Two-Unit Log
For Sale
Under Contract
$399,000
17 Padelford Avenue, East Providence, RI 02915
Residential Income, East Providence, RI
Property Size2,430 SF
Lot Size0.11 Acres
Price / SF$164.20
Days on Market89
Property Features for 17 Padelford Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking
5
Parking features
None
Window features
Skylight(s)
Patio and Porch features
Deck
Interior features
Wall (Paneled), Wall (Wood), Rough Bath, Plumbing (Mixed), Insulation (Unknown)
Exterior features
Deck
Basement
Partially Finished, Partial
Subdivision
Riverside
Standard status
Active Under Contract
Size
2,430 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4961
Utilities
Heating system
Oil, Baseboard, Zoned
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Laminate, Tile - Ceramic, Carpet, Vinyl
Building materials
Paneled, Wood Wall(s), Wood
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Albert Hajdaraj
(508) 851-5888
Added: May 27
Changed: Aug 20
Last Checked: Aug 23 at 10:06PM
MLS# 1413720
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 two-family log duplex contains 2,430 square feet on a 0.1148-acre lot and dates to 1920. Each unit includes 1 bedroom, while the remodeled first-floor residence features updated finishes, a rear living room, and sliding doors leading to a deck with wooded views. Interior materials include paneled and wood walls, with laminate, ceramic tile, carpet, and vinyl flooring. Heating is provided by oil-fired, zoned baseboard systems, and the property has public water. No parking is identified on site.
The property is located on Padelford Avenue in East Providence’s Riverside area, near the East Bay Bike Path, Borealis Coffee Company, Crescent Park Carousel, and Sabin Point Park. R3 zoning and the two-unit layout support its classification as a residential income property.
The property is located on Padelford Avenue in East Providence’s Riverside area, near the East Bay Bike Path, Borealis Coffee Company, Crescent Park Carousel, and Sabin Point Park. R3 zoning and the two-unit layout support its classification as a residential income property.
Key Highlights
- Two‑family duplex with 1 bedroom in each unit
- 2,430 square feet on a 0.1148‑acre lot
- Remodeled first‑floor unit with updated finishes and rear living room
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
$32,111
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
8.05%
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%
$642,220
$642.2K
Cap Rate 7%
$458,729
$458.7K
Cap Rate 9%
$356,789
$356.8K
Market Conditions
NOI Build-Up for 2,430 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
$62.1K $25.56/SF
− Vacancy
−$3.7K −$1.53/SF
EGI
$58.4K $24.03/SF
− OpEx
−$26.3K −$10.81/SF
NOI
$32.1K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$642,220
Cap Rate 7%
$458,729
Cap Rate 9%
$356,789
Alternative Uses
Best Use
Multifamily LT 5
$578.0K
$505.8K – $674.4K
NOI $40,461 @ 7.0% cap · market cap 10.14%
Second Best
Apartment 5plus
$458.7K
$401.4K – $535.2K
NOI $32,111 @ 7.0% cap · market cap 8.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Explore this area
Business Placement
Demographics for 02915, RI
16,603
Population
7,746
Households
2.1
Avg Household Size
47
Median Age
36%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,019
Density / Sq Mi
$90,558
Median Household Income
$61,062
Median Earnings
$1,482
Median Rent
$317,600
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 - One-bedroom units include a remodeled first-floor residence with deck access and wooded views.
Where is this duplex located?
The property is located at 17 Padelford Avenue East Providence, RI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑family duplex with 1 bedroom in each unit; 2,430 square feet on a 0.1148‑acre lot; Remodeled first‑floor unit with updated finishes and rear living room
