Five-Unit Apartment
New
For Sale
$760,000
62 Conant Street, Pawtucket, RI 02860
Fully occupied residential property with one-bedroom layouts, off-street parking, and direct access to commuter rail service.
Property Size5,188 SF
Lot Size0.23 Acres
Price / SF$146.49
Days on Market6
Property Features for 62 Conant Street
General Information
Standard status
Active
Size
5,188 SF
Total Parking Spaces
6
Lot size
0.23 Acres
Property subtype
Commercial
Occupancy
100%
Financials
Gross Income
$82,800
Average Monthly Rent
$1,380
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Building Details
Year Built
1889
Buildings
1
Listing Agency:
Coldwell Banker Realty
(401) 351-2017
Listed By:
Alexander Parmenidez
Source:
Lockandkeyre
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 23 at 7:18AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1889, this apartment building contains five one-bedroom, one-bathroom units totaling approximately 5,188 square feet. Each residence is roughly 700 square feet, and all five units are occupied. Interior features include hardwood and ceramic flooring, replacement windows, and an updated roof. A full basement extends beneath the building, which has vinyl siding over a concrete and stone foundation.
The property occupies a 9,875-square-foot lot at 62 Conant in Pawtucket, with six off-street parking spaces. It is located one block from the Pawtucket/Central Falls commuter rail station on the MBTA Providence/Stoughton Line. Interstate 95 is minutes away, while bus routes, a hospital, and public schools are nearby. Providence is approximately 15 minutes away, and Boston’s South Station is about an hour by direct train.
Building systems include one gas tankless heating system, one gas hot water tank, five circuit-breaker electric meters plus a house meter, and city water and sewer. Utilities are included in the unit rents, with the owner paying gas and electric.
The property occupies a 9,875-square-foot lot at 62 Conant in Pawtucket, with six off-street parking spaces. It is located one block from the Pawtucket/Central Falls commuter rail station on the MBTA Providence/Stoughton Line. Interstate 95 is minutes away, while bus routes, a hospital, and public schools are nearby. Providence is approximately 15 minutes away, and Boston’s South Station is about an hour by direct train.
Building systems include one gas tankless heating system, one gas hot water tank, five circuit-breaker electric meters plus a house meter, and city water and sewer. Utilities are included in the unit rents, with the owner paying gas and electric.
Key Highlights
- Five occupied one‑bedroom, one‑bathroom units, each roughly 700 square feet
- Approximately 5,188 square feet on a 9,875‑square‑foot lot
- Six off‑street parking spaces
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
$68,557
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
9.02%
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%
$1,371,140
$1.4M
Cap Rate 7%
$979,386
$979.4K
Cap Rate 9%
$761,744
$761.7K
Market Conditions
NOI Build-Up for 5,188 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
$132.6K $25.56/SF
− Vacancy
−$8.0K −$1.53/SF
EGI
$124.6K $24.03/SF
− OpEx
−$56.1K −$10.81/SF
NOI
$68.6K $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%
$1,371,140
Cap Rate 7%
$979,386
Cap Rate 9%
$761,744
Alternative Uses
Best Use
Apartment 5plus
$979.4K
$857.0K – $1.14M
NOI $68,557 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.23M
$1.08M – $1.44M
NOI $86,383 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,569
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Apartment building - Fully occupied residential property with one-bedroom layouts, off-street parking, and direct access to commuter rail service.
Where is this apartment building located?
The property is located at 62 Conant Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Five occupied one‑bedroom, one‑bathroom units, each roughly 700 square feet; Approximately 5,188 square feet on a 9,875‑square‑foot lot; Six off‑street parking spaces
