New Construction Two-Family
For Sale
$799,900
37 Murray Street, Providence, RI 02909
Newly built two-family home with separate utilities, in-unit laundry, and central air in both units.
Property Size3,996 SF
Price / SF$200.18
Days on Market80
Property Features for 37 Murray Street
General Information
Standard status
Active
Size
3,996 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
hardwood flooring
central air conditioning
gas heat
in-unit laundry
Trex decking
Building Details
Year Built
2026
Tenancy
Multi
Listing Agency:
Mateus Realty
Listed By:
Luis Mateus
(401) 274-6740
Source:
Residentialproperties
Added: Jun 24
Changed: Sep 10
Last Checked: Sep 10 at 5:41AM
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 Mateus Realty
Investment Insights
Based on property information with market context.
This newly constructed two-family residence offers two separate, well-equipped units with modern finishes. The first-floor unit includes a finished walk-out lower level and provides hardwood flooring, central air conditioning, gas heat, in-unit laundry, and outdoor living with low-maintenance Trex decking. The second-floor unit features hardwood flooring, central air conditioning, gas heat, in-unit laundry, and an open, modern layout.
The property has separate utilities and is described as conveniently located near schools, shopping, restaurants, and major highways.
With multiple bedrooms and full baths across both units, the configuration supports flexible living arrangements within a single building.
The property has separate utilities and is described as conveniently located near schools, shopping, restaurants, and major highways.
With multiple bedrooms and full baths across both units, the configuration supports flexible living arrangements within a single building.
Key Highlights
- Newly built 2‑family home (Year Built: 2026) with separate utilities and in‑unit laundry in both units
- First‑floor unit: 2,600+ sq. ft. with finished walk‑out lower level plus 6 bedrooms and 3 full baths
- Second‑floor unit: 1,300+ sq. ft. with 4 bedrooms and 2 full baths and an open, modern layout
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
$67,477
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
8.44%
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%
$1,349,540
$1.3M
Cap Rate 7%
$963,957
$964.0K
Cap Rate 9%
$749,744
$749.7K
Market Conditions
NOI Build-Up for 3,996 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
$103.1K $25.80/SF
− Vacancy
−$6.7K −$1.68/SF
EGI
$96.4K $24.12/SF
− OpEx
−$28.9K −$7.24/SF
NOI
$67.5K $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%
$1,349,540
Cap Rate 7%
$963,957
Cap Rate 9%
$749,744
Alternative Uses
Best Use
Multifamily LT 5
$964.0K
$843.5K – $1.12M
NOI $67,477 @ 7.0% cap · market cap 8.44%
Second Best
Apartment 5plus
$865.8K
$757.6K – $1.01M
NOI $60,609 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,582 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
575
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 - Newly built two-family home with separate utilities, in-unit laundry, and central air in both units.
Where is this duplex located?
The property is located at 37 Murray Street Providence, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Newly built 2‑family home (Year Built: 2026) with separate utilities and in‑unit laundry in both units; First‑floor unit: 2,600+ sq. ft. with finished walk‑out lower level plus 6 bedrooms and 3 full baths; Second‑floor unit: 1,300+ sq. ft. with 4 bedrooms and 2 full baths and an open, modern layout
