Renovated Two-Family
New
For Sale
$624,900
474 Main Street, Woonsocket, RI 02895
Legal two-unit property with separate utilities, modernized interiors, and substantial off-street parking.
Property Size3,396 SF
Price / SF$184.01
Days on Market3
Property Features for 474 Main Street
General Information
Standard status
Active
Size
3,396 SF
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1892
Buildings
1
Listing Agency:
Century 21 Limitless
(617) 749-7178
Listed By:
Stewart Amas · License #RES.0048990
(617) 888-9136
Source:
Lockandkeyre
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 3:25PM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
This legal two-family duplex in Woonsocket, RI, combines updated residential interiors with separate building systems. The first-floor residence contains approx. 1,270 sq. ft., two bedrooms, two full baths, a living room with fireplace, a large kitchen, and an enclosed walkout sun porch. The upper townhouse spans more than 2,100 sq. ft. across the second and third floors, with three bedrooms, one full bath, a two-level layout, three high-efficiency mini-splits, and a rebuilt third floor.
Renovations include a new roof and gutters, 38 replacement windows, a complete electrical rewire, new plumbing and water service, updated HVAC, modern kitchens and bathrooms, electric water heaters, and hardwired smoke/CO detectors. Each unit has separate 200-amp electric service, supplemented by a house meter. A detached one-car garage, large driveway, and ample off-street parking are also included. The legal conversion was completed with permits and final inspections. The property is near shopping, schools, restaurants, highways, and transit.
Renovations include a new roof and gutters, 38 replacement windows, a complete electrical rewire, new plumbing and water service, updated HVAC, modern kitchens and bathrooms, electric water heaters, and hardwired smoke/CO detectors. Each unit has separate 200-amp electric service, supplemented by a house meter. A detached one-car garage, large driveway, and ample off-street parking are also included. The legal conversion was completed with permits and final inspections. The property is near shopping, schools, restaurants, highways, and transit.
Key Highlights
- Legal two‑family conversion completed with permits and final inspections
- First‑floor unit measures approx. 1,270 sq. ft. with 2 bedrooms and 2 full baths
- Upper townhouse offers 2,100+ sq. ft., 3 bedrooms, and a two‑level layout
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
$56,545
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
9.05%
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%
$1,130,900
$1.1M
Cap Rate 7%
$807,786
$807.8K
Cap Rate 9%
$628,278
$628.3K
Market Conditions
NOI Build-Up for 3,396 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
$86.4K $25.44/SF
− Vacancy
−$5.6K −$1.65/SF
EGI
$80.8K $23.79/SF
− OpEx
−$24.2K −$7.14/SF
NOI
$56.5K $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%
$1,130,900
Cap Rate 7%
$807,786
Cap Rate 9%
$628,278
Alternative Uses
Best Use
Multifamily LT 5
$807.8K
$706.8K – $942.4K
NOI $56,545 @ 7.0% cap · market cap 9.05%
Second Best
Apartment 5plus
$641.1K
$561.0K – $748.0K
NOI $44,877 @ 7.0% cap · market cap 7.18%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
452
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
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-unit property with separate utilities, modernized interiors, and substantial off-street parking.
Where is this duplex located?
The property is located at 474 Main Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: Legal two‑family conversion completed with permits and final inspections; First‑floor unit measures approx. 1,270 sq. ft. with 2 bedrooms and 2 full baths; Upper townhouse offers 2,100+ sq. ft., 3 bedrooms, and a two‑level layout
