Two-Unit Duplex with
For Sale
$579,900
1915 Smith St, North Providence, RI 02911
Two-level duplex with separate living areas, month-to-month occupancy, and off-street parking.
Property Size2,108 SF
Price / SF$275.09
Days on Market18
Property Features for 1915 Smith St
General Information
Standard status
Active
Size
2,108 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
yard
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RE/MAX Professionals
(401) 884-6050
Listed By:
Nelson Esteves · License #RES.0029681
Source:
Alpernandmesenbourg
Added: Aug 13
Changed: Aug 29
Last Checked: Aug 29 at 9:23PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
Built in 1900, this 2,108-square-foot duplex provides two residential units arranged across two levels. The first-floor apartment includes three bedrooms, two bathrooms, a living room, and an updated kitchen. The second-floor unit offers two bedrooms and one bathroom, creating a distinct configuration for each household. A spacious yard and two parking spaces are also included.
Both units are currently occupied under month-to-month tenancies. The property is positioned near schools, shopping, restaurants, and other everyday conveniences in North Providence.
Both units are currently occupied under month-to-month tenancies. The property is positioned near schools, shopping, restaurants, and other everyday conveniences in North Providence.
Key Highlights
- Duplex with 2,108 SF of total property size
- First‑floor unit offers 3 bedrooms and 2 baths
- Second‑floor unit includes 2 beds and 1 bath
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
$35,099
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
6.05%
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%
$701,980
$702.0K
Cap Rate 7%
$501,414
$501.4K
Cap Rate 9%
$389,989
$390.0K
Market Conditions
NOI Build-Up for 2,108 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
$53.6K $25.44/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.1K $23.79/SF
− OpEx
−$15.0K −$7.14/SF
NOI
$35.1K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$701,980
Cap Rate 7%
$501,414
Cap Rate 9%
$389,989
Alternative Uses
Best Use
Multifamily LT 5
$501.4K
$438.7K – $585.0K
NOI $35,099 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$397.9K
$348.2K – $464.3K
NOI $27,856 @ 7.0% cap · market cap 4.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
Median Home Value
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?
Duplex - Two-level duplex with separate living areas, month-to-month occupancy, and off-street parking.
Where is this duplex located?
The property is located at 1915 Smith St North Providence, RI.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Duplex with 2,108 SF of total property size; First‑floor unit offers 3 bedrooms and 2 baths; Second‑floor unit includes 2 beds and 1 bath
