Side-by-Side Duplex with River
For Sale
$495,000
330 Waterman Avenue, Smithfield, RI 02917
Two matching residences offer flexible ownership, private laundry, garage storage, and a fenced backyard adjoining the river.
Property Size2,080 SF
Price / SF$237.98
Days on Market8
Property Features for 330 Waterman Avenue
General Information
Standard status
Active
Size
2,080 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
private laundry
rear garages
fenced-in backyard
water access
Building Details
Year Built
1905
Buildings
1
Listing Agency:
Engel & Volkers Oceanside
(401) 638-0010
Listed By:
The DiSpirito Team
Source:
Lockandkeyre
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 6:42AM
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 Engel & Volkers Oceanside
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two residences, each with 3 bedrooms, 1 full bathroom, a double parlor, and an eat-in kitchen. Separate basement laundry areas serve each unit, while rear garages provide additional storage or workspace. The property includes 2,080 square feet and was built in 1905.
A large fenced backyard adjoins the river and provides water access suitable for kayaking or outdoor relaxation. Ample off-street parking supports daily use. The property is located at 330 Waterman Avenue in Smithfield, RI 02917, near major conveniences.
A large fenced backyard adjoins the river and provides water access suitable for kayaking or outdoor relaxation. Ample off-street parking supports daily use. The property is located at 330 Waterman Avenue in Smithfield, RI 02917, near major conveniences.
Key Highlights
- Two‑unit side‑by‑side duplex with 2,080 square feet
- Each unit has 3 bedrooms, 1 full bathroom, a double parlor, and an eat‑in kitchen
- Separate private laundry areas located in the basements
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
$34,633
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
7.00%
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%
$692,660
$692.7K
Cap Rate 7%
$494,757
$494.8K
Cap Rate 9%
$384,811
$384.8K
Market Conditions
NOI Build-Up for 2,080 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
$52.9K $25.44/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$49.5K $23.79/SF
− OpEx
−$14.8K −$7.14/SF
NOI
$34.6K $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%
$692,660
Cap Rate 7%
$494,757
Cap Rate 9%
$384,811
Alternative Uses
Best Use
Multifamily LT 5
$494.8K
$432.9K – $577.2K
NOI $34,633 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$392.7K
$343.6K – $458.1K
NOI $27,486 @ 7.0% cap · market cap 5.55%
Theoretical Best
—
—
same as Best Use
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
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 02917, RI
14,738
Population
5,119
Households
2.9
Avg Household Size
38
Median Age
38%
College-Educated
92%
High-School Grad
21.4 sq mi
ZIP Area
689
Density / Sq Mi
$106,772
Median Household Income
$44,229
Median Earnings
$988
Median Rent
$416,100
Median Home Value
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 matching residences offer flexible ownership, private laundry, garage storage, and a fenced backyard adjoining the river.
Where is this duplex located?
The property is located at 330 Waterman Avenue Smithfield, RI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with 2,080 square feet; Each unit has 3 bedrooms, 1 full bathroom, a double parlor, and an eat‑in kitchen; Separate private laundry areas located in the basements
