Two-Unit Duplex with Paved
For Sale
$584,000
194 Pavilion Avenue, Providence, RI 02905
Residential Income, Providence, RI
Property Size2,352 SF
Lot Size0.09 Acres
Price / SF$248.30
Days on Market60
Property Features for 194 Pavilion Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking
8
Interior features
Wall (Plaster), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater
Lot features
Paved Driveway
Standard status
Active
Size
2,352 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2946
Utilities
Heating system
Natural Gas, Baseboard, Forced Air
Amenities
hardwood floors
gas heat
fenced yard
solar panels
Building Details
Year built
1930
Floors in Building
3
Number of units
2
Flooring type
Hardwood
Building materials
Plaster, Vinyl Siding
Listing Agency:
Circle 100 Real Estate
(401) 336-6083
Listed By:
Lissette Guzman · License #RES.0042951
(401) 230-6272
Added: Jul 1
Changed: Aug 20
Last Checked: Aug 29 at 6:06AM
MLS# 1416818
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 2,352-square-foot duplex contains two residential units with a combined four bedrooms and three full bathrooms. Each unit includes two bedrooms and one full bathroom. Interior features include hardwood flooring, plaster walls, vinyl siding, and gas-fired heating with baseboard and forced-air components. A basement provides additional property space.
The 0.09-acre parcel includes a fenced yard and paved driveway with parking for up to 8 vehicles. Two newer boilers were installed approximately 2 years ago, and the water tanks were replaced in May 2026. Leased solar panels are installed and assumable. The property is near major highways, schools, shopping, and public transportation.
The 0.09-acre parcel includes a fenced yard and paved driveway with parking for up to 8 vehicles. Two newer boilers were installed approximately 2 years ago, and the water tanks were replaced in May 2026. Leased solar panels are installed and assumable. The property is near major highways, schools, shopping, and public transportation.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 3 full bathrooms
- 2,352 square feet on a 0.09‑acre parcel
- Each unit includes 2 bedrooms and 1 full bathroom
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
$39,716
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
6.80%
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%
$794,320
$794.3K
Cap Rate 7%
$567,371
$567.4K
Cap Rate 9%
$441,289
$441.3K
Market Conditions
NOI Build-Up for 2,352 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
$60.7K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.7K $24.12/SF
− OpEx
−$17.0K −$7.24/SF
NOI
$39.7K $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%
$794,320
Cap Rate 7%
$567,371
Cap Rate 9%
$441,289
Alternative Uses
Best Use
Multifamily LT 5
$567.4K
$496.5K – $661.9K
NOI $39,716 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$509.6K
$445.9K – $594.6K
NOI $35,674 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$786.9K
$688.5K – $918.0K
NOI $55,081 @ 7.0% cap · market cap 9.43%
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
1,424
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 offer hardwood flooring, gas heat, fenced outdoor space, and substantial on-site parking.
Where is this duplex located?
The property is located at 194 Pavilion Avenue Providence, RI.
What is the asking price?
The asking price for this property is $584,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 3 full bathrooms; 2,352 square feet on a 0.09‑acre parcel; Each unit includes 2 bedrooms and 1 full bathroom
