Two-Family Duplex With Bonus
For Sale
$849,900
981 Smith Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size3,080 SF
Lot Size0.12 Acres
Price / SF$275.94
Days on Market47
Property Features for 981 Smith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Basement, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
4
Parking features
None
Interior features
Wall (Plaster), Wall (Wood), Attic, Attic Stairs, Attic Storage, Cathedral Ceilings, Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC), Insulation (Unknown)
Basement
Unfinished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Exhaust Fan, Oven/Range, Refrigerator, Washer
Subdivision
Elmhurst
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
3,080 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4900
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Flooring type
Carpet, Marble, Hardwood, Tile - Ceramic
Building materials
Plaster, Wood Wall(s), Vinyl Siding
Additional Structures
Storage
Listing Agency:
Re/Max Professionals · RE/MAX International
(401) 884-6050
Listed By:
Jason Ferri · License #344781
(401) 884-6050
Added: Jul 16
Changed: Aug 23
Last Checked: Aug 31 at 9:06AM
MLS# 1417718
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 3,080-square-foot duplex, built in 1920, contains two residential units with a combined six bedrooms and two full bathrooms. Each unit includes an additional bonus room that can serve as office, living, or storage space. Interior details include hardwood, carpet, ceramic tile, and marble flooring, along with plaster and wood wall finishes. The property also includes attic storage, attic stairs, cathedral ceilings, and a basement. Appliances include refrigerators, dishwashers, ovens/ranges, washers, and dryers. Heating is provided by natural-gas baseboard systems.
The property is located in Providence’s Elmhurst neighborhood near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways. The lot encompasses 0.12 acres. A current lease is nearing expiration, and the two-unit configuration supports either owner occupancy or an income-producing residential use.
The property is located in Providence’s Elmhurst neighborhood near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways. The lot encompasses 0.12 acres. A current lease is nearing expiration, and the two-unit configuration supports either owner occupancy or an income-producing residential use.
Key Highlights
- Two‑unit duplex with 3,080 square feet of building area
- Each unit includes 3 bedrooms, 1 full bath, and a bonus room
- Built in 1920 on a 0.12‑acre lot
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
Property Profile
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
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 residential units provide three bedrooms, one full bath, and an additional flexible room per unit.
Where is this duplex located?
The property is located at 981 Smith Street 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 of building area; Each unit includes 3 bedrooms, 1 full bath, and a bonus room; Built in 1920 on a 0.12‑acre lot
