Three-Unit Triplex with Separate
For Sale
Under Contract
$569,900
685 Charles Street, Providence, RI 02904
Residential Income, Providence, RI
Property Size2,877 SF
Lot Size0.10 Acres
Price / SF$198.09
Days on Market110
Property Features for 685 Charles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
3
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Standard status
Active Under Contract
Size
2,877 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3380
Utilities
Heating system
Natural Gas, Steam, Baseboard
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Laminate
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Broadway Real Estate Group
(401) 354-7969
Listed By:
Doug Jeffrey
(401) 255-5530
Added: May 5
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 1411658
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.
685 Charles Street is a well maintained three-unit triplex with a flexible layout for a range of living arrangements. The property has all utilities separately metered, with gas boilers and four electrical meters—one for each unit plus a common area meter—supporting efficient, straightforward management.
Built in 1910, the home includes an architectural shingle roof and vinyl siding, along with replacement windows intended to support low maintenance ownership. Interior finishes include a mix of wall types, including dry wall and plaster, with flooring noted as laminate and hardwood.
Heating is provided via natural gas with steam and baseboard systems. The property includes appliances such as a gas water heater, oven/range, and refrigerator, and it also features a basement. Off street parking is referenced in the remarks.
Built in 1910, the home includes an architectural shingle roof and vinyl siding, along with replacement windows intended to support low maintenance ownership. Interior finishes include a mix of wall types, including dry wall and plaster, with flooring noted as laminate and hardwood.
Heating is provided via natural gas with steam and baseboard systems. The property includes appliances such as a gas water heater, oven/range, and refrigerator, and it also features a basement. Off street parking is referenced in the remarks.
Key Highlights
- Three‑unit triplex with flexible layout for multiple living arrangements
- All utilities separately metered with gas boilers and four electrical meters (one per unit plus common area)
- Architectural shingle roof, vinyl siding, and replacement windows
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
$48,581
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
8.52%
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%
$971,620
$971.6K
Cap Rate 7%
$694,014
$694.0K
Cap Rate 9%
$539,789
$539.8K
Market Conditions
NOI Build-Up for 2,877 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
$74.2K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$69.4K $24.12/SF
− OpEx
−$20.8K −$7.24/SF
NOI
$48.6K $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%
$971,620
Cap Rate 7%
$694,014
Cap Rate 9%
$539,789
Alternative Uses
Best Use
Multifamily LT 5
$694.0K
$607.3K – $809.7K
NOI $48,581 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$623.4K
$545.5K – $727.3K
NOI $43,637 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$962.5K
$842.2K – $1.12M
NOI $67,376 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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 - Well maintained triplex with separately metered utilities, gas boilers, and four electrical meters for straightforward unit and common-area management.
Where is this triplex located?
The property is located at 685 Charles Street Providence, RI.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Three‑unit triplex with flexible layout for multiple living arrangements; All utilities separately metered with gas boilers and four electrical meters (one per unit plus common area); Architectural shingle roof, vinyl siding, and replacement windows
