Triplex with Detached
New
For Sale
$599,000
6 Henry Street, Central Falls, RI 02863
Separate utilities, a detached garage, and off-street parking support the three-unit layout.
Property Size3,409 SF
Price / SF$175.71
Days on Market5
Property Features for 6 Henry Street
General Information
Standard status
Active
Size
3,409 SF
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Amenities
detached garage
small manicured yard
Building Details
Year Built
1920
Listing Agency:
RE/MAX Properties
(401) 232-3900
Listed By:
Rachel Baptista Da Moeda · License #RES.0042193
(401) 692-1796
Source:
Lockandkeyre
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 7 at 6:25AM
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 Properties
Investment Insights
Based on property information with market context.
Built in 1920, this 3,409-square-foot triplex contains three residential units, each with three bedrooms and one full bathroom. The first floor also includes an additional living and dining area, while the large basement provides another full bathroom. Separate utilities serve the units, and the property includes a detached garage, off-street parking, and a landscaped yard with a pear tree.
The first- and third-floor units are move-in ready. The second-floor unit requires updates to its kitchen and bathroom, providing an opportunity for customization. The property is being offered as-is and is located near local amenities, major highways, and a train station.
The first- and third-floor units are move-in ready. The second-floor unit requires updates to its kitchen and bathroom, providing an opportunity for customization. The property is being offered as-is and is located near local amenities, major highways, and a train station.
Key Highlights
- 3,409‑square‑foot triplex built in 1920
- Three units, each with 3 bedrooms and 1 full bathroom
- Additional full bathroom in the large basement
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
$45,048
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
7.52%
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%
$900,960
$901.0K
Cap Rate 7%
$643,543
$643.5K
Cap Rate 9%
$500,533
$500.5K
Market Conditions
NOI Build-Up for 3,409 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
$87.1K $25.56/SF
− Vacancy
−$5.2K −$1.53/SF
EGI
$81.9K $24.03/SF
− OpEx
−$36.9K −$10.81/SF
NOI
$45.0K $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%
$900,960
Cap Rate 7%
$643,543
Cap Rate 9%
$500,533
Alternative Uses
Best Use
Multifamily LT 5
$810.9K
$709.5K – $946.0K
NOI $56,761 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$643.5K
$563.1K – $750.8K
NOI $45,048 @ 7.0% cap · market cap 7.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 02863, RI
22,596
Population
8,341
Households
2.7
Avg Household Size
32
Median Age
12%
College-Educated
60%
High-School Grad
1.2 sq mi
ZIP Area
18,830
Density / Sq Mi
$45,921
Median Household Income
$30,050
Median Earnings
$1,118
Median Rent
$300,500
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 - Separate utilities, a detached garage, and off-street parking support the three-unit layout.
Where is this triplex located?
The property is located at 6 Henry Street Central Falls, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,409‑square‑foot triplex built in 1920; Three units, each with 3 bedrooms and 1 full bathroom; Additional full bathroom in the large basement
