Two-Family Home with Walkout
New
For Sale
$629,900
14 Gray Street, North Providence, RI 02904
Residential Income, North Providence, RI
Property Size2,064 SF
Lot Size0.18 Acres
Price / SF$305.18
Days on Market1
Property Features for 14 Gray Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Basement, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Parking
3
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Patio
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Attic, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Screened Pch/Patio/Dck/Brzwy
Basement
Full, Storage Space, Unfinished
Appliances
Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Lot features
Out Building, Paved Driveway
Standard status
Active
Size
2,064 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5708
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Zoned
Water source
Public
Building Details
Year built
1959
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Carpet
Building materials
Dry Wall, Paneled, Plaster, Vinyl Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Anthony Petrarca
(401) 374-2478
Added: Sep 14
Last Checked: Sep 14 at 11:06PM
MLS# 1423181
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 2,064-square-foot duplex contains two residential units, each arranged with three bedrooms, a full bathroom, a kitchen, and a living room. The property includes a full basement with an additional bathroom, storage space, and walkout access. Interior finishes include hardwood, carpet, vinyl, and a combination of drywall, paneled, and plaster walls. Heating is provided by natural-gas baseboard systems with zoning, and the home was built in 1959.
Set on 0.1754 acres at 14 Gray Street, the property is vacant and positioned on a dead-end street in North Providence. Public water and public sewer serve the home. Shopping, restaurants, bus routes, everyday amenities, and newly constructed or renovated school facilities are identified in the surrounding area.
Set on 0.1754 acres at 14 Gray Street, the property is vacant and positioned on a dead-end street in North Providence. Public water and public sewer serve the home. Shopping, restaurants, bus routes, everyday amenities, and newly constructed or renovated school facilities are identified in the surrounding area.
Key Highlights
- Two‑unit duplex with six bedrooms and three bathrooms
- Each unit includes three bedrooms, a full bathroom, kitchen, and living room
- 2,064 square feet of building area on 0.1754 acres
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
$34,367
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
5.46%
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%
$687,340
$687.3K
Cap Rate 7%
$490,957
$491.0K
Cap Rate 9%
$381,856
$381.9K
Market Conditions
NOI Build-Up for 2,064 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
$52.5K $25.44/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$49.1K $23.79/SF
− OpEx
−$14.7K −$7.14/SF
NOI
$34.4K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$687,340
Cap Rate 7%
$490,957
Cap Rate 9%
$381,856
Alternative Uses
Best Use
Multifamily LT 5
$491.0K
$429.6K – $572.8K
NOI $34,367 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$389.6K
$340.9K – $454.6K
NOI $27,275 @ 7.0% cap · market cap 4.33%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with separate three-bedroom layouts, a full basement, and public water and sewer service.
Where is this duplex located?
The property is located at 14 Gray Street North Providence, RI.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Two‑unit duplex with six bedrooms and three bathrooms; Each unit includes three bedrooms, a full bathroom, kitchen, and living room; 2,064 square feet of building area on 0.1754 acres
