Five-Unit Brick Apartment
New
For Sale
$565,000
558 E School St, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size1,800 SF
Lot Size0.04 Acres
Price / SF$313.89
Days on Market6
Property Features for 558 E School St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 5, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 3, Bedroom 5
Parking
1
Directions
Use GPS
Standard status
Active
APN
M:21G L:2122,562450
Size
1,800 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7016
Amenities
coin-operated washer and dryer
Building Details
Year built
1900
Floors in Building
5
Number of units
5
Listing Agency:
RE/MAX Town & Country · RE/MAX International
(401) 333-0020
Listed By:
A. Ranger Curran · License #011491NH
(603) 357-4100
Added: Sep 21
Changed: Sep 25
Last Checked: Sep 26 at 9:06AM
MLS# 73580420
Copyright © 2026 MLS Property Information Network 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.
Built in 1900, this 1,800-square-foot multifamily property contains five apartments: one two-bedroom unit and four one-bedroom units. Each residence includes a range and refrigerator. The brick exterior is complemented by vinyl replacement windows, while natural gas provides heat and hot water. A coin-operated washer and dryer serve the building, which is fully fire-coded.
Gas and electric service are separately metered, although the owner currently pays all utilities. The roof is approximately 5 years old. The property is zoned R4 and sits on 0.0428 acres in Woonsocket, near shopping, restaurants, public transportation, and everyday amenities.
Gas and electric service are separately metered, although the owner currently pays all utilities. The roof is approximately 5 years old. The property is zoned R4 and sits on 0.0428 acres in Woonsocket, near shopping, restaurants, public transportation, and everyday amenities.
Key Highlights
- Five apartments with one 2‑bedroom unit and four 1‑bedroom units
- 1,800 square feet on 0.0428 acres
- Brick exterior with vinyl replacement windows
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
$23,786
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
4.21%
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%
$475,720
$475.7K
Cap Rate 7%
$339,800
$339.8K
Cap Rate 9%
$264,289
$264.3K
Market Conditions
NOI Build-Up for 1,800 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
$46.0K $25.56/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$43.2K $24.03/SF
− OpEx
−$19.5K −$10.81/SF
NOI
$23.8K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$475,720
Cap Rate 7%
$339,800
Cap Rate 9%
$264,289
Alternative Uses
Best Use
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$428.2K
$374.6K – $499.5K
NOI $29,971 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,295
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
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?
Apartment building - Income-producing multifamily property with varied unit layouts, individual utility metering, and resident laundry equipment.
Where is this apartment building located?
The property is located at 558 E School St Woonsocket, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Five apartments with one 2‑bedroom unit and four 1‑bedroom units; 1,800 square feet on 0.0428 acres; Brick exterior with vinyl replacement windows
