Renovated Two-Family
For Sale
$599,900
44 Veto Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,128 SF
Lot Size0.08 Acres
Price / SF$281.91
Days on Market9
Property Features for 44 Veto Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Basement, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6
Parking features
None
Patio and Porch features
Porch
Interior features
Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Ceiling), Insulation (Walls)
Exterior features
Porch
Basement
Full, Unfinished
Appliances
Gas Water Heater
Standard status
Active
Size
2,128 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3122
Utilities
Heating system
Forced Air, Natural Gas, Baseboard
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Laminate, Tile - Ceramic, Hardwood
Building materials
Plaster, Vinyl Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
The Janikies Group
(401) 529-4322
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 27 at 1:06PM
MLS# 1423783
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units totaling 2,128 square feet. The first unit offers 3 bedrooms, 2 baths, and more than 1,000 square feet of living space, while the second includes 3 bedrooms and 1 full bath. Each residence has its own entrance. Interior features include hardwood, laminate, and ceramic tile flooring, along with plaster walls, mixed plumbing, ceiling and wall insulation, forced-air and baseboard heating, and a gas water heater. A porch adds exterior space, while the unfinished basement and attic provide storage; future attic living space is subject to applicable approvals and permitting.
Built in 1925, the property occupies 0.08 acres at 44 Veto Street in Providence. It is located one block from the rear of Providence College and near Rhode Island College, La Salle Bakery, restaurants, cafes, hospitals, and Downtown Providence. Highway access and T.F. Green International Airport are also noted in the property information.
Built in 1925, the property occupies 0.08 acres at 44 Veto Street in Providence. It is located one block from the rear of Providence College and near Rhode Island College, La Salle Bakery, restaurants, cafes, hospitals, and Downtown Providence. Highway access and T.F. Green International Airport are also noted in the property information.
Key Highlights
- Two‑family duplex with 2,128 square feet
- First unit has 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
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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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate-entry units feature updated interiors, private access, and substantial storage areas.
Where is this duplex located?
The property is located at 44 Veto Street 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‑family duplex with 2,128 square feet; First unit has 3 bedrooms, 2 baths, and more than 1,000 square feet; Second unit includes 3 bedrooms and 1 full bath
