Duplex with Finished
For Sale
$565,000
Pending
400 Newport Ave Street, Pawtucket, RI 02861
Residential Income, Pawtucket, RI
Property Size3,360 SF
Lot Size0.14 Acres
Days on Market223
Property Features for 400 Newport Ave Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
5
Parking features
None
Interior features
Insulation (Unknown)
Fireplace
1
Basement
Full, Partially Finished
Lot features
Paved Driveway
Standard status
Pending
Size
3,360 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4958
Utilities
Heating system
Oil, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Masonry, Vinyl Siding
Listing Agency:
Exp Realty
(888) 315-3445
Listed By:
Harrison Tejada · License #9577454
(857) 333-3210
Added: Jan 19
Changed: Aug 20
Last Checked: Aug 30 at 3:06PM
MLS# 1403491
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 3,360-square-foot duplex was built in 1940 and provides four bedrooms and three bathrooms across a functional residential layout. A fully finished basement adds usable interior space for living, office, or recreation purposes. The property also includes a private backyard and features masonry and vinyl siding, ceramic tile flooring, oil-fired forced-air heat, window-unit cooling, and a fireplace.
The property is located in Pawtucket near shopping, dining, schools, parks, and major highways. Its 0.14-acre lot includes a private driveway, while the property is being offered as-is. The layout and finished lower level support both owner-occupancy and income-producing use as stated in the property information.
The property is located in Pawtucket near shopping, dining, schools, parks, and major highways. Its 0.14-acre lot includes a private driveway, while the property is being offered as-is. The layout and finished lower level support both owner-occupancy and income-producing use as stated in the property information.
Key Highlights
- 3,360 SF duplex built in 1940
- Four bedrooms and three bathrooms
- Fully finished basement for additional living, office, or recreation space
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
$44,401
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
7.86%
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%
$888,020
$888.0K
Cap Rate 7%
$634,300
$634.3K
Cap Rate 9%
$493,344
$493.3K
Market Conditions
NOI Build-Up for 3,360 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
$85.9K $25.56/SF
− Vacancy
−$5.2K −$1.53/SF
EGI
$80.7K $24.03/SF
− OpEx
−$36.3K −$10.81/SF
NOI
$44.4K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$888,020
Cap Rate 7%
$634,300
Cap Rate 9%
$493,344
Alternative Uses
Best Use
Multifamily LT 5
$799.2K
$699.3K – $932.4K
NOI $55,946 @ 7.0% cap · market cap 9.90%
Second Best
Apartment 5plus
$634.3K
$555.0K – $740.0K
NOI $44,401 @ 7.0% cap · market cap 7.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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 - Flexible duplex layout with outdoor space and convenient access to shopping, dining, schools, parks, and major highways.
Where is this duplex located?
The property is located at 400 Newport Ave Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 3,360 SF duplex built in 1940; Four bedrooms and three bathrooms; Fully finished basement for additional living, office, or recreation space
