Updated Two-Family
For Sale
$634,000
15 Baltimore St, Providence, RI 02909
Fully updated two-family home with a finished attic and modern stainless steel appliances.
Property Size1,476 SF
Price / SF$429.54
Days on Market107
Property Features for 15 Baltimore St
General Information
Standard status
Active
Size
1,476 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1927
Tenancy
Multi
Listing Agency:
My Dream Home Realty
Listed By:
Marisela Vasquez · License #0018925
(401) 499-6945
Source:
Alpernandmesenbourg
Added: May 28
Changed: Sep 10
Last Checked: Sep 9 at 9:25PM
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 My Dream Home Realty
Investment Insights
Based on property information with market context.
This fully updated two-family residence offers spacious, well-maintained layouts and modern improvements throughout. The home includes a finished attic that can provide additional flexible living space, such as an office or recreation area, and features stainless steel appliances for updated in-home functionality.
Situated at 15 Baltimore Street in Providence, the property is positioned for convenient access to downtown dining, shopping, and entertainment. Nearby attractions highlighted in the remarks include WaterFire Providence, the Providence River Pedestrian Bridge, and Roger Williams Park Zoo.
The listing notes that exterior photos have been enhanced and that offers are to be submitted by Monday at 5pm, per the “high and best” instruction in the remarks.
Situated at 15 Baltimore Street in Providence, the property is positioned for convenient access to downtown dining, shopping, and entertainment. Nearby attractions highlighted in the remarks include WaterFire Providence, the Providence River Pedestrian Bridge, and Roger Williams Park Zoo.
The listing notes that exterior photos have been enhanced and that offers are to be submitted by Monday at 5pm, per the “high and best” instruction in the remarks.
Key Highlights
- Fully updated two‑family home built in 1927
- Finished attic provides additional living space, home office, or recreation
- Modern updates include stainless steel appliances
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
$24,924
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
3.93%
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%
$498,480
$498.5K
Cap Rate 7%
$356,057
$356.1K
Cap Rate 9%
$276,933
$276.9K
Market Conditions
NOI Build-Up for 1,476 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
$38.1K $25.80/SF
− Vacancy
−$2.5K −$1.68/SF
EGI
$35.6K $24.12/SF
− OpEx
−$10.7K −$7.24/SF
NOI
$24.9K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$498,480
Cap Rate 7%
$356,057
Cap Rate 9%
$276,933
Alternative Uses
Best Use
Multifamily LT 5
$356.1K
$311.6K – $415.4K
NOI $24,924 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$319.8K
$279.8K – $373.1K
NOI $22,387 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$493.8K
$432.1K – $576.1K
NOI $34,566 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
521
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully updated two-family home with a finished attic and modern stainless steel appliances.
Where is this duplex located?
The property is located at 15 Baltimore St Providence, RI.
What is the asking price?
The asking price for this property is $634,000.
What are key features of this property?
This property features: Fully updated two‑family home built in 1927; Finished attic provides additional living space, home office, or recreation; Modern updates include stainless steel appliances
