Three-Unit Triplex with
New
For Sale
$800,000
7 Barrett Avenue, North Providence, RI 02904
Residential Income, North Providence, RI
Property Size5,432 SF
Lot Size0.23 Acres
Price / SF$147.28
Days on Market2
Property Features for 7 Barrett Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement, Bathroom 3, Bedroom 1, Bedroom 4
Parking
12
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Wood)
Exterior features
Balcony, Porch
Basement
Full, Partially Finished
Appliances
Gas Water Heater
Subdivision
Woodville/Mineral Spring
Lot features
Corner Lot
Standard status
Active
Size
5,432 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9787
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Cooling system
Window Unit(s)
Amenities
finished walk-out basement
private yard
fenced-in area
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Hardwood
Building materials
Dry Wall, Wood Wall(s), Vinyl Siding, Wood
Listing Agency:
Re/Max Executive Realty · RE/MAX International
(508) 520-9696
Listed By:
Kellie Dow
(617) 922-1552
Added: Sep 26
Last Checked: Sep 27 at 1:06PM
MLS# 1424231
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 has two upper-level apartments of approximately 1,500 square feet each, with three bedrooms, double parlors, a sitting room, a kitchen and a full bath. The third-floor apartment is approximately 850 square feet and includes two bedrooms, a living room, a kitchen and a full bath. Hardwood floors and granite countertops are present in all three units. A finished walk-out basement provides storage space, and the property also includes a detached three-car garage, a porch and a private yard with a fenced area. The home was built in 1900 and has an architectural-shingle roof and replacement windows.
The property occupies 0.23 acres in North Providence, just off Mineral Spring Avenue. Restaurants, shopping and everyday amenities are nearby, with access to Providence and Massachusetts. Zoning is RG.
The property occupies 0.23 acres in North Providence, just off Mineral Spring Avenue. Restaurants, shopping and everyday amenities are nearby, with access to Providence and Massachusetts. Zoning is RG.
Key Highlights
- Legal three‑family property with two three‑bedroom units and one two‑bedroom unit
- Two apartments are approximately 1,500 square feet each; the third is approximately 850 square feet
- Detached three‑car garage and finished walk‑out basement
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
$71,781
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
8.97%
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%
$1,435,620
$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
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
$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 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%
$1,435,620
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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
813
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 separate residences are complemented by a finished walk-out basement and a detached garage.
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: Legal three‑family property with two three‑bedroom units and one two‑bedroom unit; Two apartments are approximately 1,500 square feet each; the third is approximately 850 square feet; Detached three‑car garage and finished walk‑out basement
