3-Unit Triplex with
For Sale
$800,000
Pending
7 Barrett Avenue, North Providence, RI 02904
Two apartments offer three bedrooms each, while the third-floor unit has two bedrooms.
Property Size5,432 SF
Days on Market35
Property Features for 7 Barrett Avenue
General Information
Standard status
Pending
Size
5,432 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
private yard
Building Details
Year Built
1900
Listing Agency:
RE/MAX Executive Realty
Listed By:
Kellie Dow · License #49236
(617) 922-1552
Source:
Lavonnelopes
Added: Sep 28
Changed: Oct 25
Last Checked: Oct 30 at 11:04AM
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 RE/MAX Executive Realty
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Investment Insights
Based on property information with market context.
This three-family property contains two apartments of approximately 1,500 square feet each on the first and second floors, plus an approximately 850-square-foot third-floor unit. The larger layouts include three bedrooms, double parlors, a sitting room, a large kitchen, and a full bath; the upper apartment has two bedrooms, a living room, a kitchen, and a full bath. Granite countertops, hardwood floors, and black-and-white tiled bathrooms are present in all three units. A finished walk-out basement provides storage, and the property also has a detached three-car garage and a yard with a fenced section. Built in 1900, the building has Harvey replacement windows and an architectural-shingle roof.
The property is just off Mineral Spring Ave, near restaurants, shopping, and everyday amenities, with access to Providence and Massachusetts. The basement and garage are additional physical components of the property; no specific use or income is assumed for either.
The property is just off Mineral Spring Ave, near restaurants, shopping, and everyday amenities, with access to Providence and Massachusetts. The basement and garage are additional physical components of the property; no specific use or income is assumed for either.
Key Highlights
- Three residential units: two approximately 1,500‑square‑foot apartments and one approximately 850‑square‑foot apartment
- First- and second‑floor units each have three bedrooms; the third‑floor unit has two
- Finished walk‑out basement and detached three‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,781
Cap Rate
8.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,435,620
$1.4M
Cap Rate 7%
$1,025,443
$1.0M
Cap Rate 9%
$797,567
$797.6K
Market Conditions
NOI Build-Up for 5,432 SF
Gross rent
$138.8K $25.56/SF
− Vacancy
−$8.3K −$1.53/SF
EGI
$130.5K $24.03/SF
− OpEx
−$58.7K −$10.81/SF
NOI
$71.8K $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 Rate 5%
$1,435,620
Cap Rate 7%
$1,025,443
Cap Rate 9%
$797,567
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,445 @ 7.0% cap · market cap 11.31%
Second Best
Apartment 5plus
$1.03M
$897.3K – $1.20M
NOI $71,781 @ 7.0% cap · market cap 8.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Two apartments offer three bedrooms each, while the third-floor unit has two bedrooms.
Where is this triplex located?
The property is located at 7 Barrett Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three residential units: two approximately 1,500‑square‑foot apartments and one approximately 850‑square‑foot apartment; First- and second‑floor units each have three bedrooms; the third‑floor unit has two; Finished walk‑out basement and detached three‑car garage
