Corner-Lot 2-Unit
New
For Sale
$1,395,000
229 Gano Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size2,603 SF
Lot Size0.06 Acres
Price / SF$535.92
Days on Market4
Property Features for 229 Gano Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bathroom 3
Parking
4
Parking features
None
Window features
Storm Window(s), Skylight(s)
Interior features
Attic, Plumbing (Mixed)
Exterior features
Breezeway
Basement
Storage Space, Finished, Full
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator
Subdivision
Wayland Square
Lot features
Corner Lot, Paved Driveway, Sidewalks
Standard status
Active
Size
2,603 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5663
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Solar (Heating), Natural Gas, Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
laundry in basement
Building Details
Year built
1930
Floors in Building
3
Number of units
2
Flooring type
Hardwood
Building materials
Shingles, Vinyl Siding
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Michael Della Cava
(508) 615-4341
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 22 at 5:06PM
MLS# 1420380
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 2,603-square-foot duplex, built in 1930, occupies a 0.06-acre corner lot in Providence. The first residence has a separate footprint with living areas and bedrooms, while the upper residence extends across multiple levels and includes its own entrance. Hardwood flooring, bay windows, high ceilings, detailed moldings, and original woodwork contribute to the building’s period character. Basement laundry, a gas water heater, public water, and public sewer are also included. The property is being sold as-is, with buyer due diligence required.
Wayland Square is located nearby, with restaurants, shops, and small businesses within walking distance. The property’s East Side setting and two-residence configuration support either an income-property strategy or owner occupancy with a separate unit. Additional features include an attic, breezeway, mixed plumbing, natural-gas baseboard heat, solar heating, and window-unit cooling.
Wayland Square is located nearby, with restaurants, shops, and small businesses within walking distance. The property’s East Side setting and two-residence configuration support either an income-property strategy or owner occupancy with a separate unit. Additional features include an attic, breezeway, mixed plumbing, natural-gas baseboard heat, solar heating, and window-unit cooling.
Key Highlights
- 2,603‑square‑foot duplex on a 0.06‑acre corner lot
- Two residences, including a multilevel upper unit with its own entrance
- Built in 1930 with hardwood floors, bay windows, moldings, and original woodwork
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
$43,955
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
3.15%
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%
$879,100
$879.1K
Cap Rate 7%
$627,929
$627.9K
Cap Rate 9%
$488,389
$488.4K
Market Conditions
NOI Build-Up for 2,603 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
$67.2K $25.80/SF
− Vacancy
−$4.4K −$1.68/SF
EGI
$62.8K $24.12/SF
− OpEx
−$18.8K −$7.24/SF
NOI
$44.0K $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%
$879,100
Cap Rate 7%
$627,929
Cap Rate 9%
$488,389
Alternative Uses
Best Use
Multifamily LT 5
$627.9K
$549.4K – $732.6K
NOI $43,955 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$564.0K
$493.5K – $658.0K
NOI $39,481 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$870.8K
$762.0K – $1.02M
NOI $60,959 @ 7.0% cap · market cap 4.37%
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
2,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 distinct residences offer separate entrances, multilevel living, period details, and a location near Wayland Square.
Where is this duplex located?
The property is located at 229 Gano Street Providence, RI.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 2,603‑square‑foot duplex on a 0.06‑acre corner lot; Two residences, including a multilevel upper unit with its own entrance; Built in 1930 with hardwood floors, bay windows, moldings, and original woodwork
