Duplex with Remodeled Second
For Sale
$525,000
70 Martin Street, East Providence, RI 02914
Two-family property with basement storage, replacement windows, landscaped grounds, and off-street parking.
Property Size1,769 SF
Price / SF$296.78
Days on Market9
Property Features for 70 Martin Street
General Information
Standard status
Active
Size
1,769 SF
Property subtype
Multifamily
Property Condition
Severity
Minor
Evidence
future cosmetic updates
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Keller Williams Leading Edge
(401) 333-4900
Listed By:
Melanie Ruiz · License #38601
Source:
Lockandkeyre
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 20 at 5:22AM
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 Keller Williams Leading Edge
Investment Insights
Based on property information with market context.
This 1,769-square-foot duplex, built in 1920, includes two residential units with distinct condition profiles. The second-floor apartment has been remodeled with an updated kitchen and bath, new flooring, and refreshed finishes. The first-floor residence features spacious rooms, an eat-in kitchen, two bedrooms, and a full bath, with room for future cosmetic improvements.
Exterior features include vinyl siding, replacement windows, established landscaping, a yard, and off-street parking. A full basement provides additional storage and utility space. The property is located in the Kent Heights area of East Providence, near Gordon School, shopping, restaurants, recreation, and commuter routes.
Exterior features include vinyl siding, replacement windows, established landscaping, a yard, and off-street parking. A full basement provides additional storage and utility space. The property is located in the Kent Heights area of East Providence, near Gordon School, shopping, restaurants, recreation, and commuter routes.
Key Highlights
- 1,769‑square‑foot duplex built in 1920
- Remodeled second‑floor unit with updated kitchen and bath
- First‑floor unit includes an eat‑in kitchen, two bedrooms, and a full bath
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
$29,455
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
5.61%
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%
$589,100
$589.1K
Cap Rate 7%
$420,786
$420.8K
Cap Rate 9%
$327,278
$327.3K
Market Conditions
NOI Build-Up for 1,769 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
$45.0K $25.44/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$42.1K $23.79/SF
− OpEx
−$12.6K −$7.14/SF
NOI
$29.5K $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%
$589,100
Cap Rate 7%
$420,786
Cap Rate 9%
$327,278
Alternative Uses
Best Use
Multifamily LT 5
$420.8K
$368.2K – $490.9K
NOI $29,455 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$333.9K
$292.2K – $389.6K
NOI $23,376 @ 7.0% cap · market cap 4.45%
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
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 02914, RI
22,140
Population
10,082
Households
2.2
Avg Household Size
43
Median Age
25%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
4,518
Density / Sq Mi
$60,838
Median Household Income
$43,696
Median Earnings
$1,165
Median Rent
$309,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with basement storage, replacement windows, landscaped grounds, and off-street parking.
Where is this duplex located?
The property is located at 70 Martin Street East Providence, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1,769‑square‑foot duplex built in 1920; Remodeled second‑floor unit with updated kitchen and bath; First‑floor unit includes an eat‑in kitchen, two bedrooms, and a full bath
