Side-by-Side
For Sale
$425,000
Pending
32 Ruggles Street, Providence, RI 02908
Two neighboring apartments offer a straightforward residential income property with established month-to-month tenancy.
Property Size1,954 SF
Days on Market19
Property Features for 32 Ruggles Street
General Information
Standard status
Pending
Size
1,954 SF
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
HERE Realty
(401) 862-1251
Listed By:
Dave Schneider · License #RES.0045023
(401) 440-8659
Source:
Lockandkeyre
Added: Sep 9
Changed: Sep 26
Last Checked: Sep 26 at 9:55AM
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 HERE Realty
Investment Insights
Based on property information with market context.
This duplex, built in 1930, contains two side-by-side apartments, each with three bedrooms and one bathroom. The property is occupied by two long-term tenants on month-to-month arrangements, providing an established two-unit configuration for a new owner.
The property is in Providence’s Smith Hill neighborhood, near grocery stores, restaurants, cafes, the State House, and several bus lines. Access to 95 and route 10 supports regional commuting. The 1,954 property size complements the two-apartment layout.
The property is in Providence’s Smith Hill neighborhood, near grocery stores, restaurants, cafes, the State House, and several bus lines. Access to 95 and route 10 supports regional commuting. The 1,954 property size complements the two-apartment layout.
Key Highlights
- Two side‑by‑side apartments, each with 3 bedrooms and 1 bathroom
- Two long‑term month‑to‑month tenants
- Built in 1930
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
$32,995
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
7.76%
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%
$659,900
$659.9K
Cap Rate 7%
$471,357
$471.4K
Cap Rate 9%
$366,611
$366.6K
Market Conditions
NOI Build-Up for 1,954 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
$50.4K $25.80/SF
− Vacancy
−$3.3K −$1.68/SF
EGI
$47.1K $24.12/SF
− OpEx
−$14.1K −$7.24/SF
NOI
$33.0K $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%
$659,900
Cap Rate 7%
$471,357
Cap Rate 9%
$366,611
Alternative Uses
Best Use
Multifamily LT 5
$471.4K
$412.4K – $549.9K
NOI $32,995 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$423.4K
$370.5K – $494.0K
NOI $29,637 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$653.7K
$572.0K – $762.7K
NOI $45,760 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,927
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two neighboring apartments offer a straightforward residential income property with established month-to-month tenancy.
Where is this duplex located?
The property is located at 32 Ruggles Street Providence, RI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two side‑by‑side apartments, each with 3 bedrooms and 1 bathroom; Two long‑term month‑to‑month tenants; Built in 1930
