Four-Unit Quadplex with
New
For Sale
$749,000
96 Main Street, Lincoln, RI 02865
Residential Income, Lincoln, RI
Property Size4,825 SF
Lot Size0.32 Acres
Price / SF$155.23
Days on Market1
Property Features for 96 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 7, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 5, Bedroom 8, Bathroom 5
Parking
10
Interior features
Wall (Dry Wall), Wall (Plaster), Wall (Wood), Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished, Storage Space
Appliances
Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Albion
Lot features
Out Building, Paved Driveway, Paved
Standard status
Active
Size
4,825 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9756
Utilities
Heating system
Baseboard, Natural Gas
Amenities
large yard
Building Details
Year built
1850
Floors in Building
3
Number of units
4
Flooring type
Hardwood, Tile - Ceramic, Laminate, Carpet
Building materials
Dry Wall, Plaster, Wood Wall(s), Brick, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Scott McGee · License #S32155
(401) 639-2906
Added: Aug 26
Last Checked: Aug 26 at 10:06PM
MLS# 1421675
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 4,825-square-foot quadplex contains four multifamily units on a 0.32-acre lot. The property is fully occupied by established long-term tenants, with separate utilities, natural-gas baseboard heat, owned hot water tanks, and a mix of hardwood, tile, laminate, and carpet flooring. One residence has a townhouse-style arrangement with three bedrooms. The building also includes attic storage, basement space, and appliances including ranges, refrigerators, washers, and dryers.
A one-year-old roof, large yard, and four individual garage bays add functional value for the occupants. Located at 96 Main Street in Lincoln, Rhode Island, the property offers access to shopping, dining, highways, and area amenities. Built in 1850, the building combines an established structure with practical features supporting its current multifamily use.
A one-year-old roof, large yard, and four individual garage bays add functional value for the occupants. Located at 96 Main Street in Lincoln, Rhode Island, the property offers access to shopping, dining, highways, and area amenities. Built in 1850, the building combines an established structure with practical features supporting its current multifamily use.
Key Highlights
- Four‑unit quadplex with 4,825 square feet of building area
- Fully occupied by established, long‑term tenants
- 0.32‑acre lot with a large yard
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
$63,760
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
8.51%
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%
$1,275,200
$1.3M
Cap Rate 7%
$910,857
$910.9K
Cap Rate 9%
$708,444
$708.4K
Market Conditions
NOI Build-Up for 4,825 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
$123.3K $25.56/SF
− Vacancy
−$7.4K −$1.53/SF
EGI
$115.9K $24.03/SF
− OpEx
−$52.2K −$10.81/SF
NOI
$63.8K $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%
$1,275,200
Cap Rate 7%
$910,857
Cap Rate 9%
$708,444
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,339 @ 7.0% cap · market cap 10.73%
Second Best
Apartment 5plus
$910.9K
$797.0K – $1.06M
NOI $63,760 @ 7.0% cap · market cap 8.51%
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
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 02865, RI
17,902
Population
7,079
Households
2.5
Avg Household Size
45
Median Age
48%
College-Educated
92%
High-School Grad
16.5 sq mi
ZIP Area
1,085
Density / Sq Mi
$117,042
Median Household Income
$59,949
Median Earnings
$1,206
Median Rent
$427,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit property with separate utilities, gas heat, and individual garage bays.
Where is this quadplex located?
The property is located at 96 Main Street Lincoln, RI.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Four‑unit quadplex with 4,825 square feet of building area; Fully occupied by established, long‑term tenants; 0.32‑acre lot with a large yard
