Corner-Lot Duplex with
New
For Sale
$1,395,000
229 Gano Street, Providence, RI 02906
Two residential units include separate entrances, period details, and basement laundry.
Property Size2,603 SF
Price / SF$535.92
Days on Market4
Property Features for 229 Gano Street
General Information
Standard status
Active
Size
2,603 SF
Property subtype
Multifamily
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
laundry in basement
off-street parking
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Michael Della Cava
Source:
Lockandkeyre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 4:39AM
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 Williams & Stuart Real Estate
Investment Insights
Based on property information with market context.
This 2,603-square-foot duplex, built in 1930, occupies a corner lot and contains two residential units. The first-floor residence has its own distinct layout, while the upper residence extends across multiple levels and is accessed through a separate entrance. Interior features include high ceilings, hardwood flooring, bay windows, detailed moldings, original woodwork, and generous window exposure. Laundry is located in the basement, and off-street parking is provided.
The property is at 229 Gano Street in Providence, near Wayland Square on the East Side. The surrounding area includes restaurants, shops, and small businesses. The sale is AS-IS, with buyer and buyer agent responsible for due diligence.
The property is at 229 Gano Street in Providence, near Wayland Square on the East Side. The surrounding area includes restaurants, shops, and small businesses. The sale is AS-IS, with buyer and buyer agent responsible for due diligence.
Key Highlights
- 2,603 SF duplex on a corner lot
- Two residential units with separate entrances
- Upper unit spans multiple levels
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
$43,955
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
3.15%
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%
$879,100
$879.1K
Cap Rate 7%
$627,929
$627.9K
Cap Rate 9%
$488,389
$488.4K
Market Conditions
NOI Build-Up for 2,603 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
$67.2K $25.80/SF
− Vacancy
−$4.4K −$1.68/SF
EGI
$62.8K $24.12/SF
− OpEx
−$18.8K −$7.24/SF
NOI
$44.0K $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%
$879,100
Cap Rate 7%
$627,929
Cap Rate 9%
$488,389
Alternative Uses
Best Use
Multifamily LT 5
$627.9K
$549.4K – $732.6K
NOI $43,955 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$564.0K
$493.5K – $658.0K
NOI $39,481 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$870.8K
$762.0K – $1.02M
NOI $60,959 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 - Two residential units include separate entrances, period details, and basement laundry.
Where is this duplex located?
The property is located at 229 Gano Street Providence, RI.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 2,603 SF duplex on a corner lot; Two residential units with separate entrances; Upper unit spans multiple levels
