Side-by-Side
For Sale
$599,000
Pending
47 Homestead Avenue, North Smithfield, RI 02896
Two three-bedroom units offer eat-in kitchens, private rear decks, separate utilities, and individual laundry.
Property Size2,560 SF
Days on Market51
Property Features for 47 Homestead Avenue
General Information
Standard status
Pending
Size
2,560 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Salzberg Real Estate Agency
(401) 762-6430
Listed By:
Doug Bennett
Source:
Lockandkeyre
Added: Jul 11
Changed: Aug 30
Last Checked: Aug 30 at 4:44AM
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 Salzberg Real Estate Agency
Investment Insights
Based on property information with market context.
This side-by-side duplex, built in 1915, contains two residential units with spacious layouts and classic interior details. Each unit includes a double parlor with decorative columns, a built-in display cabinet, French doors, and hardwood flooring. Both units have three bedrooms, a full bathroom, an eat-in kitchen, private basement access, separate utilities, and individual washers and dryers. Unit 1 includes stainless steel appliances, including a dishwasher and built-in microwave, while Unit 2 provides ample kitchen cabinetry.
The property also includes a detached two-car garage, abundant off-street parking, and a paved area for two additional vehicles. Private rear decks extend the usable space for both units. The property is located in Union Village in North Smithfield, less than one mile from Route 146 and just over one mile from major shopping.
The property also includes a detached two-car garage, abundant off-street parking, and a paved area for two additional vehicles. Private rear decks extend the usable space for both units. The property is located in Union Village in North Smithfield, less than one mile from Route 146 and just over one mile from major shopping.
Key Highlights
- Two‑unit duplex with 2,560 square feet of property size
- Each unit includes 3 bedrooms, a full bath, eat‑in kitchen, basement access, and private rear deck
- Unit 1 has stainless steel appliances, a dishwasher, and built‑in microwave
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
$42,625
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
7.12%
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%
$852,500
$852.5K
Cap Rate 7%
$608,929
$608.9K
Cap Rate 9%
$473,611
$473.6K
Market Conditions
NOI Build-Up for 2,560 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
$65.1K $25.44/SF
− Vacancy
−$4.2K −$1.65/SF
EGI
$60.9K $23.79/SF
− OpEx
−$18.3K −$7.14/SF
NOI
$42.6K $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%
$852,500
Cap Rate 7%
$608,929
Cap Rate 9%
$473,611
Alternative Uses
Best Use
Multifamily LT 5
$608.9K
$532.8K – $710.4K
NOI $42,625 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$483.3K
$422.9K – $563.8K
NOI $33,829 @ 7.0% cap · market cap 5.65%
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
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 02896, RI
11,154
Population
4,759
Households
2.3
Avg Household Size
48
Median Age
34%
College-Educated
94%
High-School Grad
23.0 sq mi
ZIP Area
485
Density / Sq Mi
$109,436
Median Household Income
$57,420
Median Earnings
$1,282
Median Rent
$423,500
Median Home Value
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 three-bedroom units offer eat-in kitchens, private rear decks, separate utilities, and individual laundry.
Where is this duplex located?
The property is located at 47 Homestead Avenue North Smithfield, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,560 square feet of property size; Each unit includes 3 bedrooms, a full bath, eat‑in kitchen, basement access, and private rear deck; Unit 1 has stainless steel appliances, a dishwasher, and built‑in microwave
