Renovated Three-Family
New
For Sale
$729,900
61 Emanuel Street, North Providence, RI 02911
MULTI_FAMILY - North Providence, RI
Property Size2,700 SF
Lot Size0.35 Acres
Price / SF$270.33
Days on Market2
Property Features for 61 Emanuel Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 6, Basement, Bedroom 7
Parking
12
Basement
Full, Unfinished
Subdivision
Allendale
Standard status
Active
Size
2,700 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7755
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1920
Number of units
3
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Melissa Riley · License #27164
(401) 421-5300
Added: Aug 6
Last Checked: Aug 7 at 9:06PM
MLS# 1420014
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 three-family property contains 2,700 square feet and includes a detached garage, basement, hardwood flooring, and vinyl siding. Built in 1920, the building has undergone recent renovations and is fully occupied, offering an established residential income profile. Heating is provided by natural gas and baseboard systems.
The property sits on a 0.3516-acre lot with generous frontage in North Providence. Shopping, dining, schools, parks, everyday amenities, and major highways are identified as nearby conveniences, while downtown Providence is described as minutes away. The property may be purchased individually or packaged with 49 Emanuel.
The property sits on a 0.3516-acre lot with generous frontage in North Providence. Shopping, dining, schools, parks, everyday amenities, and major highways are identified as nearby conveniences, while downtown Providence is described as minutes away. The property may be purchased individually or packaged with 49 Emanuel.
Key Highlights
- Three‑family property with 2,700 square feet of building area
- Fully occupied with recent renovations
- Detached garage and basement included
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
$44,956
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
6.16%
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%
$899,120
$899.1K
Cap Rate 7%
$642,229
$642.2K
Cap Rate 9%
$499,511
$499.5K
Market Conditions
NOI Build-Up for 2,700 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
$68.7K $25.44/SF
− Vacancy
−$4.5K −$1.65/SF
EGI
$64.2K $23.79/SF
− OpEx
−$19.3K −$7.14/SF
NOI
$45.0K $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%
$899,120
Cap Rate 7%
$642,229
Cap Rate 9%
$499,511
Alternative Uses
Best Use
Multifamily LT 5
$642.2K
$562.0K – $749.3K
NOI $44,956 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$509.7K
$446.0K – $594.7K
NOI $35,679 @ 7.0% cap · market cap 4.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
372
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
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied multifamily asset with a detached garage, hardwood flooring, and natural-gas baseboard heat.
Where is this triplex located?
The property is located at 61 Emanuel Street North Providence, RI.
What is the asking price?
The asking price for this property is $729,900.
What are key features of this property?
This property features: Three‑family property with 2,700 square feet of building area; Fully occupied with recent renovations; Detached garage and basement included
