Vacant Three-Family
For Sale
$899,999
68 9th Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size3,564 SF
Lot Size0.11 Acres
Price / SF$252.52
Days on Market49
Property Features for 68 9th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Basement, Bedroom 5, Bedroom 6, Bedroom 1
Parking
7
Parking features
None
Patio and Porch features
Patio
Interior features
Wall (Plaster), Attic, Stairs, Plumbing (Copper), Plumbing (PVC), Insulation (Unknown)
Exterior features
Patio
Basement
Unfinished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Summit
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
3,564 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7765
Utilities
Heating system
Natural Gas, Baseboard
Amenities
laundry rooms
patio
fenced yard
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Tile - Ceramic
Building materials
Plaster, Vinyl Siding
Listing Agency:
E Z Home Search Real Estate In
(508) 646-4777
Listed By:
Kyle Aguiar
(774) 644-3359
Added: Jul 18
Changed: Aug 25
Last Checked: Sep 4 at 1:06AM
MLS# 1418201
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 legal three-family property offers 3,564 square feet across three residential units, each arranged with two bedrooms, one bathroom, an eat-in kitchen, double parlors, high ceilings, and hardwood flooring. The third floor provides full ceiling height. First- and second-floor units include laundry rooms near the kitchens, with an additional basement hookup. A private entrance serves the first-floor residence.
Utilities are separately metered and include three natural-gas heating systems, three gas water heaters, and individual electric meters. The property includes a patio, fenced yard, appliances, and a driveway installed in 2022. Certificates of Lead Conformance cover all three units through August 2028 and transfer with the property.
The home is positioned near Hope Street, with Blackstone Boulevard, Brown University, RISD, Miriam Hospital, and I-95 within minutes. It is offered vacant at closing and carries R3 zoning.
Utilities are separately metered and include three natural-gas heating systems, three gas water heaters, and individual electric meters. The property includes a patio, fenced yard, appliances, and a driveway installed in 2022. Certificates of Lead Conformance cover all three units through August 2028 and transfer with the property.
The home is positioned near Hope Street, with Blackstone Boulevard, Brown University, RISD, Miriam Hospital, and I-95 within minutes. It is offered vacant at closing and carries R3 zoning.
Key Highlights
- Legal three‑family property with 3,564 square feet
- Three units, each with 2 bedrooms and 1 bathroom
- Separate utilities: 3 gas heating systems, 3 gas water heaters, and individual electric meters
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
$60,182
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
6.69%
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%
$1,203,640
$1.2M
Cap Rate 7%
$859,743
$859.7K
Cap Rate 9%
$668,689
$668.7K
Market Conditions
NOI Build-Up for 3,564 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
$92.0K $25.80/SF
− Vacancy
−$6.0K −$1.68/SF
EGI
$86.0K $24.12/SF
− OpEx
−$25.8K −$7.24/SF
NOI
$60.2K $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%
$1,203,640
Cap Rate 7%
$859,743
Cap Rate 9%
$668,689
Alternative Uses
Best Use
Multifamily LT 5
$859.7K
$752.3K – $1.00M
NOI $60,182 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$772.2K
$675.7K – $901.0K
NOI $54,057 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,465 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,843
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Legal multifamily property with separate utilities, updated lead compliance certificates, and a fenced outdoor area.
Where is this triplex located?
The property is located at 68 9th Street Providence, RI.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: Legal three‑family property with 3,564 square feet; Three units, each with 2 bedrooms and 1 bathroom; Separate utilities: 3 gas heating systems, 3 gas water heaters, and individual electric meters
