Renovated Two-Family
For Sale
$599,900
44 Veto St, Providence, RI 02908
Both updated units have separate entrances and distinct bedroom-and-bath configurations.
Property Size2,128 SF
Price / SF$281.91
Days on Market9
Property Features for 44 Veto St
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1925
Listing Agency:
Keller Williams Coastal
Listed By:
The Janikies Group
(401) 845-9200
Source:
Rhodeislandhomesforsale
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 26 at 7:10AM
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 Keller Williams Coastal
Investment Insights
Based on property information with market context.
This renovated duplex contains two separate residential units, each with its own entrance. The first unit includes 3 bedrooms, 2 baths, and more than 1,000 square feet of living space. The second offers 3 bedrooms and 1 full bath. An unfinished basement provides storage, while the attic adds further storage and may support future living space subject to applicable approvals and permitting. The property was built in 1925.
Located one block from the rear of Providence College, the home is also near Rhode Island College, La Salle Bakery, restaurants, cafés, and hospitals. Downtown Providence is minutes away, with access to dining, arts, entertainment, and employment. The property also offers access to area highways and T.F. Green International Airport.
Located one block from the rear of Providence College, the home is also near Rhode Island College, La Salle Bakery, restaurants, cafés, and hospitals. Downtown Providence is minutes away, with access to dining, arts, entertainment, and employment. The property also offers access to area highways and T.F. Green International Airport.
Key Highlights
- Two‑unit duplex with separate entrances for each residence
- First unit offers 3 bedrooms, 2 baths, and more than 1,000 square feet
- Second unit includes 3 bedrooms and 1 full 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
$35,934
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
5.99%
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%
$718,680
$718.7K
Cap Rate 7%
$513,343
$513.3K
Cap Rate 9%
$399,267
$399.3K
Market Conditions
NOI Build-Up for 2,128 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
$54.9K $25.80/SF
− Vacancy
−$3.6K −$1.68/SF
EGI
$51.3K $24.12/SF
− OpEx
−$15.4K −$7.24/SF
NOI
$35.9K $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 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%
$718,680
Cap Rate 7%
$513,343
Cap Rate 9%
$399,267
Alternative Uses
Best Use
Multifamily LT 5
$513.3K
$449.2K – $598.9K
NOI $35,934 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$461.1K
$403.5K – $537.9K
NOI $32,276 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$711.9K
$622.9K – $830.6K
NOI $49,835 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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?
Duplex - Both updated units have separate entrances and distinct bedroom-and-bath configurations.
Where is this duplex located?
The property is located at 44 Veto St Providence, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex with separate entrances for each residence; First unit offers 3 bedrooms, 2 baths, and more than 1,000 square feet; Second unit includes 3 bedrooms and 1 full bath
