Duplex with Renovated
For Sale
$599,900
275 Carpenter Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size1,968 SF
Lot Size0.10 Acres
Price / SF$304.83
Days on Market51
Property Features for 275 Carpenter Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking
7
Interior features
Insulation (Unknown)
Basement
Full, Unfinished
Subdivision
West Side
Standard status
Active
Size
1,968 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7432
Utilities
Heating system
Baseboard, Natural Gas
Amenities
in-unit washer/dryer
off-street parking
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Melissa Riley · License #27164
(401) 421-5300
Added: Jun 18
Changed: Aug 1
Last Checked: Aug 7 at 9:06PM
MLS# 1415632
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 two-family duplex at 275 Carpenter Street features two recently renovated units. Each unit includes 1–2 bedrooms, a spacious kitchen, living room, and bathroom, along with its own washer and dryer. Interior finishes include hardwood flooring, and the home has baseboard heating with natural gas.
The property sits on a 0.1029-acre lot and has a total property size of 1,968 SF. Constructed in 1900, it features vinyl siding and includes a basement as part of the layout. Off-street parking is available for residents.
Designed to support independent day-to-day living for each unit, this duplex offers a practical residential income configuration with dedicated in-unit laundry and well-defined common spaces for each home.
The property sits on a 0.1029-acre lot and has a total property size of 1,968 SF. Constructed in 1900, it features vinyl siding and includes a basement as part of the layout. Off-street parking is available for residents.
Designed to support independent day-to-day living for each unit, this duplex offers a practical residential income configuration with dedicated in-unit laundry and well-defined common spaces for each home.
Key Highlights
- 0.1029‑acre lot at 275 Carpenter Street
- 1,968 SF total property size
- Two recently renovated units
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
$33,232
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
5.54%
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%
$664,640
$664.6K
Cap Rate 7%
$474,743
$474.7K
Cap Rate 9%
$369,244
$369.2K
Market Conditions
NOI Build-Up for 1,968 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
$50.8K $25.80/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$47.5K $24.12/SF
− OpEx
−$14.2K −$7.24/SF
NOI
$33.2K $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%
$664,640
Cap Rate 7%
$474,743
Cap Rate 9%
$369,244
Alternative Uses
Best Use
Multifamily LT 5
$474.7K
$415.4K – $553.9K
NOI $33,232 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$426.4K
$373.1K – $497.5K
NOI $29,850 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$658.4K
$576.1K – $768.1K
NOI $46,088 @ 7.0% cap · market cap 7.68%
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
2,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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-family duplex on Carpenter Street with renovated units, hardwood floors, natural gas heat, and in-unit washer and dryer.
Where is this duplex located?
The property is located at 275 Carpenter Street Providence, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 0.1029‑acre lot at 275 Carpenter Street; 1,968 SF total property size; Two recently renovated units
