Duplex with Walk-Out
507 Summer Street Woonsocket, RI 02895
507 Summer Street, Woonsocket, RI, 02895
$529,000
For Sale
$529,000
MULTI_FAMILY - Woonsocket, RI
Property Size1,843 SF
Lot Size0.34 Acres
Price / SF$287.03
Days on Market8
Property Features for 507 Summer Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Basement, Bedroom 3, Bathroom 1
- Parking
- 7
- Basement
- Partially Finished, Full
- Appliances
- Gas Water Heater
- Standard status
- Active
- Size
- 1,843 SF
- Lot size
- 0.34 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 4819
Utilities
- Heating system
- Natural Gas, Forced Air, Electric (Heating), Baseboard
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Laminate, Hardwood
- Building materials
- Vinyl Siding
Listing agency
Here Realty
(401) 862-1251
Listed by
Jaston Robinson
(401) 649-2358
Added: Jul 15 Updated: Jul 21 at 11:20AM Checked: Jul 22 at 4:06PM
MLS# 1418013
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.
507 Summer Street in Woonsocket, RI is a duplex-style residential income property with a 4-bedroom, 2-bath layout. The owner’s unit has been thoughtfully renovated and is presented as move-in ready. Each unit is equipped with its own forced hot air heating system.
A walk-out basement adds versatility to the configuration. The lower level includes two separate exits and an existing heating system, offering flexibility for additional living space, a workshop, or storage. The property also features a detached garage and ample off-street parking.
Additional value is included through an extra lot in Blackstone, MA, which is already subdivided. The property is situated at the end of a quiet dead-end street, and the total lot size is 0.3444 acres, with 1,843 square feet of property size reported.
A walk-out basement adds versatility to the configuration. The lower level includes two separate exits and an existing heating system, offering flexibility for additional living space, a workshop, or storage. The property also features a detached garage and ample off-street parking.
Additional value is included through an extra lot in Blackstone, MA, which is already subdivided. The property is situated at the end of a quiet dead-end street, and the total lot size is 0.3444 acres, with 1,843 square feet of property size reported.
Key Highlights
- 4‑bedroom, 2‑bath home with basement and two separate units, each with its own forced hot air heating system
- Walk‑out basement with two separate exits and an existing heating system
- Central air cooling plus natural gas and electric heating options (baseboard and forced air)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.9k | $25.44 |
| − Vacancy | −$3.0k | −$1.65 |
| EGI | $43.8k | $23.79 |
| − OpEx | −$13.2k | −$7.14 |
| NOI | $30.7k | $16.65 |
1,843 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$438.4K
$383.6K – $511.5K
NOI $30,687 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$347.9K
$304.4K – $405.9K
NOI $24,354 @ 7.0% cap · market cap 4.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Renovated owner unit and two forced-hot-air systems, plus a walk-out basement with two exits and existing heat.
Where is this duplex located?
The property is located at 507 Summer Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 4‑bedroom, 2‑bath home with basement and two separate units, each with its own forced hot air heating system; Walk‑out basement with two separate exits and an existing heating system; Central air cooling plus natural gas and electric heating options (baseboard and forced air)
