Building Details

Tenancy Multi

Listing Agency: RE/MAX Properties r***@aol.com Show Phone

Listed By: Scott McGee · License #S32155 Show Phone

Source: Exprealty

Added: Aug 26 Changed: Sep 8 Last Checked: Sep 9 at 8:31PM

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Investment Insights

Based on property information with market context.

This 4,825-square-foot quadplex contains four occupied residences with established long-term tenants. Separate utilities, gas-fired heat, owned hot water tanks, and hardwood flooring serve the units. One residence has a townhouse-style arrangement with three bedrooms, adding layout variety within the property. A roof installed one year ago is also in place.

The property includes four individual garage bays, a large yard, and additional outdoor space for tenant use. It is situated on Main Street in Manville, with shopping, dining, highways, and other area amenities accessible from the property.

Key Highlights

• 4,825‑square‑foot quadplex with four occupied units
• Four individual garage bays plus a large yard
• Separate utilities, gas heat, and owned hot water tanks

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 (±1% cap)

NOI $80,339 @ 7.0% cap · market cap 10.73%

Second Best

Apartment 5plus

$910.9K

$797.0K – $1.06M (±1% cap)

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

Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Electrical Service Daycare Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

156

Businesses Nearby

Explore this area Business Placement

Demographics for 02838, RI

3,801

Population

1,546

Households

2.5

Avg Household Size

38

Median Age

49%

College-Educated

91%

High-School Grad

1.4 sq mi

ZIP Area

2,715

Density / Sq Mi

$82,075

Median Household Income

$51,989

Median Earnings

$1,311

Median Rent

$327,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Quadplex - Occupied quadplex with separate utilities, gas heat, hardwood floors, and on-site garage parking.

Where is this quadplex located?

The property is located at 96 Main Street Manville Manville, 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: 4,825‑square‑foot quadplex with four occupied units; Four individual garage bays plus a large yard; Separate utilities, gas heat, and owned hot water tanks