Updated Two-Family Home with ADU
For Sale
$589,900
Pending
15 Melissa St, Providence, RI 02909
Updated two-family property in Providence with remodeled first-floor unit, separate utilities, and off-street parking.
Property Size2,256 SF
Days on Market340
Property Features for 15 Melissa St
General Information
Standard status
Pending
Size
2,256 SF
Total Parking Spaces
2
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,821
Amenities
basement laundry hookups
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
The ALBA Group · License #48103
(401) 414-7414
Source:
Exprealty
Added: Sep 24, 2025
Changed: Aug 21
Last Checked: Aug 28 at 4:47PM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This updated two-family home offers a practical owner-occupant or rental setup, with a remodeled first-floor unit and a second-floor unit that features a private entrance. The first-floor layout includes three bedrooms and has been refreshed with a brand new granite kitchen, modern bathroom, and new flooring, paint, and lighting. The home totals 2,256 SF of living space and includes off-street parking, vinyl siding, and basement laundry hookups.
The property also presents ADU potential, supported by the existing configuration and separate utilities for the two units. With a convenient location near downtown, highways, and local amenities, the home is positioned for day-to-day living while supporting tenant-friendly functionality.
Overall, the combination of move-in ready updates, unit separation, and dedicated laundry hookups can appeal to buyers looking for a well-supported two-unit residence with flexible options.
The property also presents ADU potential, supported by the existing configuration and separate utilities for the two units. With a convenient location near downtown, highways, and local amenities, the home is positioned for day-to-day living while supporting tenant-friendly functionality.
Overall, the combination of move-in ready updates, unit separation, and dedicated laundry hookups can appeal to buyers looking for a well-supported two-unit residence with flexible options.
Key Highlights
- Remodeled first‑floor unit with new granite kitchen, modern bathroom, and three bedrooms
- Second‑floor unit has a private entrance
- 2,256 SF total living space
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
$38,095
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
6.46%
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%
$761,900
$761.9K
Cap Rate 7%
$544,214
$544.2K
Cap Rate 9%
$423,278
$423.3K
Market Conditions
NOI Build-Up for 2,256 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
$58.2K $25.80/SF
− Vacancy
−$3.8K −$1.68/SF
EGI
$54.4K $24.12/SF
− OpEx
−$16.3K −$7.24/SF
NOI
$38.1K $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%
$761,900
Cap Rate 7%
$544,214
Cap Rate 9%
$423,278
Alternative Uses
Best Use
Multifamily LT 5
$544.2K
$476.2K – $634.9K
NOI $38,095 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$488.8K
$427.7K – $570.3K
NOI $34,218 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$754.8K
$660.4K – $880.6K
NOI $52,833 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
702
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
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 - Updated two-family property in Providence with remodeled first-floor unit, separate utilities, and off-street parking.
Where is this duplex located?
The property is located at 15 Melissa St Providence, RI.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: Remodeled first‑floor unit with new granite kitchen, modern bathroom, and three bedrooms; Second‑floor unit has a private entrance; 2,256 SF total living space
