Two-Unit Duplex with Updated
For Sale
$445,000
11 Eva Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size1,216 SF
Lot Size0.09 Acres
Price / SF$365.95
Days on Market9
Property Features for 11 Eva Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Basement, Bedroom 3, Bathroom 2, Bedroom 4
Parking
5
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Dryer, Washer
Subdivision
Wanskuck/Elmhurst
Lot features
Fenced, Paved Driveway, Paved, Sidewalks
Standard status
Active
Size
1,216 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2877
Utilities
Heating system
Natural Gas, Baseboard
Amenities
fenced and paved exterior area
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Hardwood, Vinyl
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Re/Max One · RE/MAX International
(401) 943-6111
Listed By:
Joshua Cassino · License #RES.0042596
(401) 871-3965
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 25 at 10:06AM
MLS# 1420809
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.
Built in 1930, this duplex contains two residential units, each with two bedrooms and one full bathroom. The property has approximately 2,168 square feet of living space and sits on a 3,920-square-foot lot. Interior features include hardwood, ceramic tile, vinyl flooring, mixed plumbing, and both drywall and plaster walls. Gas water heating, natural-gas baseboard heat, a washer, and a dryer are included.
Recent property improvements include an updated roof, vinyl siding, replacement windows, heating upgrades, and new hot water tanks. The exterior also includes a fenced, paved area. R3 zoning supports the property's multifamily residential classification. Located in Providence, the property is near major highways, downtown, shopping, public transportation, and schools.
Recent property improvements include an updated roof, vinyl siding, replacement windows, heating upgrades, and new hot water tanks. The exterior also includes a fenced, paved area. R3 zoning supports the property's multifamily residential classification. Located in Providence, the property is near major highways, downtown, shopping, public transportation, and schools.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bathroom
- Approximately 2,168 square feet of living space
- 3,920‑square‑foot lot, or 0.09 acres
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
$20,533
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
4.61%
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%
$410,660
$410.7K
Cap Rate 7%
$293,329
$293.3K
Cap Rate 9%
$228,144
$228.1K
Market Conditions
NOI Build-Up for 1,216 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
$31.4K $25.80/SF
− Vacancy
−$2.0K −$1.68/SF
EGI
$29.3K $24.12/SF
− OpEx
−$8.8K −$7.24/SF
NOI
$20.5K $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%
$410,660
Cap Rate 7%
$293,329
Cap Rate 9%
$228,144
Alternative Uses
Best Use
Multifamily LT 5
$293.3K
$256.7K – $342.2K
NOI $20,533 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$263.5K
$230.6K – $307.4K
NOI $18,444 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$406.8K
$356.0K – $474.6K
NOI $28,477 @ 7.0% cap · market cap 6.40%
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
742
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R3-zoned residential income property with two two-bedroom units and separate living arrangements.
Where is this duplex located?
The property is located at 11 Eva Street Providence, RI.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bathroom; Approximately 2,168 square feet of living space; 3,920‑square‑foot lot, or 0.09 acres
