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    Queen Anne Victorian Multifamily Property Title is generated by Realmo AI

    1358 Smith Street, North Providence, RI 02911

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    For Sale
    $949,000

    Impeccably maintained multifamily property with redevelopment potential.

    Type:Multi-family
    Added:
    May 6, 2026
    Days on Market:
    29
    Last Refresh:
    May 18 at 10:14 pm

    Property Features for 1358 Smith Street

    General Information

    Standard status
    Active
    Property subtype
    Multi-family

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Joe Roch

    Listing agent Joe Roch

    Listing office Residential Properties Ltd

    Listing date May 6, 2026

    Source Milburyre

    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 Residential Properties Ltd

    HighLights

    • 21 off‑street parking spaces with heated cement ramp.
    • Potential for redevelopment of the 2‑story carriage house as an ADU.
    • Three residential units: a large first‑floor space, a 2‑bedroom apartment, and a 1‑bedroom apartment with city views and skylights.
    • Updated, energy‑efficient features including a newer roof, Hardie Board siding, blown‑in insulation, and replacement windows.
    • Prime location on Smith Street with access to highways, bus routes, amenities, and proximity to downtown Providence and colleges.
    • Impeccably maintained Queen Anne‑style Victorian with architectural additions.

    Overview

    This meticulously maintained Queen Anne-style Victorian property, constructed at the turn of the 20th century, is available for purchase after over 40 years. From 1985 to 2020, the property was owner-occupied and features thoughtful architectural additions. The first floor is suitable for a large apartment or adaptive reuse into multiple residential apartments. The second floor contains a bright, sunny apartment with an updated kitchen and bathroom, two spacious bedrooms, and ductless cooling. The third floor features a bright one-bedroom, one-and-a-half-bath apartment with three skylights and a view of the City of Providence. The parking lot includes 21 off-street spaces and a heated cement ramp. A two-story carriage house offers potential for redevelopment as an Accessory Dwelling Unit (ADU). Exterior updates include a newer roof, Hardie Board siding, blown-in insulation, and replacement windows with storm windows. Located on Smith Street, a main corridor, the property offers access to highways, a bus route, and amenities. It is approximately 3 miles from the commuter rail and Downtown Providence and just over 1 mile from two nearby colleges. The property is intended for residential income purposes.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4582407
    Latitude
    41.8485113

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    FAQs

    What type of property is this?
    Apartment building - Impeccably maintained multifamily property with redevelopment potential.
    Where is this apartment building located?
    The property is located at 1358 Smith Street North Providence, RI.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: 21 off‑street parking spaces with heated cement ramp.; Potential for redevelopment of the 2‑story carriage house as an ADU.; Three residential units: a large first‑floor space, a 2‑bedroom apartment, and a 1‑bedroom apartment with city views and skylights.
    We can help!
    Listing Contact
    Joe Roch
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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