Victorian Triplex with Carriage
New
For Sale
$795,000
1358 Smith Street, North Providence, RI 02911
Residential Income, North Providence, RI
Property Size3,901 SF
Lot Size0.34 Acres
Price / SF$203.79
Days on Market3
Property Features for 1358 Smith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CP
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Basement
Parking
24
Window features
Skylight(s), Insulated Windows, Storm Window(s)
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Walls)
Exterior features
Porch
Basement
Storage Space, Partial, Unfinished
Accessibility
Accessible Approach with Ramp
Appliances
Electric Water Heater, Dishwasher, Microwave, Oven/Range, Refrigerator
Subdivision
Fruit Hill
Lot features
Local Historic District, Corner Lot, Sprinklers
Standard status
Active
Size
3,901 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
13065
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air, Other (Cooling)
Amenities
off-street parking
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Flooring type
Tile - Ceramic, Carpet, Hardwood
Building materials
Dry Wall, Plaster, Other Siding
Listing Agency:
Residential Properties Ltd
(401) 457-3400
Listed By:
Joe Roch · License #REB.0018442
(401) 440-7483
Added: Sep 9
Last Checked: Sep 11 at 1:06AM
MLS# 1422904
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 3,901-square-foot Victorian-style triplex, built in 1900, includes apartment space across three levels and a separate two-story carriage house. The first floor can accommodate one larger or two residential apartments and includes central air. The second floor offers a five-room, two-bedroom apartment with an updated kitchen, bathroom, and ductless cooling. The third floor contains a one-bedroom, one-bath apartment with three skylights and views toward Providence. The carriage house presents potential for redevelopment as an accessory dwelling unit, while the property also carries potential for adaptive reuse into five apartments and an ADU.
Set on 0.34 acres along Smith Street, the property provides as many as 21 off-street parking spaces and a heated cement access ramp. A younger roof, Hardie Board siding, blown-in insulation, replacement windows with storm windows, public sewer, natural-gas heating, and porch space are among the existing features. The site is approximately 3 miles from commuter rail and Downtown Providence, just over 1 mile from two colleges, and served by a nearby bus route.
Set on 0.34 acres along Smith Street, the property provides as many as 21 off-street parking spaces and a heated cement access ramp. A younger roof, Hardie Board siding, blown-in insulation, replacement windows with storm windows, public sewer, natural-gas heating, and porch space are among the existing features. The site is approximately 3 miles from commuter rail and Downtown Providence, just over 1 mile from two colleges, and served by a nearby bus route.
Key Highlights
- 3,901 SF Victorian‑style triplex built in 1900
- Second‑floor 5‑room apartment with 2 bedrooms, updated kitchen and bathroom
- Third‑floor 1‑bed, 1‑bath apartment with 3 skylights
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
$64,954
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
8.17%
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%
$1,299,080
$1.3M
Cap Rate 7%
$927,914
$927.9K
Cap Rate 9%
$721,711
$721.7K
Market Conditions
NOI Build-Up for 3,901 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
$99.2K $25.44/SF
− Vacancy
−$6.5K −$1.65/SF
EGI
$92.8K $23.79/SF
− OpEx
−$27.8K −$7.14/SF
NOI
$65.0K $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%
$1,299,080
Cap Rate 7%
$927,914
Cap Rate 9%
$721,711
Alternative Uses
Best Use
Multifamily LT 5
$927.9K
$811.9K – $1.08M
NOI $64,954 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$736.4K
$644.4K – $859.2K
NOI $51,550 @ 7.0% cap · market cap 6.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
653
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three-level residential layout with varied apartment configurations, off-street parking, and a separate two-story carriage house.
Where is this triplex located?
The property is located at 1358 Smith Street North Providence, RI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3,901 SF Victorian‑style triplex built in 1900; Second‑floor 5‑room apartment with 2 bedrooms, updated kitchen and bathroom; Third‑floor 1‑bed, 1‑bath apartment with 3 skylights
