Remodeled Two-Family Income
For Sale
$699,900
Pending
6 Stockwell Street, Providence, RI 02909
Two-family with in-law unit remodeled to the studs in 2023, featuring stainless appliances, quartz countertops, and 4 full baths.
Property Size3,288 SF
Days on Market179
Property Features for 6 Stockwell Street
General Information
Standard status
Pending
Size
3,288 SF
Property subtype
Multi-family
Amenities
stainless steel appliances
dishwashers
quartz countertops
Building Details
Year Built
1900
Year Renovated
2023
Listing Agency:
Cathedral Properties
Listed By:
Bethany Martone
(401) 265-0960
Source:
Milburyre
Added: Mar 11
Changed: Aug 18
Last Checked: Aug 17 at 8:15AM
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 Cathedral Properties
Investment Insights
Based on property information with market context.
This two-family with in-law unit has been remodeled down to the studs in 2023. The scope includes new electrical, insulation, plaster, windows, plumbing, and siding. The home offers a total of 7 bedrooms and 4 full bathrooms across 3,288 square feet. Each kitchen includes stainless steel appliances with dishwashers and quartz countertops.
The second-floor unit is configured as a townhouse, offering flexible living arrangements with two separate family room and living room areas. The layout also lends itself to future customization, including the potential to add an additional office area on the third floor.
Located minutes from the downtown Providence train station, local universities, and area hospitals, the property is positioned for convenient access to key destinations.
The second-floor unit is configured as a townhouse, offering flexible living arrangements with two separate family room and living room areas. The layout also lends itself to future customization, including the potential to add an additional office area on the third floor.
Located minutes from the downtown Providence train station, local universities, and area hospitals, the property is positioned for convenient access to key destinations.
Key Highlights
- Two‑family home with in‑law unit remodeled down to the studs in 2023
- Over 3,288 sq ft total with 7 beds and 4 full bathrooms
- Updates since 2023 include electrical, insulation, plaster, windows, plumbing, and siding
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
$55,521
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
7.93%
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%
$1,110,420
$1.1M
Cap Rate 7%
$793,157
$793.2K
Cap Rate 9%
$616,900
$616.9K
Market Conditions
NOI Build-Up for 3,288 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
$84.8K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$79.3K $24.12/SF
− OpEx
−$23.8K −$7.24/SF
NOI
$55.5K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$1,110,420
Cap Rate 7%
$793,157
Cap Rate 9%
$616,900
Alternative Uses
Best Use
Multifamily LT 5
$793.2K
$694.0K – $925.4K
NOI $55,521 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$712.4K
$623.4K – $831.2K
NOI $49,871 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.10M
$962.5K – $1.28M
NOI $77,001 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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-family with in-law unit remodeled to the studs in 2023, featuring stainless appliances, quartz countertops, and 4 full baths.
Where is this duplex located?
The property is located at 6 Stockwell Street Providence, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two‑family home with in‑law unit remodeled down to the studs in 2023; Over 3,288 sq ft total with 7 beds and 4 full bathrooms; Updates since 2023 include electrical, insulation, plaster, windows, plumbing, and siding
