New Construction Duplex with ADU
For Sale
$699,900
27 carter Street, Providence, RI 02907
Two three-bedroom residences with contemporary finishes, individual laundry, central air, and a partially prepared basement for future expansion.
Property Size2,200 SF
Price / SF$318.14
Days on Market10
Property Features for 27 carter Street
General Information
Standard status
Active
Size
2,200 SF
Property subtype
MultiFamily
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
gas heating
central air conditioning
Building Details
Year Built
2026
Buildings
1
Listing Agency:
RE/MAX Preferred
(401) 353-2200
Listed By:
The Mercurio Group
(401) 699-6666
Source:
Lockandkeyre
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 9:21AM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This approximately 2,200-square-foot duplex is a new-construction residential income property with two separate three-bedroom, one-bath units. Each residence is planned with a living area, new kitchen, in-unit laundry, gas heating, central air conditioning, blown-in insulation, and contemporary plank flooring. Tile floors and tiled tub-and-shower surrounds are planned for the bathrooms. The property is approximately 70% complete, with kitchen cabinetry selected and some finish choices potentially still available during construction.
The basement has been roughed out for a potential accessory dwelling unit, subject to applicable approvals and permitting. Built in 2026, the property offers two residences on separate floors within a modern multifamily configuration.
The basement has been roughed out for a potential accessory dwelling unit, subject to applicable approvals and permitting. Built in 2026, the property offers two residences on separate floors within a modern multifamily configuration.
Key Highlights
- Approximately 2,200 SF duplex with two three‑bedroom, one‑bath units
- Approximately 70% complete, allowing for potential finish selections during construction
- Each unit includes in‑unit laundry, gas heating, and central air conditioning
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
$37,149
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
5.31%
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%
$742,980
$743.0K
Cap Rate 7%
$530,700
$530.7K
Cap Rate 9%
$412,767
$412.8K
Market Conditions
NOI Build-Up for 2,200 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
$56.8K $25.80/SF
− Vacancy
−$3.7K −$1.68/SF
EGI
$53.1K $24.12/SF
− OpEx
−$15.9K −$7.24/SF
NOI
$37.1K $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%
$742,980
Cap Rate 7%
$530,700
Cap Rate 9%
$412,767
Alternative Uses
Best Use
Multifamily LT 5
$530.7K
$464.4K – $619.2K
NOI $37,149 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$476.7K
$417.1K – $556.1K
NOI $33,368 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$736.0K
$644.0K – $858.7K
NOI $51,521 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,068
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences with contemporary finishes, individual laundry, central air, and a partially prepared basement for future expansion.
Where is this duplex located?
The property is located at 27 carter Street Providence, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Approximately 2,200 SF duplex with two three‑bedroom, one‑bath units; Approximately 70% complete, allowing for potential finish selections during construction; Each unit includes in‑unit laundry, gas heating, and central air conditioning
