Side-by-Side
New
For Sale
$425,000
32 Ruggles Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size1,954 SF
Lot Size0.07 Acres
Price / SF$217.50
Days on Market2
Property Features for 32 Ruggles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 6, Bedroom 5, Basement, Bedroom 1, Bathroom 2, Bedroom 2
Parking
2
Parking features
None
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Unknown)
Basement
Unfinished, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Smith Hill
Standard status
Active
Size
1,954 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5816
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Laminate
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
Dave Schneider
(401) 440-8659
Added: Sep 9
Last Checked: Sep 10 at 11:06PM
MLS# 1422918
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 1930 side-by-side duplex contains two separate apartments, each with three bedrooms and one bathroom, for a total of 1,954 square feet. The property sits on a 0.0735-acre lot and includes a basement. Interior finishes include ceramic tile and laminate flooring, with drywall and vinyl siding construction. Heating is provided by natural-gas baseboard systems, and the building has a gas water heater, oven/range, and refrigerator.
The property is located in Providence’s Smith Hill neighborhood, near grocery stores, restaurants, cafes, and the State House. Access to I-95 and Route 10 is nearby, along with several bus lines. Two long-term month-to-month tenants are currently in place. Public water serves the property, and no on-site parking is identified.
The property is located in Providence’s Smith Hill neighborhood, near grocery stores, restaurants, cafes, and the State House. Access to I-95 and Route 10 is nearby, along with several bus lines. Two long-term month-to-month tenants are currently in place. Public water serves the property, and no on-site parking is identified.
Key Highlights
- Two side‑by‑side apartments, each with 3 bedrooms and 1 bathroom
- 1,954 square feet on a 0.0735‑acre lot
- Built in 1930 with a basement and vinyl siding
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom apartments provide separate residential layouts with month-to-month tenancy in place.
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; 1,954 square feet on a 0.0735‑acre lot; Built in 1930 with a basement and vinyl siding
