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    Property profile & analytics

    381 Central St Central Falls, RI 02863

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US76-0325895
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 381 Central St

    Year built
    1890
    Property type
    Commercial real estate

    Description

    This exceptional 10-unit apartment building, located at 381 Central Street in Central Falls, Rhode Island, presents a compelling investment opportunity. The property boasts a strong current NOI of $81,114, yielding a 6.49% cap rate, with a pro-forma NOI of $92,218 and a pro-forma cap rate of 7.38%, indicating significant upside potential. Built in 1890, this two-story building sits on a substantial 20,676 square foot lot and offers a mix of one, two, and three-bedroom apartments, providing diverse rental options. All units feature spacious layouts and individual gas-fired hot water heating systems. Ample off-street parking is available for over 20 vehicles, a significant advantage in this densely populated area. Recent upgrades include the replacement of all windows, enhancing energy efficiency and curb appeal. Conveniently situated near I-95 and bordering Massachusetts, the property benefits from excellent accessibility and proximity to a larger metropolitan area. The asking price is $1,250,000, or $125,000 per unit. Central Falls, with a population of 22,583 (2020 Census), is the smallest and most densely populated city in Rhode Island, offering a strong rental market. This property represents a rare opportunity to acquire a well-maintained multifamily asset with substantial growth potential in a high-demand location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Central Falls
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.393240671783
    Latitude
    41.88444143265

    Comparable in this City

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      Central Falls Two-Family Property

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      Spacious Multifamily Property in Central Falls

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    Similar Nearby for Sale

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      Profitable Multi-Family Investment Opportunity

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      152 Washington St, Central Falls, RI 02863
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    • $650,000
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      Central Falls Multifamily Investment Property

      Profitable, well-maintained 5-unit multifamily property in Central Falls, RI.
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    • $515,000
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      Spacious Multifamily Property in Central Falls

      Two-family home with modern layout, ideal for investors/owner-occupants.
      129 Liberty St, Central Falls, RI 02863
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    • $550,000
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      Well-Maintained Three-Family Home

      Three units, each with 2 beds and 1 bath.
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      Central Falls Multi-Family Property

      Three-unit property in Central Falls near amenities and transportation.
      218 Central St, Central Falls, RI 02863
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    • $449,000

      Three-Family Home For Sale

      Fully rented three-family home offering consistent rental income.
      38 Garfield St, Central Falls, RI 02863
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    Similar Nearby for Lease

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      Central Falls Warehouse Space

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      Retail Space on Dexter Street

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      361 Dexter St, Central Falls, RI 02863
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    381 Central St
    Central Falls, RI 02863
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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