New-Construction Triplex with
New
For Sale
$1,180,000
616 Union Avenue, Providence, RI 02909
Three residential units feature individual laundry, central heating and air conditioning, and contemporary interior finishes.
Property Size4,470 SF
Price / SF$263.98
Days on Market2
Property Features for 616 Union Avenue
General Information
Standard status
Active
Size
4,470 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
in-unit laundry
central air conditioning
Building Details
Year Built
2026
Buildings
1
Listing Agency:
My Dream Home Realty
Listed By:
Maribel Almonte Perez · License #50066
(401) 323-5815
Source:
Onshorerealtors
Added: Oct 12
Changed: Oct 13
Last Checked: Oct 12 at 4:32PM
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 My Dream Home Realty
Investment Insights
Based on property information with market context.
Completed in 2026, this triplex contains three units of approximately 1,490 square feet each, with a combined building area of 4,470 square feet. Interiors include hardwood flooring, recessed lighting, open layouts, tiled bathrooms, central heating and air conditioning, and in-unit laundry. The property has approximately 12 parking spaces and a basement with high windows.
At 616 Union Avenue in Providence’s Silver Lake neighborhood, the property also includes a rear lot. A two-family accessory dwelling unit may be possible there, subject to city approval. Basement conversion to living space is also a potential option, subject to permits and approvals.
At 616 Union Avenue in Providence’s Silver Lake neighborhood, the property also includes a rear lot. A two-family accessory dwelling unit may be possible there, subject to city approval. Basement conversion to living space is also a potential option, subject to permits and approvals.
Key Highlights
- Three units, each approximately 1,490 square feet; 4,470 square feet total
- Built in 2026
- Approximately 12 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,481
Cap Rate
6.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,509,620
$1.5M
Cap Rate 7%
$1,078,300
$1.1M
Cap Rate 9%
$838,678
$838.7K
Market Conditions
NOI Build-Up for 4,470 SF
Gross rent
$115.3K $25.80/SF
− Vacancy
−$7.5K −$1.68/SF
EGI
$107.8K $24.12/SF
− OpEx
−$32.3K −$7.24/SF
NOI
$75.5K $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 Rate 5%
$1,509,620
Cap Rate 7%
$1,078,300
Cap Rate 9%
$838,678
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$943.5K – $1.26M
NOI $75,481 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$968.6K
$847.5K – $1.13M
NOI $67,799 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.50M
$1.31M – $1.74M
NOI $104,682 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
723
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 - Three residential units feature individual laundry, central heating and air conditioning, and contemporary interior finishes.
Where is this triplex located?
The property is located at 616 Union Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Three units, each approximately 1,490 square feet; 4,470 square feet total; Built in 2026; Approximately 12 parking spaces
