New Two-Family
New
For Sale
$729,900
32 Pumgansett Street, Providence, RI 02908
Modern layouts include cathedral ceilings, attic expansion potential, and a basement roughed for a possible ADU.
Property Size2,400 SF
Price / SF$304.13
Days on Market7
Property Features for 32 Pumgansett Street
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Building Details
Year Built
2026
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Joel Sanchez
Source:
Lockandkeyre
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 25 at 6:11AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Completed in 2026, this 2,400-square-foot duplex contains two residential units with matching four-bedroom, two-bathroom layouts. Both residences feature contemporary kitchens and bathrooms, while the upper-level unit adds cathedral ceilings and possible attic expansion. An open basement has been roughed for a potential ADU, creating additional flexibility for future living space or rental use.
The property is located near Providence College in Providence, with access to the broader city environment. Its two-unit configuration, substantial bedroom count, modern finishes, and unfinished areas provide a range of options for occupancy and future space planning.
The property is located near Providence College in Providence, with access to the broader city environment. Its two-unit configuration, substantial bedroom count, modern finishes, and unfinished areas provide a range of options for occupancy and future space planning.
Key Highlights
- Two‑unit duplex completed in 2026
- Each unit features 4 bedrooms and 2 full bathrooms
- 2,400 square feet of total 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
$40,527
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
5.55%
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%
$810,540
$810.5K
Cap Rate 7%
$578,957
$579.0K
Cap Rate 9%
$450,300
$450.3K
Market Conditions
NOI Build-Up for 2,400 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
$61.9K $25.80/SF
− Vacancy
−$4.0K −$1.68/SF
EGI
$57.9K $24.12/SF
− OpEx
−$17.4K −$7.24/SF
NOI
$40.5K $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%
$810,540
Cap Rate 7%
$578,957
Cap Rate 9%
$450,300
Alternative Uses
Best Use
Multifamily LT 5
$579.0K
$506.6K – $675.5K
NOI $40,527 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$520.0K
$455.0K – $606.7K
NOI $36,402 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$802.9K
$702.6K – $936.8K
NOI $56,205 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,919
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Modern layouts include cathedral ceilings, attic expansion potential, and a basement roughed for a possible ADU.
Where is this duplex located?
The property is located at 32 Pumgansett Street Providence, RI.
What is the asking price?
The asking price for this property is $729,900.
What are key features of this property?
This property features: Two‑unit duplex completed in 2026; Each unit features 4 bedrooms and 2 full bathrooms; 2,400 square feet of total property size
