Multi-Parcel Assemblage with Development
For Sale
Contact for pricing
15 Emmett St Beacon St and 278 Point Street, Providence, RI 02903
Two 3-unit buildings with extra lot, development potential.
Property Size6,096 SF
Lot Size0.14 Acres
Price / SF$262.47
Days on Market232
Property Features for 15 Emmett St Beacon St and 278 Point Street
General Information
Standard status
Active
Size
6,096 SF
Class
C
Lot size
0.14 Acres
Property subtype
Multifamily
Zoning
R-4
Investment Type
Value Add
Net Operating Income
$77,787
Building Details
Year Built
1904
Buildings
2
Units
6
Listing Agency:
Elite Commercial Realty
Listed By:
Michael Alves · License #REC.0016995
(401) 333-4900
Source:
Crexi
Added: Feb 23
Changed: Sep 29
Last Checked: Oct 12 at 9:07PM
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 Elite Commercial Realty
Investment Insights
Based on property information with market context.
This multi-parcel assemblage presents an opportunity to acquire properties with existing income and development potential. The portfolio includes two 3-unit buildings and an extra lot. 278 Point Street is a fully rented 3-family property generating approximately $5,600 per month in income. There is a right to add 3 additional units to this property. The land area is 3,088 square feet and the building size is 7,522 square feet. 15–17 Emmett Street is a fully rented 3-family property generating approximately $4,200 per month in income, with the right to add 1 additional unit. The land area is 3,007.5 square feet and the building size is 4,190 square feet. Beacon Street offers development potential for 1–2 additional units. The assemblage has the potential to support a redevelopment exceeding 28+ residential units, subject to planning and zoning review. The total property size is 6,096 square feet. This portfolio is suitable for investors or developers seeking stabilized income with future build-out opportunities.
Key Highlights
- Multi‑parcel assemblage with strong in‑place income and substantial development upside.
- Potential to add 3 units at 278 Point Street and 1 unit at 15‑17 Emmett Street 'by right'.
- Strong existing cash flow from two fully rented 3‑family units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,938
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
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
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 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 6.43%
Second Best
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,461 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,761 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,829
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Two 3-unit buildings with extra lot, development potential.
Where is this triplex located?
The property is located at 15 Emmett St Beacon St and 278 Point Street Providence, RI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Multi‑parcel assemblage with strong in‑place income and substantial development upside.; Potential to add 3 units at 278 Point Street and 1 unit at 15‑17 Emmett Street 'by right'.; Strong existing cash flow from two fully rented 3‑family units.
