Three-Story
For Sale
Under Contract
$525,000
63 W Cole Street, Pawtucket, RI 02860
MULTI_FAMILY - Pawtucket, RI
Property Size3,252 SF
Lot Size0.07 Acres
Price / SF$161.44
Days on Market9
Property Features for 63 W Cole Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Basement
Parking
4
Parking features
None
Interior features
Wall (Plaster), Stairs, Plumbing (Mixed), Plumbing (PVC), Insulation (Ceiling), Insulation (Floors)
Basement
Partially Finished, Full
Appliances
Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Pawtucket
Lot features
Fenced
Standard status
Active Under Contract
Size
3,252 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4993
Utilities
Sewer type
Public Sewer
Heating system
Oil, Forced Air
Building Details
Year built
1930
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Plaster, Aluminum Siding
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Alicia Reynolds
(401) 835-2605
Added: Aug 3
Changed: Aug 7
Last Checked: Aug 11 at 10:06PM
MLS# 1419513
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 duplex, built in 1930, offers 3,252 square feet across three stories and includes a finished basement area. Hardwood and ceramic tile flooring are complemented by plaster walls, aluminum siding, and mixed PVC plumbing. The property includes two bathrooms and four bedrooms, along with a washer, dryer, refrigerator, and oven/range. Electrical, heating, and water systems have been upgraded, while forced-air oil heat serves the building.
Set on a 0.07-acre lot in Pawtucket, the property is near I-95 and the Pawtucket/Central Falls commuter rail station. The Tidewater Landing riverfront district, Centreville Bank Stadium, a pedestrian bridge, and an improved riverwalk are identified in the surrounding context. Public sewer serves the property, and no on-site parking is listed.
The property may offer the possibility of adding a third living unit, subject to buyer verification with the City of Pawtucket. RM zoning is reported for the site.
Set on a 0.07-acre lot in Pawtucket, the property is near I-95 and the Pawtucket/Central Falls commuter rail station. The Tidewater Landing riverfront district, Centreville Bank Stadium, a pedestrian bridge, and an improved riverwalk are identified in the surrounding context. Public sewer serves the property, and no on-site parking is listed.
The property may offer the possibility of adding a third living unit, subject to buyer verification with the City of Pawtucket. RM zoning is reported for the site.
Key Highlights
- 3,252‑square‑foot duplex across three stories
- 0.07‑acre lot with RM zoning
- Finished basement area with hardwood and ceramic tile flooring
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
$42,974
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
8.19%
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%
$859,480
$859.5K
Cap Rate 7%
$613,914
$613.9K
Cap Rate 9%
$477,489
$477.5K
Market Conditions
NOI Build-Up for 3,252 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
$83.1K $25.56/SF
− Vacancy
−$5.0K −$1.53/SF
EGI
$78.1K $24.03/SF
− OpEx
−$35.2K −$10.81/SF
NOI
$43.0K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$859,480
Cap Rate 7%
$613,914
Cap Rate 9%
$477,489
Alternative Uses
Best Use
Multifamily LT 5
$773.5K
$676.8K – $902.5K
NOI $54,147 @ 7.0% cap · market cap 10.31%
Second Best
Apartment 5plus
$613.9K
$537.2K – $716.2K
NOI $42,974 @ 7.0% cap · market cap 8.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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 - Well-maintained duplex with hardwood flooring, a finished basement, and upgraded electrical, heating, and water systems.
Where is this duplex located?
The property is located at 63 W Cole Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,252‑square‑foot duplex across three stories; 0.07‑acre lot with RM zoning; Finished basement area with hardwood and ceramic tile flooring
