Three-Unit
For Sale
$649,000
58 Alverson Ave, Providence, RI 02909
Legal three-family property near shopping, dining, highways, and everyday amenities in Providence.
Property Size3,665 SF
Price / SF$177.08
Days on Market13
Property Features for 58 Alverson Ave
General Information
Standard status
Active
Size
3,665 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
Stateline Real Estate
Listed By:
The InnoVenture Team
(508) 726-3492
Source:
Rhodeislandhomesforsale
Added: Sep 14
Changed: Sep 23
Last Checked: Sep 26 at 7:24AM
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 Stateline Real Estate
Investment Insights
Based on property information with market context.
Located at 58 Alverson Avenue in Providence, this legal triplex contains three residential units within a 3,665-square-foot property. Built in 1910, the building is described as well maintained and in good condition.
The property is positioned near shopping, dining, highway access, and everyday amenities. Its three-unit configuration supports both owner-occupancy and rental use, with the potential for an owner to occupy one residence while leasing the others.
The property is positioned near shopping, dining, highway access, and everyday amenities. Its three-unit configuration supports both owner-occupancy and rental use, with the potential for an owner to occupy one residence while leasing the others.
Key Highlights
- Three legal residential units
- 3,665‑square‑foot property
- Built in 1910
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
$55,589
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
8.57%
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%
$1,111,780
$1.1M
Cap Rate 7%
$794,129
$794.1K
Cap Rate 9%
$617,656
$617.7K
Market Conditions
NOI Build-Up for 3,665 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
$107.8K $29.40/SF
− Vacancy
−$6.7K −$1.82/SF
EGI
$101.1K $27.58/SF
− OpEx
−$45.5K −$12.41/SF
NOI
$55.6K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,111,780
Cap Rate 7%
$794,129
Cap Rate 9%
$617,656
Alternative Uses
Best Use
Multifamily LT 5
$884.1K
$773.6K – $1.03M
NOI $61,888 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$794.1K
$694.9K – $926.5K
NOI $55,589 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,830 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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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?
Triplex - Legal three-family property near shopping, dining, highways, and everyday amenities in Providence.
Where is this triplex located?
The property is located at 58 Alverson Ave Providence, RI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Three legal residential units; 3,665‑square‑foot property; Built in 1910
