Renovated Three-Family
For Sale
$675,000
Pending
65 Veazie Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size3,447 SF
Lot Size0.15 Acres
Days on Market187
Property Features for 65 Veazie Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
6
Parking features
None
Basement
Full, Finished
Appliances
Gas Water Heater
Standard status
Pending
Size
3,447 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6399
Utilities
Heating system
Natural Gas, Forced Air
Amenities
on-site laundry area
Building Details
Year built
1930
Number of units
3
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Feb 19
Changed: Aug 20
Last Checked: Aug 25 at 6:06AM
MLS# 1405237
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 3,447-square-foot triplex, built in 1930, contains two 3-bedroom, 1-bath apartments and one 2-bedroom, 1-bath apartment. The units feature open layouts, laminate flooring, contemporary fixtures, stainless steel appliances, and abundant natural light. Renovations include new mechanical, electrical, and plumbing systems, while the property also includes a basement and an on-site laundry area.
The property sits on 0.15 acres at 65 Veazie Street in Providence, with access to major highways, shopping, dining, and local amenities. A rear lot is included and may offer future building potential, although no approvals are currently in place. The address is in ZIP Code 02908, within Providence County, Rhode Island.
The property sits on 0.15 acres at 65 Veazie Street in Providence, with access to major highways, shopping, dining, and local amenities. A rear lot is included and may offer future building potential, although no approvals are currently in place. The address is in ZIP Code 02908, within Providence County, Rhode Island.
Key Highlights
- Three‑unit configuration: two 3‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath apartment
- 3,447 square feet on a 0.15‑acre lot
- New mechanical, electrical, and plumbing systems
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
$58,206
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
8.62%
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%
$1,164,120
$1.2M
Cap Rate 7%
$831,514
$831.5K
Cap Rate 9%
$646,733
$646.7K
Market Conditions
NOI Build-Up for 3,447 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
$88.9K $25.80/SF
− Vacancy
−$5.8K −$1.68/SF
EGI
$83.2K $24.12/SF
− OpEx
−$24.9K −$7.24/SF
NOI
$58.2K $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 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%
$1,164,120
Cap Rate 7%
$831,514
Cap Rate 9%
$646,733
Alternative Uses
Best Use
Multifamily LT 5
$831.5K
$727.6K – $970.1K
NOI $58,206 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$746.9K
$653.5K – $871.4K
NOI $52,282 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$1.15M
$1.01M – $1.35M
NOI $80,725 @ 7.0% cap · market cap 11.96%
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
742
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Updated multifamily property with three apartments, on-site laundry, and a rear lot with potential subject to approvals.
Where is this triplex located?
The property is located at 65 Veazie Street Providence, RI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three‑unit configuration: two 3‑bedroom, 1‑bath apartments and one 2‑bedroom, 1‑bath apartment; 3,447 square feet on a 0.15‑acre lot; New mechanical, electrical, and plumbing systems
