New-Build
For Sale
$725,000
49 Leander Street, Providence, RI 02909
Two residences each offer three bedrooms and two full bathrooms.
Property Size3,534 SF
Price / SF$205.15
Days on Market14
Property Features for 49 Leander Street
General Information
Standard status
Active
Size
3,534 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Building Details
Year Built
2026
Listing Agency:
My Dream Home Realty
(401) 437-6577
Listed By:
Mayra Mejia · License #RES.0048900
(401) 263-0790
Source:
Lockandkeyre
Added: Sep 14
Changed: Sep 26
Last Checked: Sep 26 at 9:40AM
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 My Dream Home Realty
Investment Insights
Based on property information with market context.
This duplex contains two separate residences, with each unit arranged as a three-bedroom, two-full-bathroom home. The property is brand-new and nearly complete, with only a few finishing items remaining. Total property size is listed as 3534, and the year built is 2026.
Located at 49 Leander Street in Providence, Rhode Island, the property offers a newly constructed two-unit configuration for residential use. Each residence provides the same bedroom and bathroom count, creating a consistent layout across the building.
Located at 49 Leander Street in Providence, Rhode Island, the property offers a newly constructed two-unit configuration for residential use. Each residence provides the same bedroom and bathroom count, creating a consistent layout across the building.
Key Highlights
- Two‑unit duplex configuration
- Each unit includes 3 bedrooms and 2 full bathrooms
- Brand‑new construction with a few finishing items remaining
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
$59,675
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
8.23%
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%
$1,193,500
$1.2M
Cap Rate 7%
$852,500
$852.5K
Cap Rate 9%
$663,056
$663.1K
Market Conditions
NOI Build-Up for 3,534 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
$91.2K $25.80/SF
− Vacancy
−$5.9K −$1.68/SF
EGI
$85.3K $24.12/SF
− OpEx
−$25.6K −$7.24/SF
NOI
$59.7K $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%
$1,193,500
Cap Rate 7%
$852,500
Cap Rate 9%
$663,056
Alternative Uses
Best Use
Multifamily LT 5
$852.5K
$745.9K – $994.6K
NOI $59,675 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$765.7K
$670.0K – $893.4K
NOI $53,602 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,762 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
521
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences each offer three bedrooms and two full bathrooms.
Where is this duplex located?
The property is located at 49 Leander Street Providence, RI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; Each unit includes 3 bedrooms and 2 full bathrooms; Brand‑new construction with a few finishing items remaining
