Updated 2-Family
For Sale
$589,900
55 Cole Street, Pawtucket, RI 02860
Turn-key duplex with separate utilities, flexible living arrangements, and off-street parking.
Property Size2,900 SF
Price / SF$203.41
Days on Market10
Property Features for 55 Cole Street
General Information
Standard status
Active
Size
2,900 SF
Total Parking Spaces
5
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Amenities
fenced yard
patio
garden spaces
storage shed
workshop area
washer & dryer
Building Details
Year Built
1940
Buildings
1
Listing Agency:
RE/MAX Real Estate Center
(508) 699-1600
Listed By:
Izabella Whiting · License #RES.0027072
(508) 277-1461
Source:
Lockandkeyre
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 9:40AM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
Built in 1940, this 2-family duplex provides 2,900 square feet across two separately entered residences. The first-floor apartment offers 2 bedrooms and 1 bathroom, along with dedicated living and dining rooms and an updated kitchen. A townhouse-style upper residence spans the second and third floors with 4 bedrooms, 2 full bathrooms, 2 living rooms, and two kitchen areas.
Both units include hardwood floors, updated kitchens and bathrooms, vinyl windows, and vinyl siding. Separate utilities support independent operation, while the basement adds a workshop, storage, and a washer and dryer. The exterior includes a fenced yard, patio, garden areas, storage shed, and 5 off-street parking spaces. The property also has lead certificates and is located near major highways, T-Stations, and the Massachusetts border.
Both units include hardwood floors, updated kitchens and bathrooms, vinyl windows, and vinyl siding. Separate utilities support independent operation, while the basement adds a workshop, storage, and a washer and dryer. The exterior includes a fenced yard, patio, garden areas, storage shed, and 5 off-street parking spaces. The property also has lead certificates and is located near major highways, T-Stations, and the Massachusetts border.
Key Highlights
- 2,900‑square‑foot 2‑family duplex built in 1940
- First‑floor unit has 2 bedrooms, 1 bathroom, living room, dining room, and updated kitchen
- Upper townhouse‑style unit includes 4 bedrooms, 2 full bathrooms, 2 living rooms, and 2 kitchens
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
$48,286
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
8.19%
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%
$965,720
$965.7K
Cap Rate 7%
$689,800
$689.8K
Cap Rate 9%
$536,511
$536.5K
Market Conditions
NOI Build-Up for 2,900 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
$73.8K $25.44/SF
− Vacancy
−$4.8K −$1.65/SF
EGI
$69.0K $23.79/SF
− OpEx
−$20.7K −$7.14/SF
NOI
$48.3K $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%
$965,720
Cap Rate 7%
$689,800
Cap Rate 9%
$536,511
Alternative Uses
Best Use
Multifamily LT 5
$689.8K
$603.6K – $804.8K
NOI $48,286 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$547.5K
$479.0K – $638.7K
NOI $38,322 @ 7.0% cap · market cap 6.50%
Theoretical Best
—
—
same as Best Use
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
623
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Turn-key duplex with separate utilities, flexible living arrangements, and off-street parking.
Where is this duplex located?
The property is located at 55 Cole Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 2,900‑square‑foot 2‑family duplex built in 1940; First‑floor unit has 2 bedrooms, 1 bathroom, living room, dining room, and updated kitchen; Upper townhouse‑style unit includes 4 bedrooms, 2 full bathrooms, 2 living rooms, and 2 kitchens
