Under-Construction Duplex with Attic
For Sale
$729,900
32 Pumgansett Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,400 SF
Lot Size0.09 Acres
Price / SF$304.13
Days on Market12
Property Features for 32 Pumgansett Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R3
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 6, Bathroom 1, Bathroom 3, Basement, Bathroom 4, Bedroom 1, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 8, Bedroom 2
Parking features
None
Window features
Storm Window(s)
Interior features
Wall (Dry Wall), Wall (Plaster), Attic Storage, Cathedral Ceilings, Stairs, Plumbing (Copper), Plumbing (Mixed), Plumbing (PEX), Plumbing (PVC), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Basement
Unfinished, Full
Appliances
Electric Water Heater, Dishwasher, Exhaust Fan
Subdivision
Providence College
Standard status
Active
Size
2,400 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1866
Utilities
Utilities
Water Available
Heating system
Central, Natural Gas, Forced Air
Cooling system
Ductless, Central Air
Water source
Public
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Shingles, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Joel Sanchez · License #RES.0034695
(401) 654-3573
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 7:06AM
MLS# 1421035
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 under-construction duplex contains 2,400 square feet across two residential units. Each unit is planned with 4 bedrooms and 2 full bathrooms, along with modern kitchens, contemporary bathrooms, hardwood and ceramic tile flooring, and forced-air natural-gas heating. Cooling includes ductless systems and central air. The second-floor residence has cathedral ceilings and attic expansion potential, while the open basement is roughed for a potential ADU.
The property occupies 0.09 acres in Providence, near Providence College and the city’s broader amenities. It is zoned R3, served by public water, and includes water availability. Parking features are listed as none. Construction materials include vinyl siding and shingles, with drywall and plaster interior finishes.
The property occupies 0.09 acres in Providence, near Providence College and the city’s broader amenities. It is zoned R3, served by public water, and includes water availability. Parking features are listed as none. Construction materials include vinyl siding and shingles, with drywall and plaster interior finishes.
Key Highlights
- Two‑unit duplex with 2,400 square feet of total property size
- Each unit includes 4 bedrooms and 2 full bathrooms
- Second‑floor unit features cathedral ceilings and attic expansion potential
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
$40,527
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
5.55%
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%
$810,540
$810.5K
Cap Rate 7%
$578,957
$579.0K
Cap Rate 9%
$450,300
$450.3K
Market Conditions
NOI Build-Up for 2,400 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
$61.9K $25.80/SF
− Vacancy
−$4.0K −$1.68/SF
EGI
$57.9K $24.12/SF
− OpEx
−$17.4K −$7.24/SF
NOI
$40.5K $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%
$810,540
Cap Rate 7%
$578,957
Cap Rate 9%
$450,300
Alternative Uses
Best Use
Multifamily LT 5
$579.0K
$506.6K – $675.5K
NOI $40,527 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$520.0K
$455.0K – $606.7K
NOI $36,402 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$802.9K
$702.6K – $936.8K
NOI $56,205 @ 7.0% cap · market cap 7.70%
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
1,919
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 spacious units feature modern kitchens, updated baths, and additional expansion possibilities.
Where is this duplex located?
The property is located at 32 Pumgansett Street Providence, RI.
What is the asking price?
The asking price for this property is $729,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,400 square feet of total property size; Each unit includes 4 bedrooms and 2 full bathrooms; Second‑floor unit features cathedral ceilings and attic expansion potential
