Two-Unit Property with Updated
For Sale
$579,900
1915 Smith Street, North Providence, RI 02911
Residential Income, North Providence, RI
Property Size2,108 SF
Lot Size0.14 Acres
Price / SF$275.09
Days on Market72
Property Features for 1915 Smith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
2
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Attic, Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Centerdale
Lot features
Corner Lot, Fenced, Paved Driveway
Standard status
Active
Size
2,108 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6170
Utilities
Heating system
Natural Gas, Steam
Amenities
spacious yard
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic, Laminate
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Nelson Esteves · License #RES.0029681
(401) 440-0080
Added: Jun 11
Changed: Aug 20
Last Checked: Aug 21 at 12:06PM
MLS# 1415120
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 2,108-square-foot duplex, built in 1900, is arranged with a three-bedroom, two-bath first-floor unit and a two-bedroom, one-bath second-floor unit. The first floor includes a living room and newer kitchen, while the property also features an attic, basement, mixed plumbing, and a combination of natural-gas and steam heating. Interior finishes include hardwood, ceramic tile, laminate, drywall, plaster, and vinyl siding. Appliances include a gas water heater, oven/range, and refrigerator.
The property occupies 0.143 acres in North Providence near schools, shopping, restaurants, and other everyday conveniences. Both units are occupied by month-to-month tenants, and the grounds include a spacious yard.
The property occupies 0.143 acres in North Providence near schools, shopping, restaurants, and other everyday conveniences. Both units are occupied by month-to-month tenants, and the grounds include a spacious yard.
Key Highlights
- 2,108 square feet across two residential units
- First floor offers 3 bedrooms and 2 baths
- Second floor includes 2 bedrooms and 1 bath
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
$35,099
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
6.05%
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%
$701,980
$702.0K
Cap Rate 7%
$501,414
$501.4K
Cap Rate 9%
$389,989
$390.0K
Market Conditions
NOI Build-Up for 2,108 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
$53.6K $25.44/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.1K $23.79/SF
− OpEx
−$15.0K −$7.14/SF
NOI
$35.1K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
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%
$701,980
Cap Rate 7%
$501,414
Cap Rate 9%
$389,989
Alternative Uses
Best Use
Multifamily LT 5
$501.4K
$438.7K – $585.0K
NOI $35,099 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$397.9K
$348.2K – $464.3K
NOI $27,856 @ 7.0% cap · market cap 4.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
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?
Duplex - Income-producing duplex with separate floor layouts, month-to-month occupancy, and a yard near everyday services.
Where is this duplex located?
The property is located at 1915 Smith Street North Providence, RI.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: 2,108 square feet across two residential units; First floor offers 3 bedrooms and 2 baths; Second floor includes 2 bedrooms and 1 bath
