Three-Unit Property with
New
For Sale
$649,000
83 Terrace Avenue, Providence, RI 02909
Includes an attached garage and off-street parking.
Property Size2,964 SF
Price / SF$218.96
Days on Market3
Property Features for 83 Terrace Avenue
General Information
Standard status
Active
Size
2,964 SF
Property subtype
MultiFamily
Units
Unit Mix
1 x 1BR, 2 x 2BR
Multifamily Units
3
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Smith and Oak Real Estate Co.
(401) 400-4114
Listed By:
Devon Urena · License #RES.0049774
(774) 469-4436
Source:
Lockandkeyre
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 2:25PM
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 Smith and Oak Real Estate Co.
Investment Insights
Based on property information with market context.
Built in 1900, this triplex at 83 Terrace Avenue in Providence, Rhode Island, contains three separate apartments arranged across three floors. The layout includes a one-bedroom residence on the first floor, followed by two-bedroom units on the second and third floors.
The property also includes an attached two-car garage and off-street parking. All current tenancies are month-to-month, providing a straightforward existing occupancy structure for an owner-occupant or investor. The property is located in Providence’s Silver Lake area.
The property also includes an attached two-car garage and off-street parking. All current tenancies are month-to-month, providing a straightforward existing occupancy structure for an owner-occupant or investor. The property is located in Providence’s Silver Lake area.
Key Highlights
- Three apartments: one 1‑bedroom unit and two 2‑bedroom units
- Attached 2‑car garage
- Off‑street parking included
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
$50,050
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
7.71%
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%
$1,001,000
$1.0M
Cap Rate 7%
$715,000
$715.0K
Cap Rate 9%
$556,111
$556.1K
Market Conditions
NOI Build-Up for 2,964 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
$76.5K $25.80/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$71.5K $24.12/SF
− OpEx
−$21.5K −$7.24/SF
NOI
$50.1K $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%
$1,001,000
Cap Rate 7%
$715,000
Cap Rate 9%
$556,111
Alternative Uses
Best Use
Multifamily LT 5
$715.0K
$625.6K – $834.2K
NOI $50,050 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$642.2K
$562.0K – $749.3K
NOI $44,956 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$991.6K
$867.7K – $1.16M
NOI $69,413 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
815
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 - Includes an attached garage and off-street parking.
Where is this triplex located?
The property is located at 83 Terrace Avenue Providence, RI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Three apartments: one 1‑bedroom unit and two 2‑bedroom units; Attached 2‑car garage; Off‑street parking included
