Conditions
NOI Build-Up for 1,800 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
$46.0K $25.56/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$43.2K $24.03/SF
− OpEx
−$19.5K −$10.81/SF
NOI
$23.8K $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%
$475,720
Cap Rate 7%
$339,800
Cap Rate 9%
$264,289
Alternative Uses
Best Use
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$428.2K
$374.6K – $499.5K
NOI $29,971 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,295
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Multifamily property with a mixed one- and two-bedroom unit layout and in-place laundry equipment.
Where is this apartment building located?
The property is located at 558 East School St Woonsocket, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 5‑unit apartment building with 4,825 square feet; Unit mix includes four 1‑bedroom apartments and one 2‑bedroom apartment; Brick exterior with vinyl replacement windows
