Historic Two-Family
For Sale
$689,900
61 Moore Street, Providence, RI 02907
Legal two-family residence with separate mechanicals for each unit and updated finishes including attic and basement repaints.
Property Size2,722 SF
Days on Market46
Property Features for 61 Moore Street
General Information
Standard status
Active
Size
2,722 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,459
Building Details
Building Size
2,722 SF
Year Built
1905
Buildings
1
Stories
4
Units
2
Listing Agency:
SKD Real Estate
(401) 663-6162
Listed By:
The Rachel Jones Team
(401) 663-6162
Source:
Liongatere
Added: Jun 29
Changed: Aug 8
Last Checked: Aug 12 at 12:13PM
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 SKD Real Estate
Investment Insights
Based on property information with market context.
Legal two-family home built in 1905 offers a total of 14 rooms, including 10 bedrooms and 4 full bathrooms. The first and second floors each provide a three-bedroom, one-bath layout with separate mechanicals for the two main units.
The second and third levels encompass approximately 2,360 square feet, with an additional 1,166 square feet in the finished basement for flexible living or utility space. A finished attic adds approximately 293 square feet and was freshly painted throughout. Recent updates include a freshly painted attic and a fully repainted finished basement, with newly painted doors, trim, and cabinets. Additional improvements include a new countertop and a new electric range, plus a brand-new electric range and refrigerator in the first-floor unit.
Located in Providence’s Historic Elmwood neighborhood near downtown Providence, major highways, hospitals, universities, parks, shopping, and restaurants.
The second and third levels encompass approximately 2,360 square feet, with an additional 1,166 square feet in the finished basement for flexible living or utility space. A finished attic adds approximately 293 square feet and was freshly painted throughout. Recent updates include a freshly painted attic and a fully repainted finished basement, with newly painted doors, trim, and cabinets. Additional improvements include a new countertop and a new electric range, plus a brand-new electric range and refrigerator in the first-floor unit.
Located in Providence’s Historic Elmwood neighborhood near downtown Providence, major highways, hospitals, universities, parks, shopping, and restaurants.
Key Highlights
- Legal two‑family home built in 1905
- Two main units have separate mechanicals
- Three‑bedroom, one‑bath layout on each of the first and second floors
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
$45,964
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
6.66%
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%
$919,280
$919.3K
Cap Rate 7%
$656,629
$656.6K
Cap Rate 9%
$510,711
$510.7K
Market Conditions
NOI Build-Up for 2,722 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
$70.2K $25.80/SF
− Vacancy
−$4.6K −$1.68/SF
EGI
$65.7K $24.12/SF
− OpEx
−$19.7K −$7.24/SF
NOI
$46.0K $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%
$919,280
Cap Rate 7%
$656,629
Cap Rate 9%
$510,711
Alternative Uses
Best Use
Multifamily LT 5
$656.6K
$574.6K – $766.1K
NOI $45,964 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$589.8K
$516.1K – $688.1K
NOI $41,286 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$910.7K
$796.8K – $1.06M
NOI $63,746 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,366
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family residence with separate mechanicals for each unit and updated finishes including attic and basement repaints.
Where is this duplex located?
The property is located at 61 Moore Street Providence, RI.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Legal two‑family home built in 1905; Two main units have separate mechanicals; Three‑bedroom, one‑bath layout on each of the first and second floors
