2023-Built Two-Family
For Sale
$690,000
Pending
4 Cutler Street, Providence, RI 02909
Modern income property with an oversized yard, flexible basement area, and one unit expected to be vacant at closing.
Property Size2,808 SF
Days on Market55
Property Features for 4 Cutler Street
General Information
Standard status
Pending
Size
2,808 SF
Property subtype
MultiFamily
Site & Location
Neighborhood
Valley
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Amenities
hardwood floors
central A/C
forced hot air heating
truss roof system
luxury vinyl in bedrooms
oversized yard
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
Samuel Albert · License #RES.0042367
(401) 241-9439
Source:
Lockandkeyre
Added: Sep 1
Changed: Oct 25
Last Checked: Oct 24 at 6:54PM
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 Innovations Realty
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Investment Insights
Based on property information with market context.
Constructed in 2023, this two-family property in Providence’s Olneyville area offers six bedrooms and four bathrooms across an open, contemporary layout. Interior features include hardwood flooring, luxury vinyl in the bedrooms, central air conditioning, forced-hot-air heating, and a truss roof system. The oversized yard provides additional outdoor space, while the basement may offer an ADU opportunity subject to verification with the City of Providence.
At closing, one unit is expected to be vacant and the second is rented, creating an occupied-and-vacant configuration for an owner-occupant or rental buyer. The property sits on a dead-end street near the WaterFire Valley Arts District, with access to highways, Downtown Providence, and Federal Hill.
At closing, one unit is expected to be vacant and the second is rented, creating an occupied-and-vacant configuration for an owner-occupant or rental buyer. The property sits on a dead-end street near the WaterFire Valley Arts District, with access to highways, Downtown Providence, and Federal Hill.
Key Highlights
- Built in 2023 with 6 bedrooms and 4 bathrooms
- Two‑family layout with one unit rented and one unit vacant at closing
- Oversized yard with additional outdoor space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,416
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$948,320
$948.3K
Cap Rate 7%
$677,371
$677.4K
Cap Rate 9%
$526,844
$526.8K
Market Conditions
NOI Build-Up for 2,808 SF
Gross rent
$72.4K $25.80/SF
− Vacancy
−$4.7K −$1.68/SF
EGI
$67.7K $24.12/SF
− OpEx
−$20.3K −$7.24/SF
NOI
$47.4K $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 Rate 5%
$948,320
Cap Rate 7%
$677,371
Cap Rate 9%
$526,844
Alternative Uses
Best Use
Multifamily LT 5
$677.4K
$592.7K – $790.3K
NOI $47,416 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$608.4K
$532.4K – $709.8K
NOI $42,590 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$939.4K
$822.0K – $1.10M
NOI $65,760 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,783
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Modern income property with an oversized yard, flexible basement area, and one unit expected to be vacant at closing.
Where is this duplex located?
The property is located at 4 Cutler Street Providence, RI.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Built in 2023 with 6 bedrooms and 4 bathrooms; Two‑family layout with one unit rented and one unit vacant at closing; Oversized yard with additional outdoor space
