Updated Duplex with ADU
For Sale
$509,000
35 Gray Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size1,872 SF
Lot Size0.07 Acres
Price / SF$271.90
Days on Market14
Property Features for 35 Gray Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 3, Basement, Bathroom 2, Bedroom 5, Bedroom 1
Parking
3
Parking features
None
Basement
Finished, Full
Appliances
Gas Water Heater
Standard status
Active
Size
1,872 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5891
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1930
Number of units
2
Flooring type
Laminate
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Aug 14
Changed: Aug 27
Last Checked: Aug 27 at 3:06PM
MLS# 1420603
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 1,872-square-foot duplex contains two residential units with updated finishes and practical layouts. The 1930 property has vinyl siding, laminate flooring, a gas water heater, and natural gas baseboard heating. No parking is provided on site. The property occupies 0.07 acres and includes basement space.
Located in Providence near restaurants, grocery stores, local businesses, parks, and public transportation, the duplex is also close to Rhode Island Hospital, Hasbro Children's Hospital, Johnson & Wales University, and Rhode Island College. Route 6, Route 10, I-95, and I-195 provide access throughout Rhode Island and Massachusetts. Downtown Providence, Federal Hill, and the West End are nearby, while T.F. Green Airport is approximately 15-20 minutes away. The property may also support an ADU, subject to zoning and required approvals.
Located in Providence near restaurants, grocery stores, local businesses, parks, and public transportation, the duplex is also close to Rhode Island Hospital, Hasbro Children's Hospital, Johnson & Wales University, and Rhode Island College. Route 6, Route 10, I-95, and I-195 provide access throughout Rhode Island and Massachusetts. Downtown Providence, Federal Hill, and the West End are nearby, while T.F. Green Airport is approximately 15-20 minutes away. The property may also support an ADU, subject to zoning and required approvals.
Key Highlights
- Two‑unit duplex with 1,872 square feet of property size
- ADU potential subject to zoning and approvals
- Built in 1930 on a 0.07‑acre lot
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
$31,611
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
6.21%
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%
$632,220
$632.2K
Cap Rate 7%
$451,586
$451.6K
Cap Rate 9%
$351,233
$351.2K
Market Conditions
NOI Build-Up for 1,872 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
$48.3K $25.80/SF
− Vacancy
−$3.1K −$1.68/SF
EGI
$45.2K $24.12/SF
− OpEx
−$13.5K −$7.24/SF
NOI
$31.6K $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%
$632,220
Cap Rate 7%
$451,586
Cap Rate 9%
$351,233
Alternative Uses
Best Use
Multifamily LT 5
$451.6K
$395.1K – $526.9K
NOI $31,611 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$405.6K
$354.9K – $473.2K
NOI $28,393 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$626.3K
$548.0K – $730.7K
NOI $43,840 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,050
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 residential units offer updated finishes, convenient layouts, and possible future ADU space subject to approvals.
Where is this duplex located?
The property is located at 35 Gray Street Providence, RI.
What is the asking price?
The asking price for this property is $509,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,872 square feet of property size; ADU potential subject to zoning and approvals; Built in 1930 on a 0.07‑acre lot
