Multifamily Investment and Development
For Sale
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49 Emanuel Street, North Providence, RI 02911
Two multifamily properties with approved plans for four-unit development.
Property Size5,510 SF
Price / SF$326.68
Days on Market92
Property Features for 49 Emanuel Street
General Information
Standard status
Active
Size
5,510 SF
Property subtype
Multifamily, Land
Zoning
RG
Building Details
Year Built
1920
Buildings
2
Stories
3
Units
20
Tenancy
Multi
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Joy Riley · License #3100765
Source:
Crexi
Added: May 22
Changed: Aug 8
Last Checked: Aug 8 at 3:13PM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This property presents an investment and development opportunity, featuring two fully leased multifamily properties and approved plans for a luxury four-unit residential development. The site offers frontage and potential, and the new construction project is shovel-ready with all approvals secured. The existing two three-family dwellings have been recently renovated and have tenants and in-place income. The property includes approvals for a four-unit residential development, offering possibilities for creating a project tailored to the market. The location provides a balance of neighborhood charm and convenience, with access to major highways, shopping, dining, local amenities, and downtown Providence.
Key Highlights
- Approved plans for a luxury four‑unit residential development – shovel‑ready.
- Two fully leased, recently renovated multifamily properties providing immediate rental income.
- Expansive parcel with substantial frontage and site potential.
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
$91,744
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
5.10%
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%
$1,834,880
$1.8M
Cap Rate 7%
$1,310,629
$1.3M
Cap Rate 9%
$1,019,378
$1.0M
Market Conditions
NOI Build-Up for 5,510 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
$140.2K $25.44/SF
− Vacancy
−$9.1K −$1.65/SF
EGI
$131.1K $23.79/SF
− OpEx
−$39.3K −$7.14/SF
NOI
$91.7K $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%
$1,834,880
Cap Rate 7%
$1,310,629
Cap Rate 9%
$1,019,378
Alternative Uses
Best Use
Multifamily LT 5
$1.31M
$1.15M – $1.53M
NOI $91,744 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$1.04M
$910.2K – $1.21M
NOI $72,812 @ 7.0% cap · market cap 4.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
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?
Residential land & home lot - Two multifamily properties with approved plans for four-unit development.
Where is this residential land & home lot located?
The property is located at 49 Emanuel Street North Providence, RI.
What is the asking price?
The asking price for this property is $1,799,999.
What are key features of this property?
This property features: Approved plans for a luxury four‑unit residential development – shovel‑ready.; Two fully leased, recently renovated multifamily properties providing immediate rental income.; Expansive parcel with substantial frontage and site potential.
