Two-Family
New
For Sale
$550,000
329 Plainfield Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size2,955 SF
Lot Size0.07 Acres
Price / SF$186.13
Days on Market3
Property Features for 329 Plainfield Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 7, Bedroom 2, Basement, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1
Parking
4
Parking features
None
Basement
Full, Unfinished
Appliances
Electric Water Heater
Standard status
Active
Size
2,955 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1940
Number of units
2
Flooring type
Laminate, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Aug 19
Last Checked: Aug 21 at 2:06AM
MLS# 1420915
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-unit residential property contains 2,955 square feet and was built in 1940. The lower residence includes three bedrooms and one full bathroom, while the upper townhouse-style residence has four bedrooms, two full bathrooms, and spacious living areas. Interior finishes include laminate and ceramic tile flooring, with forced-air heating, natural gas service, an electric water heater, and vinyl siding. The property occupies 0.07 acres along Plainfield Street in Providence.
The location provides access to Route 6, Route 10, I-95, and I-195. Silver Lake and Olneyville are nearby, with restaurants, grocery stores, markets, shopping, and neighborhood businesses in the surrounding area. Downtown Providence, Federal Hill, and the West End are within minutes, while healthcare facilities, colleges, RIPTA transportation, parks, and T.F. Green Airport are also referenced in the property information.
The location provides access to Route 6, Route 10, I-95, and I-195. Silver Lake and Olneyville are nearby, with restaurants, grocery stores, markets, shopping, and neighborhood businesses in the surrounding area. Downtown Providence, Federal Hill, and the West End are within minutes, while healthcare facilities, colleges, RIPTA transportation, parks, and T.F. Green Airport are also referenced in the property information.
Key Highlights
- Two‑unit duplex with 2,955 square feet on 0.07 acres
- Lower unit offers 3 bedrooms and 1 full bathroom
- Upper townhouse‑style unit includes 4 bedrooms and 2 full bathrooms
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
$49,898
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
9.07%
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%
$997,960
$998.0K
Cap Rate 7%
$712,829
$712.8K
Cap Rate 9%
$554,422
$554.4K
Market Conditions
NOI Build-Up for 2,955 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
$76.2K $25.80/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$71.3K $24.12/SF
− OpEx
−$21.4K −$7.24/SF
NOI
$49.9K $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%
$997,960
Cap Rate 7%
$712,829
Cap Rate 9%
$554,422
Alternative Uses
Best Use
Multifamily LT 5
$712.8K
$623.7K – $831.6K
NOI $49,898 @ 7.0% cap · market cap 9.07%
Second Best
Apartment 5plus
$640.3K
$560.3K – $747.0K
NOI $44,820 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$988.6K
$865.0K – $1.15M
NOI $69,203 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,188
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 - Separate residences provide distinct layouts, including a townhouse-style upper unit with spacious living areas.
Where is this duplex located?
The property is located at 329 Plainfield Street Providence, RI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,955 square feet on 0.07 acres; Lower unit offers 3 bedrooms and 1 full bathroom; Upper townhouse‑style unit includes 4 bedrooms and 2 full bathrooms
