It's on a residential water supply line immediately downstream of water meter and main shutoff valve. I would guess pressure reducing valve, but it seems to small to be one, at least compared to the photos of pressure reducing valves I see online.
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4Looks like a ball valve with a drain port. redwhitevalvecorp.com/product/… – agentp Mar 23 '18 at 13:46
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Which way does the water flow in this pipe, up or down? – Jim Stewart Mar 23 '18 at 19:03
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Water flows up, here's a link to the wider view, along with the pressure gauge showing it sits right at 80 psi, and transient spikes up to 120 psi - photos.app.goo.gl/UnW6TILOkloG3efY2 – Jason Rubinstein Apr 3 '18 at 0:56
That's what we call a Ball Valve with Bleeder.
It's for when you shut off the water you can drain what is on the bleeder side of the valve.
Only problem with this one is it's missing the handle.
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OK, makes sense, thanks. I was secretly hoping that it actually was a pressure reducer since our water pressure is fairly high, and I imagine it's pretty expensive to install one. – Jason Rubinstein Mar 23 '18 at 14:27
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@JasonRubinstein, doesn't sound that expensive, especially since your pipe is so easy to get to. Would be a pretty straightforward job and the valve itself would be in the $60 range (retail). – JPhi1618 Mar 23 '18 at 18:14
