Three-Story Duplex with Finished
For Sale
$525,000
Pending
63 W Cole Street, Pawtucket, RI 02860
Updated mechanical systems and finished lower-level space support immediate residential use.
Property Size3,252 SF
Days on Market9
Property Features for 63 W Cole Street
General Information
Standard status
Pending
Size
3,252 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
hardwood floors
finished basement
Building Details
Year Built
1930
Stories
3
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Alicia Reynolds
Source:
Lockandkeyre
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 10:20AM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
This duplex was built in 1930 and spans 3,252 square feet across three stories. Interior features include hardwood flooring throughout and a finished basement area. Electrical, heating, and water systems have been upgraded, providing substantial mechanical improvements within the property.
The property is near I-95, the Pawtucket/Central Falls commuter rail station, and the Tidewater Landing riverfront district. Nearby riverfront improvements described in the source include Centreville Bank Stadium, a pedestrian bridge, and an improved riverwalk.
The property may offer an opportunity to create a third living unit, subject to buyer verification with the City of Pawtucket. Its duplex configuration and finished lower level provide flexibility for an owner-occupant or investor.
The property is near I-95, the Pawtucket/Central Falls commuter rail station, and the Tidewater Landing riverfront district. Nearby riverfront improvements described in the source include Centreville Bank Stadium, a pedestrian bridge, and an improved riverwalk.
The property may offer an opportunity to create a third living unit, subject to buyer verification with the City of Pawtucket. Its duplex configuration and finished lower level provide flexibility for an owner-occupant or investor.
Key Highlights
- Duplex built in 1930 with 3,252 square feet
- Three‑story layout with hardwood flooring throughout
- Finished basement area
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
$42,974
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%
$859,480
$859.5K
Cap Rate 7%
$613,914
$613.9K
Cap Rate 9%
$477,489
$477.5K
Market Conditions
NOI Build-Up for 3,252 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
$83.1K $25.56/SF
− Vacancy
−$5.0K −$1.53/SF
EGI
$78.1K $24.03/SF
− OpEx
−$35.2K −$10.81/SF
NOI
$43.0K $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%
$859,480
Cap Rate 7%
$613,914
Cap Rate 9%
$477,489
Alternative Uses
Best Use
Multifamily LT 5
$773.5K
$676.8K – $902.5K
NOI $54,147 @ 7.0% cap · market cap 10.31%
Second Best
Apartment 5plus
$613.9K
$537.2K – $716.2K
NOI $42,974 @ 7.0% cap · market cap 8.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
896
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
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 - Updated mechanical systems and finished lower-level space support immediate residential use.
Where is this duplex located?
The property is located at 63 W Cole Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Duplex built in 1930 with 3,252 square feet; Three‑story layout with hardwood flooring throughout; Finished basement area
