Historic Two-Unit Duplex with Walk-Up
For Sale
$499,900
Pending
60 Colwell Road, Smithfield, RI 02828
Residential Income, Smithfield, RI
Property Size2,497 SF
Lot Size1.84 Acres
Days on Market78
Property Features for 60 Colwell Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 3, Bedroom 4, Basement, Bathroom 2
Parking
4
Parking features
None
Window features
Storm Window(s)
Interior features
Wall (Plaster), Attic, Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed), Insulation (Unknown)
Fireplace
1
Basement
Full, Unfinished, Storage Space
Appliances
Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Lot features
Corner Lot, Out Building
Standard status
Pending
Size
2,497 SF
Lot size
1.84 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6069
Utilities
Sewer type
Cesspool
Heating system
Baseboard, Oil
Cooling system
Window Unit(s)
Water source
Well
Building Details
Year built
1830
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Pine, Tile - Ceramic, Carpet
Building materials
Plaster, Shingles, Wood
Additional Structures
Storage
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Jo-Ann Carlton
(401) 523-0704
Added: Jun 5
Changed: Aug 20
Last Checked: Aug 21 at 4:06PM
MLS# 1414555
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 historic two-family duplex is offered for sale in Smithfield and sits on a 1.84-acre corner lot. Built in 1830, the property features character-rich interior details including multiple fireplaces, wide pine plank flooring, plaster walls, and thoughtful modern updates. The home includes a full basement and a full walk-up attic for additional storage.
The first-floor unit provides over 1,300 square feet with 3 bedrooms, 2 fireplaces, a spacious living room, a large eat-in kitchen, an updated full bath, and a convenient laundry area. The second-floor unit offers over 1,100 square feet with 2 bedrooms, an updated eat-in kitchen, a cozy sitting room, and a generous-sized living room.
Heating is oil-fired baseboard heat, with window unit(s) for cooling. The property uses a well for water and a cesspool for sewer, and it is being sold “AS IS.”
The first-floor unit provides over 1,300 square feet with 3 bedrooms, 2 fireplaces, a spacious living room, a large eat-in kitchen, an updated full bath, and a convenient laundry area. The second-floor unit offers over 1,100 square feet with 2 bedrooms, an updated eat-in kitchen, a cozy sitting room, and a generous-sized living room.
Heating is oil-fired baseboard heat, with window unit(s) for cooling. The property uses a well for water and a cesspool for sewer, and it is being sold “AS IS.”
Key Highlights
- 1.84‑acre corner lot duplex built in 1830
- Two units totaling 2,497 SF
- First‑floor unit: 1,300+ SF with 3 bedrooms and 2 fireplaces
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
$41,576
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
8.32%
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%
$831,520
$831.5K
Cap Rate 7%
$593,943
$593.9K
Cap Rate 9%
$461,956
$462.0K
Market Conditions
NOI Build-Up for 2,497 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
$63.5K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.4K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $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%
$831,520
Cap Rate 7%
$593,943
Cap Rate 9%
$461,956
Alternative Uses
Best Use
Multifamily LT 5
$593.9K
$519.7K – $692.9K
NOI $41,576 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$471.4K
$412.5K – $550.0K
NOI $32,997 @ 7.0% cap · market cap 6.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Explore this area
Business Placement
Demographics for 02828, RI
7,469
Population
3,012
Households
2.5
Avg Household Size
50
Median Age
41%
College-Educated
95%
High-School Grad
4.3 sq mi
ZIP Area
1,737
Density / Sq Mi
$94,746
Median Household Income
$61,278
Median Earnings
$999
Median Rent
$400,900
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 - Historic two-family duplex on a corner lot with fireplaces, a full walk-up attic, and basement storage.
Where is this duplex located?
The property is located at 60 Colwell Road Smithfield, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 1.84‑acre corner lot duplex built in 1830; Two units totaling 2,497 SF; First‑floor unit: 1,300+ SF with 3 bedrooms and 2 fireplaces
