Updated Triplex with New
For Sale
$715,000
Pending
56 Warrington St, Providence, RI 02907
Three apartments include renovated interiors, tenant occupancy, basement laundry hookups, and storage space.
Property Size3,270 SF
Days on Market85
Property Features for 56 Warrington St
General Information
Standard status
Pending
Size
3,270 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$8,612
Listing Agency:
William Raveis Real Estate
(860) 536-2600
Listed By:
Johanny Del Jesus
(617) 487-9005
Source:
Exprealty
Added: Jun 10
Changed: Aug 31
Last Checked: Aug 31 at 7:45PM
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 William Raveis Real Estate
Investment Insights
Based on property information with market context.
This three-unit property at 56 Warrington St in Providence, RI contains 3,270 square feet and combines refreshed interiors with recent exterior improvements. The layout includes two four-bedroom, one-bath apartments and an upper-level residence configured as a three-bedroom unit. The first-floor apartment received a full renovation in 2022, including its kitchen, bathroom, flooring, and finishes. The remaining units have also been updated and maintained in good condition.
A new roof and vinyl siding provide recently completed exterior improvements. All three apartments are occupied, and the basement includes laundry hookups along with additional storage space. The property offers a range of unit sizes within a compact multifamily configuration.
A new roof and vinyl siding provide recently completed exterior improvements. All three apartments are occupied, and the basement includes laundry hookups along with additional storage space. The property offers a range of unit sizes within a compact multifamily configuration.
Key Highlights
- 3,270‑square‑foot triplex at 56 Warrington St, Providence, RI
- Two 4‑bedroom, 1‑bath units plus an upper‑level unit configured as 3 bedrooms
- First‑floor apartment fully renovated in 2022
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
$55,218
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
7.72%
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%
$1,104,360
$1.1M
Cap Rate 7%
$788,829
$788.8K
Cap Rate 9%
$613,533
$613.5K
Market Conditions
NOI Build-Up for 3,270 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
$84.4K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$78.9K $24.12/SF
− OpEx
−$23.7K −$7.24/SF
NOI
$55.2K $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%
$1,104,360
Cap Rate 7%
$788,829
Cap Rate 9%
$613,533
Alternative Uses
Best Use
Multifamily LT 5
$788.8K
$690.2K – $920.3K
NOI $55,218 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$708.5K
$620.0K – $826.6K
NOI $49,598 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$1.09M
$957.3K – $1.28M
NOI $76,580 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
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 - Three apartments include renovated interiors, tenant occupancy, basement laundry hookups, and storage space.
Where is this triplex located?
The property is located at 56 Warrington St Providence, RI.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: 3,270‑square‑foot triplex at 56 Warrington St, Providence, RI; Two 4‑bedroom, 1‑bath units plus an upper‑level unit configured as 3 bedrooms; First‑floor apartment fully renovated in 2022
