Triplex with Expansion
For Sale
$935,000
792 Atwells Avenue, Providence, RI 02909
Residential Income, Providence, RI
Property Size3,284 SF
Lot Size0.22 Acres
Price / SF$284.71
Days on Market55
Property Features for 792 Atwells Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 9, Bathroom 3, Bedroom 8, Bedroom 3, Bedroom 4, Bathroom 4, Basement, Bathroom 5, Bedroom 7, Bathroom 2
Parking
9
Patio and Porch features
Porch
Interior features
Wall (Paneled), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Full, Unfinished
Appliances
Gas Water Heater
Subdivision
Mount Pleasant
Special listing conditions
Short Sale
Standard status
Active
Size
3,284 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7574
Utilities
Heating system
Forced Air
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Vinyl
Building materials
Paneled, Shingles
Listing Agency:
Circle 100 Real Estate
(401) 336-6083
Listed By:
Lissette Guzman · License #RES.0042951
(401) 230-6272
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 29 at 3:06AM
MLS# 1416918
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 3,284-square-foot triplex, built in 1900, includes two first-floor one-bedroom, one-bath residences and a renovated second-floor three-bedroom, one-and-a-half-bath residence. One first-floor unit is operating as an Airbnb. The third-floor residence requires cosmetic updating. A basement is divided into two one-bedroom areas described as potential additional units; buyers should verify applicable zoning and permits. Interior finishes include hardwood and vinyl flooring, paneled surfaces, mixed plumbing, forced-air heat, and a gas water heater. A porch provides exterior amenity space.
The property occupies 0.22 acres and includes a rear vacant lot. The land is identified as having subdivision potential for a second three-family property, with the feasibility of that concept subject to buyer verification of zoning and permitting requirements. The additional lot may also support future parking, expansion, or new construction, subject to applicable approvals.
The property occupies 0.22 acres and includes a rear vacant lot. The land is identified as having subdivision potential for a second three-family property, with the feasibility of that concept subject to buyer verification of zoning and permitting requirements. The additional lot may also support future parking, expansion, or new construction, subject to applicable approvals.
Key Highlights
- 3,284‑square‑foot triplex on a 0.22‑acre parcel
- First floor has two 1‑bed/1‑bath residences; one is operating as an Airbnb
- Renovated second‑floor 3‑bed/1.5‑bath residence
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
$55,454
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
5.93%
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%
$1,109,080
$1.1M
Cap Rate 7%
$792,200
$792.2K
Cap Rate 9%
$616,156
$616.2K
Market Conditions
NOI Build-Up for 3,284 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
$84.7K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$79.2K $24.12/SF
− OpEx
−$23.8K −$7.24/SF
NOI
$55.5K $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%
$1,109,080
Cap Rate 7%
$792,200
Cap Rate 9%
$616,156
Alternative Uses
Best Use
Multifamily LT 5
$792.2K
$693.2K – $924.2K
NOI $55,454 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$711.6K
$622.6K – $830.2K
NOI $49,810 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$1.10M
$961.3K – $1.28M
NOI $76,907 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,783
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 - Three-family property with a renovated second-floor residence, porch, and additional land for potential future development.
Where is this triplex located?
The property is located at 792 Atwells Avenue Providence, RI.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: 3,284‑square‑foot triplex on a 0.22‑acre parcel; First floor has two 1‑bed/1‑bath residences; one is operating as an Airbnb; Renovated second‑floor 3‑bed/1.5‑bath residence
