Triplex With Seven Detached
For Sale
$599,900
Pending
62 SPRING Street, Lincoln, RI 02838
Residential Income, Lincoln, RI
Property Size4,005 SF
Lot Size0.20 Acres
Days on Market123
Property Features for 62 SPRING Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG7
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bathroom 3, Bedroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 3, Bathroom 1, Bedroom 9, Bedroom 2, Bedroom 1, Bedroom 10, Bedroom 5
Parking
13
Window features
Storm Window(s)
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Plumbing (Mixed), Plumbing (PVC)
Exterior features
Porch
Basement
Full, Unfinished
Appliances
Gas Water Heater
Subdivision
Manville
Lot features
Fenced, Paved Driveway, Sidewalks
Standard status
Pending
Size
4,005 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8415
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Amenities
in-building laundry
fenced yard
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Carpet, Vinyl
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
James Luth
(401) 862-9078
Added: Apr 21
Changed: Aug 20
Last Checked: Aug 21 at 3:06AM
MLS# 1410402
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,005-square-foot triplex includes two three-bedroom apartments and a four-bedroom third-floor unit. Each residence has an eat-in kitchen, dining room, and full bath. The building also provides a full basement with laundry facilities, natural-gas baseboard heat, drywall finishes, vinyl siding, storm doors, and windows. Built in 1900, the property is served by public sewer and includes a porch.
The 0.20-acre corner parcel has a paved driveway, sidewalks, and a fenced yard. Seven detached garages, identified as 1G through 7G, are leased separately. RG7 zoning applies to the property, and the garages add separate functional space alongside the three residential units.
The 0.20-acre corner parcel has a paved driveway, sidewalks, and a fenced yard. Seven detached garages, identified as 1G through 7G, are leased separately. RG7 zoning applies to the property, and the garages add separate functional space alongside the three residential units.
Key Highlights
- Three‑unit configuration with two 3‑bedroom apartments and one 4‑bedroom third‑floor unit
- 7 detached garages, identified as 1G‑7G and leased separately
- 4,005 square feet on a 0.20‑acre corner lot
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
$52,924
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
8.82%
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%
$1,058,480
$1.1M
Cap Rate 7%
$756,057
$756.1K
Cap Rate 9%
$588,044
$588.0K
Market Conditions
NOI Build-Up for 4,005 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
$102.4K $25.56/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$96.2K $24.03/SF
− OpEx
−$43.3K −$10.81/SF
NOI
$52.9K $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%
$1,058,480
Cap Rate 7%
$756,057
Cap Rate 9%
$588,044
Alternative Uses
Best Use
Multifamily LT 5
$952.6K
$833.6K – $1.11M
NOI $66,685 @ 7.0% cap · market cap 11.12%
Second Best
Apartment 5plus
$756.1K
$661.6K – $882.1K
NOI $52,924 @ 7.0% cap · market cap 8.82%
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
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 02838, RI
3,801
Population
1,546
Households
2.5
Avg Household Size
38
Median Age
49%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
2,715
Density / Sq Mi
$82,075
Median Household Income
$51,989
Median Earnings
$1,311
Median Rent
$327,500
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 - Three residential units offer eat-in kitchens, dining rooms, full baths, and in-building laundry.
Where is this triplex located?
The property is located at 62 SPRING Street Lincoln, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three‑unit configuration with two 3‑bedroom apartments and one 4‑bedroom third‑floor unit; 7 detached garages, identified as 1G‑7G and leased separately; 4,005 square feet on a 0.20‑acre corner lot
