Renovated Two-Unit
New
For Sale
$619,000
37 Cyr Street, Providence, RI 02905
Updated interiors feature quartz countertops, stainless steel appliances, central air, and laundry hookups in both residences.
Property Size2,545 SF
Price / SF$243.22
Days on Market4
Property Features for 37 Cyr Street
General Information
Standard status
Active
Size
2,545 SF
Property subtype
Multifamily
Building Details
Year Built
1930
Listing Agency:
Smith and Oak Real Estate Co.
(401) 464-2617
Listed By:
Linda Padula
Source:
Lockandkeyre
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 16 at 3:13AM
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 Smith and Oak Real Estate Co.
Investment Insights
Based on property information with market context.
This renovated duplex contains two separate residences totaling 2545 square feet. The first-floor apartment offers 1 bedroom, while the townhouse-style residence across the second and third floors includes 3 bedrooms and 2 bathrooms. Both units have luxury vinyl plank flooring, quartz countertops, stainless steel appliances, central air conditioning, and laundry hookups. Abundant windows bring natural light into the living areas.
The property also includes a spacious yard, front deck, and 1-car garage that can support parking or storage needs. Built in 1930, the duplex is located at 37 Cyr Street in Providence, near schools, hospitals, shopping, and restaurants.
The property also includes a spacious yard, front deck, and 1-car garage that can support parking or storage needs. Built in 1930, the duplex is located at 37 Cyr Street in Providence, near schools, hospitals, shopping, and restaurants.
Key Highlights
- Two‑unit duplex with 2545 SF of total property size
- Unit mix includes a 1‑bedroom first‑floor residence and a 3‑bedroom, 2‑bathroom townhouse‑style unit
- Renovated interiors with luxury vinyl plank flooring, quartz countertops, and stainless steel appliances
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
$42,975
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
6.94%
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%
$859,500
$859.5K
Cap Rate 7%
$613,929
$613.9K
Cap Rate 9%
$477,500
$477.5K
Market Conditions
NOI Build-Up for 2,545 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
$65.7K $25.80/SF
− Vacancy
−$4.3K −$1.68/SF
EGI
$61.4K $24.12/SF
− OpEx
−$18.4K −$7.24/SF
NOI
$43.0K $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%
$859,500
Cap Rate 7%
$613,929
Cap Rate 9%
$477,500
Alternative Uses
Best Use
Multifamily LT 5
$613.9K
$537.2K – $716.3K
NOI $42,975 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$551.4K
$482.5K – $643.4K
NOI $38,601 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$851.4K
$745.0K – $993.4K
NOI $59,601 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 - Updated interiors feature quartz countertops, stainless steel appliances, central air, and laundry hookups in both residences.
Where is this duplex located?
The property is located at 37 Cyr Street Providence, RI.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: Two‑unit duplex with 2545 SF of total property size; Unit mix includes a 1‑bedroom first‑floor residence and a 3‑bedroom, 2‑bathroom townhouse‑style unit; Renovated interiors with luxury vinyl plank flooring, quartz countertops, and stainless steel appliances
