Updated Two-Family
New
For Sale
$579,900
275 Carpenter Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size1,968 SF
Lot Size0.10 Acres
Price / SF$294.66
Days on Market3
Property Features for 275 Carpenter Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1
Parking
7
Interior features
Insulation (Unknown)
Basement
Full, Unfinished
Subdivision
West Side
Standard status
Active
Size
1,968 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7432
Utilities
Heating system
Natural Gas, Baseboard
Amenities
in-unit washer and dryer
off-street parking
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Melissa Riley · License #27164
(401) 421-5300
Added: Aug 10
Last Checked: Aug 12 at 1:06AM
MLS# 1420269
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 two-family duplex contains 1,968 square feet on a 0.1029-acre lot. Each residence offers one to two bedrooms, a spacious kitchen, a living area, a full bathroom, and a private washer and dryer. Recent renovations are complemented by hardwood flooring, vinyl siding, and natural-gas baseboard heat. Off-street parking serves the property.
Built in 1900, the property is located at 275 Carpenter Street in Providence’s West Side. Restaurants, cafes, nightlife, shopping, and local attractions are nearby, with access to downtown and major highways. The layout supports separate residential living areas within a compact multifamily property.
Built in 1900, the property is located at 275 Carpenter Street in Providence’s West Side. Restaurants, cafes, nightlife, shopping, and local attractions are nearby, with access to downtown and major highways. The layout supports separate residential living areas within a compact multifamily property.
Key Highlights
- Two‑family duplex with 1,968 square feet of building area
- Each unit includes 1‑2 bedrooms, a kitchen, living area, and full bathroom
- Private in‑unit washer and dryer in each residence
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
$33,232
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
5.73%
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%
$664,640
$664.6K
Cap Rate 7%
$474,743
$474.7K
Cap Rate 9%
$369,244
$369.2K
Market Conditions
NOI Build-Up for 1,968 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
$50.8K $25.80/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$47.5K $24.12/SF
− OpEx
−$14.2K −$7.24/SF
NOI
$33.2K $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%
$664,640
Cap Rate 7%
$474,743
Cap Rate 9%
$369,244
Alternative Uses
Best Use
Multifamily LT 5
$474.7K
$415.4K – $553.9K
NOI $33,232 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$426.4K
$373.1K – $497.5K
NOI $29,850 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$658.4K
$576.1K – $768.1K
NOI $46,088 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 - Recently renovated duplex with in-unit laundry, hardwood flooring, and off-street parking for both residences.
Where is this duplex located?
The property is located at 275 Carpenter Street Providence, RI.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Two‑family duplex with 1,968 square feet of building area; Each unit includes 1‑2 bedrooms, a kitchen, living area, and full bathroom; Private in‑unit washer and dryer in each residence
