Duplex with Spacious
For Sale
$430,000
Pending
715 Elm Street, Woonsocket, RI 02895
East Woonsocket residence offers distinct layouts, including a rear one-bedroom unit with a parlor.
Property Size1,800 SF
Days on Market14
Property Features for 715 Elm Street
General Information
Standard status
Pending
Size
1,800 SF
Property subtype
MultiFamily
Property Condition
Severity
Repairs Needed
Evidence
need some cosmetic updating
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
RE/MAX New Horizons
(401) 331-8855
Listed By:
Carmen Ribera · License #RES.0045038
(401) 654-9246
Source:
Lockandkeyre
Added: Sep 14
Changed: Sep 26
Last Checked: Sep 26 at 8:50AM
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 RE/MAX New Horizons
Investment Insights
Based on property information with market context.
Built in 1920, this duplex at 715 Elm Street includes approximately 1,800 square feet of residential space. The first unit provides three bedrooms and one and a half baths, while the second includes a one-bedroom, one-bath configuration with a spacious parlor. Both units require cosmetic updating and are offered in as-is condition.
The property is located in East Woonsocket, RI, with the two-unit layout and existing room configurations providing a defined residential income property format. The rear unit’s parlor adds additional interior space beyond its bedroom and bath arrangement.
The property is located in East Woonsocket, RI, with the two-unit layout and existing room configurations providing a defined residential income property format. The rear unit’s parlor adds additional interior space beyond its bedroom and bath arrangement.
Key Highlights
- Duplex at 715 Elm Street in East Woonsocket, RI 02895
- Approximately 1,800 square feet of property size
- Unit 1 includes 3 beds and 1.5 baths
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
$29,971
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
6.97%
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%
$599,420
$599.4K
Cap Rate 7%
$428,157
$428.2K
Cap Rate 9%
$333,011
$333.0K
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
$45.8K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$42.8K $23.79/SF
− OpEx
−$12.8K −$7.14/SF
NOI
$30.0K $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%
$599,420
Cap Rate 7%
$428,157
Cap Rate 9%
$333,011
Alternative Uses
Best Use
Multifamily LT 5
$428.2K
$374.6K – $499.5K
NOI $29,971 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 5.53%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
639
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - East Woonsocket residence offers distinct layouts, including a rear one-bedroom unit with a parlor.
Where is this duplex located?
The property is located at 715 Elm Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Duplex at 715 Elm Street in East Woonsocket, RI 02895; Approximately 1,800 square feet of property size; Unit 1 includes 3 beds and 1.5 baths
