Four-Unit
For Sale
$699,000
868 Main Street, Pawtucket, RI 02860
Residential income property with four units and dedicated off-street tenant parking.
Property Size4,221 SF
Price / SF$165.60
Days on Market13
Property Features for 868 Main Street
General Information
Standard status
Active
Size
4,221 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1920
Listing Agency:
Keller Williams South Watuppa
(508) 677-3233
Listed By:
Philip Rebello · License #9553921
Source:
Lockandkeyre
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 11:39AM
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 Keller Williams South Watuppa
Investment Insights
Based on property information with market context.
Built in 1920, this quadplex contains four residential units with a combined 4,221 square feet and nine total bedrooms. Dedicated off-street parking serves the property and provides a practical amenity for occupants. The building is located at 868 Main Street in Pawtucket, Rhode Island.
Access to I-95 connects the property with Providence and Boston. Shops, restaurants, public transportation, and Slater Memorial Park are also located within minutes, adding convenience for residents and supporting the property's established urban setting.
Access to I-95 connects the property with Providence and Boston. Shops, restaurants, public transportation, and Slater Memorial Park are also located within minutes, adding convenience for residents and supporting the property's established urban setting.
Key Highlights
- Four residential units with 9 total bedrooms
- 4,221 SF building constructed in 1920
- Dedicated off‑street parking for tenants
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
$55,778
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
7.98%
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%
$1,115,560
$1.1M
Cap Rate 7%
$796,829
$796.8K
Cap Rate 9%
$619,756
$619.8K
Market Conditions
NOI Build-Up for 4,221 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
$107.9K $25.56/SF
− Vacancy
−$6.5K −$1.53/SF
EGI
$101.4K $24.03/SF
− OpEx
−$45.6K −$10.81/SF
NOI
$55.8K $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%
$1,115,560
Cap Rate 7%
$796,829
Cap Rate 9%
$619,756
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$878.5K – $1.17M
NOI $70,282 @ 7.0% cap · market cap 10.05%
Second Best
Apartment 5plus
$796.8K
$697.2K – $929.6K
NOI $55,778 @ 7.0% cap · market cap 7.98%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
982
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?
Quadplex - Residential income property with four units and dedicated off-street tenant parking.
Where is this quadplex located?
The property is located at 868 Main Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Four residential units with 9 total bedrooms; 4,221 SF building constructed in 1920; Dedicated off‑street parking for tenants
