Updated Two-Family
For Sale
$650,000
137 Sutton Street, Providence, RI 02903
Both residences include in-unit laundry, updated kitchens, and access to rear off-street parking.
Property Size3,625 SF
Price / SF$179.31
Days on Market8
Property Features for 137 Sutton Street
General Information
Standard status
Active
Size
3,625 SF
Property subtype
MultiFamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
private rear porch
off-street parking
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Coastline Realty LLC
(401) 400-1077
Listed By:
Anna Hsiao · License #REB.0019066
(401) 808-1303
Source:
Lockandkeyre
Added: Sep 3
Changed: Sep 10
Last Checked: Sep 10 at 7:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coastline Realty LLC
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1890, offers a consistent layout across both residences. Each unit includes two bedrooms, one full bathroom, in-unit laundry, and an updated eat-in kitchen with granite countertops and stainless steel appliances. Updated Navien tankless hot-water heating systems serve the property, while the first-floor residence adds a private rear porch.
A shared driveway leads to ample off-street parking at the rear. The property is located in Providence’s Federal Hill area, near the Broadway and Atwells Avenue corridors and within minutes of Downtown Providence, restaurants, cafés, shopping, universities, hospitals, and major highways. The neighboring property at 143 Sutton Street is also identified as available for separate or combined acquisition.
A shared driveway leads to ample off-street parking at the rear. The property is located in Providence’s Federal Hill area, near the Broadway and Atwells Avenue corridors and within minutes of Downtown Providence, restaurants, cafés, shopping, universities, hospitals, and major highways. The neighboring property at 143 Sutton Street is also identified as available for separate or combined acquisition.
Key Highlights
- Two‑unit duplex with two bedrooms and one full bathroom in each residence
- Updated eat‑in kitchens with granite countertops and stainless steel appliances
- In‑unit laundry provided in both residences
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
$54,982
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
8.46%
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%
$1,099,640
$1.1M
Cap Rate 7%
$785,457
$785.5K
Cap Rate 9%
$610,911
$610.9K
Market Conditions
NOI Build-Up for 3,625 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
$106.6K $29.40/SF
− Vacancy
−$6.6K −$1.82/SF
EGI
$100.0K $27.58/SF
− OpEx
−$45.0K −$12.41/SF
NOI
$55.0K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$1,099,640
Cap Rate 7%
$785,457
Cap Rate 9%
$610,911
Alternative Uses
Best Use
Multifamily LT 5
$874.5K
$765.2K – $1.02M
NOI $61,212 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$785.5K
$687.3K – $916.4K
NOI $54,982 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,893 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,415
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences include in-unit laundry, updated kitchens, and access to rear off-street parking.
Where is this duplex located?
The property is located at 137 Sutton Street Providence, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms and one full bathroom in each residence; Updated eat‑in kitchens with granite countertops and stainless steel appliances; In‑unit laundry provided in both residences
