New Duplex with Basement
For Sale
$649,900
12 Price Street, Providence, RI 02907
MULTI_FAMILY - Providence, RI
Property Size2,496 SF
Lot Size0.05 Acres
Price / SF$260.38
Days on Market60
Property Features for 12 Price Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 6
Parking
2
Parking features
None
Interior features
Wall (Dry Wall)
Basement
Full, Unfinished
Appliances
Electric Water Heater
Standard status
Active
Size
2,496 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
contemporary kitchens
stylish fixtures
energy-efficient systems
laundry hookups
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Vinyl
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
David Zuller
(401) 447-8988
Added: Jun 16
Changed: Aug 1
Last Checked: Aug 14 at 8:06AM
MLS# 1415503
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.
12 Price Street is a newly built duplex with a Certificate of Occupancy already obtained, positioned for immediate occupancy as either an owner-occupied or income-producing property. The building includes two residential units, each designed with three bedrooms and one full bathroom, along with contemporary kitchens, modern finishes, and energy-efficient systems. Interior finishes include drywall, ceramic tile and vinyl flooring, and an electric water heater. Heating is natural gas forced air, and cooling is central air.
A large basement adds practical day-to-day value, including laundry hookups for both units and room for storage. Outside, the property has off-street parking for two vehicles, along with newly completed exterior improvements.
Construction is scheduled as year built 2026, set on a lot size of 0.0497 acres, with a total property size of 2,496 square feet.
A large basement adds practical day-to-day value, including laundry hookups for both units and room for storage. Outside, the property has off-street parking for two vehicles, along with newly completed exterior improvements.
Construction is scheduled as year built 2026, set on a lot size of 0.0497 acres, with a total property size of 2,496 square feet.
Key Highlights
- 0.0497‑acre lot with 2,496 total SF duplex
- Year built 2026 with Certificate of Occupancy obtained
- Basement with laundry hookups for both 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
$42,148
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
6.49%
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%
$842,960
$843.0K
Cap Rate 7%
$602,114
$602.1K
Cap Rate 9%
$468,311
$468.3K
Market Conditions
NOI Build-Up for 2,496 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
$64.4K $25.80/SF
− Vacancy
−$4.2K −$1.68/SF
EGI
$60.2K $24.12/SF
− OpEx
−$18.1K −$7.24/SF
NOI
$42.1K $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%
$842,960
Cap Rate 7%
$602,114
Cap Rate 9%
$468,311
Alternative Uses
Best Use
Multifamily LT 5
$602.1K
$526.9K – $702.5K
NOI $42,148 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$540.8K
$473.2K – $631.0K
NOI $37,858 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$835.0K
$730.7K – $974.2K
NOI $58,453 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,442
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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 - Newly built duplex with central air, natural gas forced-air heating, and basement laundry hookups for both units.
Where is this duplex located?
The property is located at 12 Price Street Providence, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 0.0497‑acre lot with 2,496 total SF duplex; Year built 2026 with Certificate of Occupancy obtained; Basement with laundry hookups for both units
