Renovated Two-Family
For Sale
$549,900
1111 Charles St, North Providence, RI 02904
Two residential units combine updated interiors, hardwood flooring, storage, and off-street parking near major routes and daily amenities.
Property Size3,340 SF
Price / SF$164.64
Days on Market41
Property Features for 1111 Charles St
General Information
Standard status
Active
Size
3,340 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Amenities
updated kitchens and bathrooms
granite countertops
stainless steel appliances
hardwood floors
Building Details
Year Built
1947
Buildings
1
Listing Agency:
RE/MAX Properties
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
Source:
Alpernandmesenbourg
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:07PM
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 RE/MAX Properties
Investment Insights
Based on property information with market context.
This two-family property was built in 1947 and has undergone interior updates, including refreshed kitchens and bathrooms with granite countertops and stainless steel appliances. Both units include hardwood flooring, recently painted interiors, and functional living areas. The first-floor residence contains two bedrooms, a living room, kitchen, and storage space. Upstairs, the layout provides three bedrooms along with a kitchen and dining area.
Off-street parking serves the property, while the location at 1111 Charles St in North Providence provides access to major routes, highways, shopping, dining, and everyday amenities. The property is identified as being within the Washington Trust Bank Opportunity Zone.
Off-street parking serves the property, while the location at 1111 Charles St in North Providence provides access to major routes, highways, shopping, dining, and everyday amenities. The property is identified as being within the Washington Trust Bank Opportunity Zone.
Key Highlights
- Two‑family property with 3,340 SF of building area
- Updated kitchens and bathrooms with granite countertops and stainless steel appliances
- First‑floor unit includes 2 bedrooms, living room, kitchen, and storage
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
$44,136
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
8.03%
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%
$882,720
$882.7K
Cap Rate 7%
$630,514
$630.5K
Cap Rate 9%
$490,400
$490.4K
Market Conditions
NOI Build-Up for 3,340 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
$85.4K $25.56/SF
− Vacancy
−$5.1K −$1.53/SF
EGI
$80.2K $24.03/SF
− OpEx
−$36.1K −$10.81/SF
NOI
$44.1K $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%
$882,720
Cap Rate 7%
$630,514
Cap Rate 9%
$490,400
Alternative Uses
Best Use
Multifamily LT 5
$794.5K
$695.2K – $926.9K
NOI $55,613 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$630.5K
$551.7K – $735.6K
NOI $44,136 @ 7.0% cap · market cap 8.03%
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
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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?
Duplex - Two residential units combine updated interiors, hardwood flooring, storage, and off-street parking near major routes and daily amenities.
Where is this duplex located?
The property is located at 1111 Charles St North Providence, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑family property with 3,340 SF of building area; Updated kitchens and bathrooms with granite countertops and stainless steel appliances; First‑floor unit includes 2 bedrooms, living room, kitchen, and storage
