New Construction Duplex with Finished
For Sale
$740,000
8 Payton Street, Providence, RI 02905
Two three-bedroom units feature gas heat, central air, and finished lower-level space.
Property Size3,090 SF
Price / SF$239.48
Days on Market8
Property Features for 8 Payton Street
General Information
Standard status
Active
Size
3,090 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
gas heating
central air conditioning
finished basement
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
The Hiraldo Group · License #48103
Source:
Lockandkeyre
Added: Aug 22
Changed: Aug 27
Last Checked: Aug 28 at 12:50PM
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
Investment Insights
Based on property information with market context.
This 2025 duplex includes two residential units, each with 3 bedrooms, 1 full bath, and over 1,000 square feet of living space. Both layouts are designed with modern finishes and functional room arrangements, along with gas heating and central air conditioning. Completion is expected by mid-September.
The property also contains over 1,000 square feet of finished basement area. This lower-level space adds flexibility for a family room, home office, gym, recreation area, storage, or other uses supported by the layout. Located at 8 Payton Street in Providence, Rhode Island, the two-family configuration may suit an owner-occupant or investor seeking newly built residential income property.
The property also contains over 1,000 square feet of finished basement area. This lower-level space adds flexibility for a family room, home office, gym, recreation area, storage, or other uses supported by the layout. Located at 8 Payton Street in Providence, Rhode Island, the two-family configuration may suit an owner-occupant or investor seeking newly built residential income property.
Key Highlights
- Two‑family duplex with 2 units
- Each unit offers 3 bedrooms and 1 full bath
- Each unit includes over 1,000 square feet of living space
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
$52,178
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
7.05%
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%
$1,043,560
$1.0M
Cap Rate 7%
$745,400
$745.4K
Cap Rate 9%
$579,756
$579.8K
Market Conditions
NOI Build-Up for 3,090 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
$79.7K $25.80/SF
− Vacancy
−$5.2K −$1.68/SF
EGI
$74.5K $24.12/SF
− OpEx
−$22.4K −$7.24/SF
NOI
$52.2K $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%
$1,043,560
Cap Rate 7%
$745,400
Cap Rate 9%
$579,756
Alternative Uses
Best Use
Multifamily LT 5
$745.4K
$652.2K – $869.6K
NOI $52,178 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$669.5K
$585.8K – $781.1K
NOI $46,867 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$1.03M
$904.6K – $1.21M
NOI $72,364 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
863
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 three-bedroom units feature gas heat, central air, and finished lower-level space.
Where is this duplex located?
The property is located at 8 Payton Street Providence, RI.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Two‑family duplex with 2 units; Each unit offers 3 bedrooms and 1 full bath; Each unit includes over 1,000 square feet of living space
