New Construction
For Sale
$699,900
Pending
10 Hillard Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,100 SF
Lot Size0.06 Acres
Days on Market70
Property Features for 10 Hillard Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
2
Parking features
None
Basement
Full, Unfinished
Appliances
Gas Water Heater
Standard status
Pending
Size
2,100 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1916
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
2026
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Jun 18
Changed: Aug 20
Last Checked: Aug 26 at 5:06AM
MLS# 1415488
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 under-construction duplex at 10 Hillard Street will include two residential units within approximately 2,100 square feet. Each unit is designed with 3 bedrooms, 2 full bathrooms, hardwood flooring, open-concept interiors, and natural light. Planned improvements include modern finishes, vinyl siding, central air, forced-air natural gas heating, and a gas water heater. The property sits on a 0.06-acre lot and is scheduled for completion in 2026.
The Providence location offers access to Route 6, Route 10, Interstate 95, and Interstate 195. Downtown Providence, restaurants, cafes, grocery stores, shopping, Rhode Island Hospital, Hasbro Children's Hospital, Johnson & Wales University, public transportation, and parks are identified in the surrounding area. T.F. Green Airport is approximately 15–20 minutes away.
The Providence location offers access to Route 6, Route 10, Interstate 95, and Interstate 195. Downtown Providence, restaurants, cafes, grocery stores, shopping, Rhode Island Hospital, Hasbro Children's Hospital, Johnson & Wales University, public transportation, and parks are identified in the surrounding area. T.F. Green Airport is approximately 15–20 minutes away.
Key Highlights
- Two‑family property under construction with 2,100 square feet of total property size
- Each unit offers over 1,000 square feet, 3 bedrooms, and 2 full bathrooms
- Separate utilities support independent operation of the two residential 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
$35,461
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
5.07%
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%
$709,220
$709.2K
Cap Rate 7%
$506,586
$506.6K
Cap Rate 9%
$394,011
$394.0K
Market Conditions
NOI Build-Up for 2,100 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
$54.2K $25.80/SF
− Vacancy
−$3.5K −$1.68/SF
EGI
$50.7K $24.12/SF
− OpEx
−$15.2K −$7.24/SF
NOI
$35.5K $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%
$709,220
Cap Rate 7%
$506,586
Cap Rate 9%
$394,011
Alternative Uses
Best Use
Multifamily LT 5
$506.6K
$443.3K – $591.0K
NOI $35,461 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$455.0K
$398.2K – $530.9K
NOI $31,852 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$702.6K
$614.8K – $819.7K
NOI $49,180 @ 7.0% cap · market cap 7.03%
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
1,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 feature separate utilities, hardwood flooring, central air, and open-concept living areas.
Where is this duplex located?
The property is located at 10 Hillard Street Providence, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two‑family property under construction with 2,100 square feet of total property size; Each unit offers over 1,000 square feet, 3 bedrooms, and 2 full bathrooms; Separate utilities support independent operation of the two residential units
