Triplex with Covered
New
For Sale
$1,075,000
986 Smith Street, Providence, RI 02908
Three renovated residences provide four bedrooms and one bathroom apiece, with updated kitchens and interior finishes.
Property Size4,500 SF
Price / SF$238.89
Days on Market6
Property Features for 986 Smith Street
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
9
Property subtype
MultiFamily
Units
Unit Mix
3 x 4BR/1BA
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
Compass
(401) 274-1644
Listed By:
The Blackstone Team
(401) 646-0023
Source:
Lockandkeyre
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 5 at 7:24PM
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 Compass
Investment Insights
Based on property information with market context.
This 4,500-square-foot triplex in Providence contains three 1,500-square-foot residences, each with four bedrooms and one bathroom. Renovated interiors feature modern kitchens with stone countertops and stainless steel appliances, cherry flooring, high ceilings, tin ceilings, crown moldings, and tile bathrooms. The first and second floors have front and rear porches. Building improvements include a new roof, updated wiring, replacement windows, and newer furnaces. The property was built in 1910 and includes parking for nine cars.
Key Highlights
- 4,500 square feet across three 1,500‑square‑foot residences
- Each residence has 4 bedrooms and 1 bathroom
- Parking for 9 cars
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,987
Cap Rate
7.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,519,740
$1.5M
Cap Rate 7%
$1,085,529
$1.1M
Cap Rate 9%
$844,300
$844.3K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$116.1K $25.80/SF
− Vacancy
−$7.5K −$1.68/SF
EGI
$108.6K $24.12/SF
− OpEx
−$32.6K −$7.24/SF
NOI
$76.0K $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 Rate 5%
$1,519,740
Cap Rate 7%
$1,085,529
Cap Rate 9%
$844,300
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$949.8K – $1.27M
NOI $75,987 @ 7.0% cap · market cap 7.07%
Second Best
Apartment 5plus
$975.1K
$853.2K – $1.14M
NOI $68,254 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,385 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three renovated residences provide four bedrooms and one bathroom apiece, with updated kitchens and interior finishes.
Where is this triplex located?
The property is located at 986 Smith Street Providence, RI.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 4,500 square feet across three 1,500‑square‑foot residences; Each residence has 4 bedrooms and 1 bathroom; Parking for 9 cars
