Renovated Duplex with Detached
For Sale
$529,000
Pending
507 Summer Street, Woonsocket, RI 02895
Residential Income, Woonsocket, RI
Property Size1,843 SF
Lot Size0.34 Acres
Days on Market47
Property Features for 507 Summer Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 3
Parking
7
Basement
Partially Finished, Full
Appliances
Gas Water Heater
Standard status
Pending
Size
1,843 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4819
Utilities
Heating system
Natural Gas, Forced Air, Baseboard, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Laminate
Building materials
Vinyl Siding
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
Jaston Robinson
(401) 345-0715
Added: Jul 15
Changed: Aug 26
Last Checked: Aug 30 at 6:06AM
MLS# 1418013
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex at 507 Summer Street includes 1,843 square feet with four bedrooms and two bathrooms. The owner's unit has been renovated, while each unit is served by its own forced hot air heating system. Central air, hardwood and laminate flooring, vinyl siding, and a gas water heater are also included. The home was built in 1900 and is connected to public water.
A walk-out basement provides two separate exits and an existing heating system, creating adaptable lower-level space for storage, a workshop, or additional use. Exterior features include a detached garage and off-street parking. The property also includes an additional 0.3444-acre lot in Blackstone, MA that is already subdivided.
A walk-out basement provides two separate exits and an existing heating system, creating adaptable lower-level space for storage, a workshop, or additional use. Exterior features include a detached garage and off-street parking. The property also includes an additional 0.3444-acre lot in Blackstone, MA that is already subdivided.
Key Highlights
- Duplex with 1,843 square feet, four bedrooms, and two bathrooms
- Renovated owner's unit
- Separate forced hot air heating systems for each unit
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
$30,687
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
5.80%
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%
$613,740
$613.7K
Cap Rate 7%
$438,386
$438.4K
Cap Rate 9%
$340,967
$341.0K
Market Conditions
NOI Build-Up for 1,843 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
$46.9K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$43.8K $23.79/SF
− OpEx
−$13.2K −$7.14/SF
NOI
$30.7K $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%
$613,740
Cap Rate 7%
$438,386
Cap Rate 9%
$340,967
Alternative Uses
Best Use
Multifamily LT 5
$438.4K
$383.6K – $511.5K
NOI $30,687 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$347.9K
$304.4K – $405.9K
NOI $24,354 @ 7.0% cap · market cap 4.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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 - The owner's unit is renovated and complemented by a flexible walk-out basement and separate heating systems.
Where is this duplex located?
The property is located at 507 Summer Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Duplex with 1,843 square feet, four bedrooms, and two bathrooms; Renovated owner's unit; Separate forced hot air heating systems for each unit
