Two-Family
For Sale
$510,000
32 Almy St, Providence, RI 02909
Both residences are occupied under month-to-month tenancy, providing an existing rental setup.
Property Size1,488 SF
Price / SF$342.74
Days on Market56
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Property Features for 32 Almy St
General Information
Standard status
Active
Size
1,488 SF
Property subtype
Residential Income
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
in need of some TLC
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,646
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty LLC
(401) 288-3600
Listed By:
David Sanabria · License #RES.0047305
(401) 585-2571
Source:
Exprealty
Added: Aug 21
Changed: Oct 15
Last Checked: Oct 15 at 2:08AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 1,488-square-foot duplex contains two separate residences, each configured with two bedrooms. Both units are occupied by month-to-month tenants, creating an established rental arrangement while allowing flexibility for future ownership or leasing decisions. The property requires some updating and repair work, offering a clear path for improvements to the existing condition.
The duplex is located at 32 Almy St in Providence, near shopping, dining, public transportation, and major highways. Its two-unit layout and current occupancy provide a straightforward structure for buyers evaluating a residential income property.
The duplex is located at 32 Almy St in Providence, near shopping, dining, public transportation, and major highways. Its two-unit layout and current occupancy provide a straightforward structure for buyers evaluating a residential income property.
Key Highlights
- Duplex with two separate residences
- Each unit includes 2 bedrooms
- 1,488 square feet of property size
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,127
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$502,540
$502.5K
Cap Rate 7%
$358,957
$359.0K
Cap Rate 9%
$279,189
$279.2K
Market Conditions
NOI Build-Up for 1,488 SF
Gross rent
$38.4K $25.80/SF
− Vacancy
−$2.5K −$1.68/SF
EGI
$35.9K $24.12/SF
− OpEx
−$10.8K −$7.24/SF
NOI
$25.1K $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 Rate 5%
$502,540
Cap Rate 7%
$358,957
Cap Rate 9%
$279,189
Alternative Uses
Best Use
Multifamily LT 5
$359.0K
$314.1K – $418.8K
NOI $25,127 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$322.4K
$282.1K – $376.2K
NOI $22,569 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$497.8K
$435.6K – $580.8K
NOI $34,847 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,363
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
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
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied under month-to-month tenancy, providing an existing rental setup.
Where is this duplex located?
The property is located at 32 Almy St Providence, RI.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Duplex with two separate residences; Each unit includes 2 bedrooms; 1,488 square feet of property size
