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 Market390
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
Listed By:
The ALBA Group · License #37342
(401) 414-7414
Source:
Exprealty
Added: Sep 24, 2025
Changed: Oct 16
Last Checked: Oct 16 at 9:35AM
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
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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 / Yr
$38,095
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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
