Renovated Two-Family
New
For Sale
$624,900
474 Main Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size3,396 SF
Lot Size0.25 Acres
Price / SF$184.01
Days on Market2
Property Features for 474 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 3
Parking
7
Patio and Porch features
Patio, Deck
Interior features
Plumbing (PEX)
Exterior features
Deck, Screened Pch/Patio/Dck/Brzwy
Fireplace
1
Basement
Unfinished, Full
Appliances
Electric Water Heater
Lot features
Local Historic District
Standard status
Active
Size
3,396 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4197
Utilities
Heating system
Electric (Heating), Forced Air, Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1892
Number of units
2
Flooring type
Vinyl, Hardwood
Building materials
Clapboard
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(617) 749-7178
Listed By:
Stewart Amas
(617) 888-9136
Added: Aug 31
Last Checked: Sep 1 at 2:06AM
MLS# 1421810
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 Woonsocket duplex contains two legally approved residences totaling 3,396 square feet on a 0.25-acre parcel. The first-floor home provides approximately 1,270 square feet with two bedrooms, two full bathrooms, an en-suite, a living room with fireplace, a large kitchen, and an enclosed walkout sun porch. The upper townhouse spans the second and third floors with approximately 2,100+ square feet, three bedrooms, one full bathroom, a two-level layout, and a rebuilt third floor.
Renovation work includes a new roof and gutters, 38 replacement windows, rewired electrical systems, new plumbing and water service, updated HVAC, modern kitchens and bathrooms, and hardwired smoke/CO detectors. Each residence has separate utilities and a 200-amp electric service, with an additional house meter. The property also includes a detached one-car garage, a large driveway, and off-street parking. Legal conversion was completed with permits and final inspections. Shopping, schools, restaurants, highways, and transit are nearby.
Renovation work includes a new roof and gutters, 38 replacement windows, rewired electrical systems, new plumbing and water service, updated HVAC, modern kitchens and bathrooms, and hardwired smoke/CO detectors. Each residence has separate utilities and a 200-amp electric service, with an additional house meter. The property also includes a detached one-car garage, a large driveway, and off-street parking. Legal conversion was completed with permits and final inspections. Shopping, schools, restaurants, highways, and transit are nearby.
Key Highlights
- Legal two‑family conversion completed with permits and final inspections
- 3,396 SF duplex on a 0.25‑acre parcel
- First‑floor unit offers approximately 1,270 sq. ft.; upper townhouse offers approximately 2,100+ sq. ft.
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 - Two legal residences feature separate systems and updated kitchens and baths.
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; 3,396 SF duplex on a 0.25‑acre parcel; First‑floor unit offers approximately 1,270 sq. ft.; upper townhouse offers approximately 2,100+ sq. ft.
