Renovated Two-Family
For Sale
Under Contract
$499,977
32 Gooding Street, Pawtucket, RI 02860
Residential Income, Pawtucket, RI
Property Size1,806 SF
Lot Size0.11 Acres
Price / SF$276.84
Days on Market100
Property Features for 32 Gooding Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5
Parking
3
Parking features
None
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Stairs, Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Exterior features
Porch
Basement
Partial, Storage Space, Unfinished
Appliances
Gas Water Heater, Dishwasher, Microwave, Oven/Range, Refrigerator
Subdivision
Park Terrace
Lot features
Out Building, Paved Driveway, Sidewalks
Standard status
Active Under Contract
Size
1,806 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4804
Utilities
Heating system
Electric (Heating), Natural Gas, Baseboard
Building Details
Year built
1870
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Re/Max Real Estate Center · RE/MAX International
(401) 823-7600
Listed By:
David Tatangelo · License #RES.0029833
(401) 465-0263
Added: Jun 4
Changed: Sep 2
Last Checked: Sep 11 at 10:06AM
MLS# 1414547
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 1,806 square feet across two separate residential units. Both units have been renovated with updated kitchens featuring stainless steel appliances and granite countertops, refreshed bathrooms, vinyl flooring, and modern fixtures. Interior construction includes drywall and insulated ceilings, floors, and walls, while vinyl siding and a porch serve the exterior. Heating is provided through natural gas, electric, and baseboard systems, and the property includes a gas water heater, dishwasher, microwave, oven/range, and refrigerator.
The property sits on 0.11 acres and carries RM zoning. Its location provides access to I-95, shopping, dining, schools, and local services. Built in 1870, the duplex offers distinct living spaces for residential occupancy and includes a basement. A porch adds outdoor space, while no parking is identified in the property features.
The property sits on 0.11 acres and carries RM zoning. Its location provides access to I-95, shopping, dining, schools, and local services. Built in 1870, the duplex offers distinct living spaces for residential occupancy and includes a basement. A porch adds outdoor space, while no parking is identified in the property features.
Key Highlights
- Two‑family duplex with 1,806 square feet
- Both units renovated with updated kitchens and bathrooms
- Kitchens include stainless steel appliances and granite countertops
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
$30,071
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
6.01%
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%
$601,420
$601.4K
Cap Rate 7%
$429,586
$429.6K
Cap Rate 9%
$334,122
$334.1K
Market Conditions
NOI Build-Up for 1,806 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
$45.9K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$43.0K $23.79/SF
− OpEx
−$12.9K −$7.14/SF
NOI
$30.1K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$601,420
Cap Rate 7%
$429,586
Cap Rate 9%
$334,122
Alternative Uses
Best Use
Multifamily LT 5
$429.6K
$375.9K – $501.2K
NOI $30,071 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$340.9K
$298.3K – $397.8K
NOI $23,865 @ 7.0% cap · market cap 4.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residential units feature refreshed interiors, contemporary fixtures, and updated kitchens and bathrooms.
Where is this duplex located?
The property is located at 32 Gooding Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $499,977.
What are key features of this property?
This property features: Two‑family duplex with 1,806 square feet; Both units renovated with updated kitchens and bathrooms; Kitchens include stainless steel appliances and granite countertops
