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 Market11
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) 585-2571
Listed By:
David Sanabria · License #RES.0047305
(401) 585-2571
Source:
Exprealty
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 30 at 11:04PM
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 = 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
$25,127
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
4.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
