Refurbished Duplex with
New
For Sale
$775,000
609 Armistice Boulevard, Pawtucket, RI 02861
Two private residences feature updated kitchens, separate outdoor areas, and dedicated rooftop HVAC systems.
Property Size2,040 SF
Price / SF$379.90
Days on Market5
Property Features for 609 Armistice Boulevard
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
private patio
Oriental gardens
mature shrubs
timed security lighting
Building Details
Year Built
1940
Year Renovated
2024
Construction
brick
Listing Agency:
Right Choice Realty
(401) 413-7878
Listed By:
Janet Towner
Source:
Lockandkeyre
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 5:01AM
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 Right Choice Realty
Investment Insights
Based on property information with market context.
This two-family property was refurbished in 2024 and includes 2,040 square feet across two residences. Unit 1 offers 1,376 square feet plus a 1,040-square-foot basement with potential for added bedrooms, an oversized primary bedroom with two closets, a granite-counter kitchen with stainless steel appliances and center island, a dining area, living room with gas fireplace, and tiled bath with rain head and handheld faucets. Unit 1 also has a private patio with Oriental gardens and mature shrubs. Unit 2 measures 1,040 square feet and includes two bedrooms, living room, kitchen with granite counters and stainless steel appliances, a large bath with washer and dryer, and its own patio.
Building improvements include a new roof installed in 2021 and windows replaced in 2024. Unit 1 has a 5-ton rooftop HVAC system approximately 12 years old, while Unit 2 has a 4-ton rooftop system that is 2 years old. The exterior combines natural brick, black trim, natural cedar vinyl siding, and timed security lighting. The property is minutes from the Attleboro train station and Interstates 95 and 295, with Slater Park within walking distance and shopping, schools, and a country club nearby.
Building improvements include a new roof installed in 2021 and windows replaced in 2024. Unit 1 has a 5-ton rooftop HVAC system approximately 12 years old, while Unit 2 has a 4-ton rooftop system that is 2 years old. The exterior combines natural brick, black trim, natural cedar vinyl siding, and timed security lighting. The property is minutes from the Attleboro train station and Interstates 95 and 295, with Slater Park within walking distance and shopping, schools, and a country club nearby.
Key Highlights
- Refurbished in 2024 with 2,040 square feet across two residences
- Unit 1 includes 1,376 sq ft plus a 1,040 sq ft basement
- Unit 2 offers 1,040 sq ft with 2 large bedrooms
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
$33,967
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
4.38%
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%
$679,340
$679.3K
Cap Rate 7%
$485,243
$485.2K
Cap Rate 9%
$377,411
$377.4K
Market Conditions
NOI Build-Up for 2,040 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
$51.9K $25.44/SF
− Vacancy
−$3.4K −$1.65/SF
EGI
$48.5K $23.79/SF
− OpEx
−$14.6K −$7.14/SF
NOI
$34.0K $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%
$679,340
Cap Rate 7%
$485,243
Cap Rate 9%
$377,411
Alternative Uses
Best Use
Multifamily LT 5
$485.2K
$424.6K – $566.1K
NOI $33,967 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$385.1K
$337.0K – $449.3K
NOI $26,958 @ 7.0% cap · market cap 3.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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 - Two private residences feature updated kitchens, separate outdoor areas, and dedicated rooftop HVAC systems.
Where is this duplex located?
The property is located at 609 Armistice Boulevard Pawtucket, RI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Refurbished in 2024 with 2,040 square feet across two residences; Unit 1 includes 1,376 sq ft plus a 1,040 sq ft basement; Unit 2 offers 1,040 sq ft with 2 large bedrooms
