Three-Unit Residential
New
For Sale
$599,000
62 Heath Street, Providence, RI 02909
Three apartments offer a two-bedroom layout on the first and second floors and a one-bedroom unit above.
Property Size2,716 SF
Price / SF$220.54
Days on Market6
Property Features for 62 Heath Street
General Information
Standard status
Active
Size
2,716 SF
Property subtype
MultiFamily
Occupancy
100%
Site & Location
Neighborhood
Hartford
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1900
Listing Agency:
SERHANT.
(401) 382-0600
Listed By:
The Duque Group
(401) 808-5611
Source:
Lockandkeyre
Added: Oct 28
Changed: Nov 1
Last Checked: Nov 1 at 6:03AM
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 SERHANT.
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Investment Insights
Based on property information with market context.
This three-unit residential property contains 2,716 square feet, with a two-bedroom, one-bathroom apartment on each of the first two floors and a one-bedroom, one-bathroom apartment on the third. The building dates to 1900.
A roof and tankless heating systems were installed approximately five years ago. The property is fully occupied and is located at 62 Heath Street in Providence, Rhode Island.
A roof and tankless heating systems were installed approximately five years ago. The property is fully occupied and is located at 62 Heath Street in Providence, Rhode Island.
Key Highlights
- Three units: two 2‑bedroom, 1‑bathroom apartments and one 1‑bedroom, 1‑bathroom apartment
- 2,716 square feet
- Roof approximately 5 years old
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,863
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$917,260
$917.3K
Cap Rate 7%
$655,186
$655.2K
Cap Rate 9%
$509,589
$509.6K
Market Conditions
NOI Build-Up for 2,716 SF
Gross rent
$70.1K $25.80/SF
− Vacancy
−$4.6K −$1.68/SF
EGI
$65.5K $24.12/SF
− OpEx
−$19.7K −$7.24/SF
NOI
$45.9K $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%
$917,260
Cap Rate 7%
$655,186
Cap Rate 9%
$509,589
Alternative Uses
Best Use
Multifamily LT 5
$655.2K
$573.3K – $764.4K
NOI $45,863 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$588.5K
$514.9K – $686.6K
NOI $41,195 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$908.7K
$795.1K – $1.06M
NOI $63,606 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,156
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer a two-bedroom layout on the first and second floors and a one-bedroom unit above.
Where is this triplex located?
The property is located at 62 Heath Street Providence, 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: Three units: two 2‑bedroom, 1‑bathroom apartments and one 1‑bedroom, 1‑bathroom apartment; 2,716 square feet; Roof approximately 5 years old
