Multi-Parcel Assemblage with Development
For Sale
$1,999,999
15 Emmett, Providence, RI 02903
Multi-family property with development potential in Providence, Rhode Island.
Property Size6,096 SF
Lot Size0.27 Acres
Price / SF$328.08
Days on Market170
Property Features for 15 Emmett
General Information
Standard status
Active
Size
6,096 SF
Lot size
0.27 Acres
Property subtype
Commercial
Building Details
Year Built
1904
Listing Agency:
HOMESMART PROFESSIONALS
(401) 921-5011
Listed By:
MICHAEL ALVES · License #REC.0016995
Source:
Corcoran
Added: Feb 24
Changed: Aug 8
Last Checked: Jul 16 at 3:07AM
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 HOMESMART PROFESSIONALS
Investment Insights
Based on property information with market context.
This multi-parcel assemblage offers in-place income and development upside. The portfolio includes properties on Point Street, Emmet Street, and Beacon Street, presenting both immediate cash flow and long-term density potential. 278 Point Street is a 3-family building, fully rented, generating approximately $5,600 per month. There is a right to add 3 additional units by right, with no variances required. The land area is 3,088 square feet, and the building size is 7,522 square feet. 15-17 Emmet Street is a 3-family building, fully rented, generating approximately $4,200 per month. There is a right to add 1 additional unit by right. The land area is 3,007.5 square feet, and the building size is 4,190 square feet. Beacon Street offers development potential for 1 to 2 additional units. The assemblage potential supports a redevelopment exceeding 28+ residential units, subject to planning and zoning review. This property is ideal for investors or developers seeking stabilized income with significant future build-out opportunity.
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
$102,938
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
5.15%
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%
$2,058,760
$2.1M
Cap Rate 7%
$1,470,543
$1.5M
Cap Rate 9%
$1,143,756
$1.1M
Market Conditions
NOI Build-Up for 6,096 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
$157.3K $25.80/SF
− Vacancy
−$10.2K −$1.68/SF
EGI
$147.1K $24.12/SF
− OpEx
−$44.1K −$7.24/SF
NOI
$102.9K $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%
$2,058,760
Cap Rate 7%
$1,470,543
Cap Rate 9%
$1,143,756
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.29M – $1.72M
NOI $102,938 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,461 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,761 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,256
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
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?
Triplex - Multi-family property with development potential in Providence, Rhode Island.
Where is this triplex located?
The property is located at 15 Emmett Providence, RI.
What is the asking price?
The asking price for this property is $1,999,999.
