Duplex with Townhouse-Style Upper
For Sale
$589,900
55 Cole Street, Pawtucket, RI 02860
Residential Income, Pawtucket, RI
Property Size2,900 SF
Lot Size0.11 Acres
Price / SF$203.41
Days on Market10
Property Features for 55 Cole Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement, Bathroom 3, Bedroom 1, Bedroom 4
Parking
5
Parking features
None
Interior features
Plumbing (Mixed)
Basement
Full, Unfinished, Storage Space
Appliances
Dryer, Oven, Range, Refrigerator, Washer, Gas Water Heater
Subdivision
Massachusetts Line
Standard status
Active
Size
2,900 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5624
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating), Natural Gas, Central
Amenities
fenced yard
patio
garden spaces
storage shed
workshop area
washer & dryer
Building Details
Year built
1940
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile - Ceramic, Laminate, Carpet
Building materials
Vinyl Siding
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(508) 699-1600
Listed By:
Izabella Whiting · License #S27072
(508) 277-1461
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 1423376
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 2,900-square-foot duplex, built in 1940, has two separate residences. The first-floor apartment includes two bedrooms, one bathroom, a living room, a dining room, and an updated kitchen. Above it, a townhouse-style unit spans the second and third floors, with four bedrooms, two bathrooms, two living rooms, and a second kitchen. Both units have separate front and rear entrances, and the property has separate utilities.
The building has vinyl siding and windows, with a basement workshop, storage area, and washer and dryer. Outside, the 0.1082-acre lot includes a fenced yard, patio, garden areas, and a storage shed. The property is in Pawtucket, Rhode Island.
The building has vinyl siding and windows, with a basement workshop, storage area, and washer and dryer. Outside, the 0.1082-acre lot includes a fenced yard, patio, garden areas, and a storage shed. The property is in Pawtucket, Rhode Island.
Key Highlights
- Two‑unit property with 2,900 square feet
- First‑floor unit has 2 bedrooms and 1 bathroom; upper unit has 4 bedrooms and 2 bathrooms
- Townhouse‑style upper residence includes 2 living rooms and a second kitchen
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
View Realmo Analytics
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 - Separate utilities serve two units with distinct entrances and updated kitchens.
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: Two‑unit property with 2,900 square feet; First‑floor unit has 2 bedrooms and 1 bathroom; upper unit has 4 bedrooms and 2 bathrooms; Townhouse‑style upper residence includes 2 living rooms and a second kitchen
