Two-Unit Duplex with Detached
For Sale
$459,900
419 Fairmount Street, Woonsocket, RI 02895
Occupied units offer separate gas and electric utilities, shared laundry, and practical off-street parking.
Property Size1,998 SF
Price / SF$230.18
Days on Market15
Property Features for 419 Fairmount Street
General Information
Standard status
Active
Size
1,998 SF
Total Parking Spaces
5
Property subtype
Multifamily
Amenities
common washer and dryer
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Stacy Corrigan · License #REB.0016898
Source:
Lockandkeyre
Added: Jul 28
Changed: Aug 11
Last Checked: Aug 11 at 6:17AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This two-family duplex contains nearly 2,000 square feet of living space, with two units of approximately 999 square feet each. Both units offer two bedrooms, clean kitchens with painted tin ceilings, and a combination of laminate, vinyl, and carpet flooring. Long-term tenants are already in place, and the same owner has maintained the property for over 40 years.
Separate gas and electric utilities serve each unit, while a house meter covers the common basement. Shared laundry includes a washer and dryer for tenant use. Exterior features include a low-maintenance vinyl exterior, a detached one-car garage, parking for four additional vehicles, and a modest yard. Heating systems are approximately 3 months and 10 years old, and hot water tanks are approximately 3 months and 3 years old. The seller will obtain lead certificates prior to closing.
Separate gas and electric utilities serve each unit, while a house meter covers the common basement. Shared laundry includes a washer and dryer for tenant use. Exterior features include a low-maintenance vinyl exterior, a detached one-car garage, parking for four additional vehicles, and a modest yard. Heating systems are approximately 3 months and 10 years old, and hot water tanks are approximately 3 months and 3 years old. The seller will obtain lead certificates prior to closing.
Key Highlights
- Two‑family duplex with two approximately 999‑square‑foot units
- Each unit includes 2 bedrooms and a kitchen with a painted tin ceiling
- Separate gas and electric utilities, plus a house meter for the common basement
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
$33,268
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
7.23%
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%
$665,360
$665.4K
Cap Rate 7%
$475,257
$475.3K
Cap Rate 9%
$369,644
$369.6K
Market Conditions
NOI Build-Up for 1,998 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
$50.8K $25.44/SF
− Vacancy
−$3.3K −$1.65/SF
EGI
$47.5K $23.79/SF
− OpEx
−$14.3K −$7.14/SF
NOI
$33.3K $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%
$665,360
Cap Rate 7%
$475,257
Cap Rate 9%
$369,644
Alternative Uses
Best Use
Multifamily LT 5
$475.3K
$415.9K – $554.5K
NOI $33,268 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$377.2K
$330.0K – $440.1K
NOI $26,403 @ 7.0% cap · market cap 5.74%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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 - Occupied units offer separate gas and electric utilities, shared laundry, and practical off-street parking.
Where is this duplex located?
The property is located at 419 Fairmount Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Two‑family duplex with two approximately 999‑square‑foot units; Each unit includes 2 bedrooms and a kitchen with a painted tin ceiling; Separate gas and electric utilities, plus a house meter for the common basement
