Two-Unit Duplex with
New
For Sale
$849,900
981 Smith St, Providence, RI 02908
Two residential units include bonus rooms and off-street parking.
Property Size3,080 SF
Price / SF$275.94
Days on Market1
Property Features for 981 Smith St
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
RE/MAX Professionals
Listed By:
Jason Ferri · License #344781
(401) 884-6050
Source:
Alpernandmesenbourg
Added: Sep 10
Last Checked: Sep 10 at 3:11PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
Built in 1920, this 3,080-square-foot duplex contains two residential units with a matching layout. Each unit offers three bedrooms, one full bathroom, and a bonus room that can serve as office or additional living space. Off-street parking is included, and one unit has been well maintained. A current lease is nearing expiration.
The property is located in Providence’s historic Elmhurst neighborhood near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways. Its two-unit configuration supports both owner-occupancy and rental use, subject to applicable requirements and lease terms.
The property is located in Providence’s historic Elmhurst neighborhood near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways. Its two-unit configuration supports both owner-occupancy and rental use, subject to applicable requirements and lease terms.
Key Highlights
- Two‑unit duplex with 3,080 square feet
- Each unit has 3 bedrooms and 1 full bath
- Bonus room included in both units
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
$52,009
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
6.12%
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%
$1,040,180
$1.0M
Cap Rate 7%
$742,986
$743.0K
Cap Rate 9%
$577,878
$577.9K
Market Conditions
NOI Build-Up for 3,080 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
$79.5K $25.80/SF
− Vacancy
−$5.2K −$1.68/SF
EGI
$74.3K $24.12/SF
− OpEx
−$22.3K −$7.24/SF
NOI
$52.0K $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%
$1,040,180
Cap Rate 7%
$742,986
Cap Rate 9%
$577,878
Alternative Uses
Best Use
Multifamily LT 5
$743.0K
$650.1K – $866.8K
NOI $52,009 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$667.4K
$584.0K – $778.6K
NOI $46,716 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.03M
$901.6K – $1.20M
NOI $72,130 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
Check the figures for this property
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 residential units include bonus rooms and off-street parking.
Where is this duplex located?
The property is located at 981 Smith St Providence, RI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two‑unit duplex with 3,080 square feet; Each unit has 3 bedrooms and 1 full bath; Bonus room included in both units
