Two-Building Multifamily
For Sale
$799,900
8 King, Pawtucket, RI 02860
Two buildings with five occupied rental units and updated parking, offering an income-focused residential investment in Pawtucket.
Property Size4,550 SF
Price / SF$175.80
Days on Market54
Property Features for 8 King
General Information
Standard status
Active
Size
4,550 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,221
Amenities
Baseboard Heating
Circuit Breakers
Common Area
Gas Heating
Hot Water Heating
Building Details
Year Built
1920
Listing Agency:
CENTURY 21 GONSALVES - PASTORE
(401) 728-2770
Listed By:
ROBIN PASTORE
Source:
Corcoran
Added: Jun 20
Changed: Aug 10
Last Checked: Aug 11 at 7:45AM
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 CENTURY 21 GONSALVES - PASTORE
Investment Insights
Based on property information with market context.
This well-maintained multifamily property features two separate buildings totaling five rental units. The front building contains three spacious 3-bedroom apartments, while the rear building offers two comfortable 2-bedroom units. All units are currently occupied by long-term tenants, supporting continuity for an owner seeking steadier operations. The property also includes updated parking facilities, improving day-to-day convenience for residents.
Located in Pawtucket, the asset is arranged to provide a straightforward mix of unit sizes across the two buildings. With the front and rear structures containing distinct unit configurations, the layout supports a clean tenant mix of 3-bedroom and 2-bedroom homes. The updated parking helps accommodate resident needs on-site.
For investors or buyers looking to add a residential income property, the current in-place occupancy by long-term tenants is a key consideration. The five-unit composition offers an owner diversified by apartment size, with three 3-bedroom units paired with two 2-bedroom units. Updated parking is an additional practical feature that can help with resident satisfaction and property management. Overall, the property’s two-building setup, unit mix, and maintained condition make it a functional fit for buyers targeting a manageable multifamily portfolio.
Located in Pawtucket, the asset is arranged to provide a straightforward mix of unit sizes across the two buildings. With the front and rear structures containing distinct unit configurations, the layout supports a clean tenant mix of 3-bedroom and 2-bedroom homes. The updated parking helps accommodate resident needs on-site.
For investors or buyers looking to add a residential income property, the current in-place occupancy by long-term tenants is a key consideration. The five-unit composition offers an owner diversified by apartment size, with three 3-bedroom units paired with two 2-bedroom units. Updated parking is an additional practical feature that can help with resident satisfaction and property management. Overall, the property’s two-building setup, unit mix, and maintained condition make it a functional fit for buyers targeting a manageable multifamily portfolio.
Key Highlights
- Two‑building Pawtucket multi‑family with 5 total rental units
- Front building has three 3‑bedroom apartments
- Rear building has two 2‑bedroom apartments
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
$60,126
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
7.52%
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%
$1,202,520
$1.2M
Cap Rate 7%
$858,943
$858.9K
Cap Rate 9%
$668,067
$668.1K
Market Conditions
NOI Build-Up for 4,550 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
$116.3K $25.56/SF
− Vacancy
−$7.0K −$1.53/SF
EGI
$109.3K $24.03/SF
− OpEx
−$49.2K −$10.81/SF
NOI
$60.1K $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%
$1,202,520
Cap Rate 7%
$858,943
Cap Rate 9%
$668,067
Alternative Uses
Best Use
Apartment 5plus
$858.9K
$751.6K – $1.00M
NOI $60,126 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.08M
$947.0K – $1.26M
NOI $75,760 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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?
Apartment building - Two buildings with five occupied rental units and updated parking, offering an income-focused residential investment in Pawtucket.
Where is this apartment building located?
The property is located at 8 King Pawtucket, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Two‑building Pawtucket multi‑family with 5 total rental units; Front building has three 3‑bedroom apartments; Rear building has two 2‑bedroom apartments
