Townhouse-Style
For Sale
$499,000
Pending
53 Hazael Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size1,728 SF
Lot Size0.07 Acres
Days on Market38
Property Features for 53 Hazael Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking
4
Parking features
None
Interior features
Plumbing (Mixed), Insulation (Cap)
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Elmhurst/Pc
Lot features
Paved Driveway
Standard status
Pending
Size
1,728 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6585
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1986
Number of units
2
Flooring type
Laminate, Tile - Ceramic
Building materials
Brick, Vinyl Siding
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kerri Gemma
(401) 480-4983
Added: Jul 20
Changed: Aug 20
Last Checked: Aug 26 at 8:06AM
MLS# 1418327
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 1986 duplex contains 1,728 square feet arranged as two townhouse-style residences. Each unit includes two bedrooms and 1.5 bathrooms across a multi-level floor plan, with living areas, ceramic tile and laminate flooring, and basement space. Both residences are equipped with central air conditioning and natural-gas heat. Appliances include gas water heaters, ranges, refrigerators, washers, and dryers.
The property occupies 0.0735 acres in Providence’s Elmhurst neighborhood, with stated proximity to Providence College, major highways, shopping, dining, parks, and downtown Providence. The adjoining property at 57 Hazael Street is also available as part of a potential combined purchase and includes a one-car garage.
The property occupies 0.0735 acres in Providence’s Elmhurst neighborhood, with stated proximity to Providence College, major highways, shopping, dining, parks, and downtown Providence. The adjoining property at 57 Hazael Street is also available as part of a potential combined purchase and includes a one-car garage.
Key Highlights
- Two‑unit duplex with 1,728 square feet of residential space
- Each unit offers 2 bedrooms and 1.5 bathrooms
- Townhouse‑style, multi‑level layouts with basement space
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
$29,179
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
5.85%
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%
$583,580
$583.6K
Cap Rate 7%
$416,843
$416.8K
Cap Rate 9%
$324,211
$324.2K
Market Conditions
NOI Build-Up for 1,728 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
$44.6K $25.80/SF
− Vacancy
−$2.9K −$1.68/SF
EGI
$41.7K $24.12/SF
− OpEx
−$12.5K −$7.24/SF
NOI
$29.2K $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%
$583,580
Cap Rate 7%
$416,843
Cap Rate 9%
$324,211
Alternative Uses
Best Use
Multifamily LT 5
$416.8K
$364.7K – $486.3K
NOI $29,179 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$374.4K
$327.6K – $436.8K
NOI $26,209 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$578.1K
$505.9K – $674.5K
NOI $40,468 @ 7.0% cap · market cap 8.11%
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
497
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-level residential income property with separate living spaces and central air conditioning.
Where is this duplex located?
The property is located at 53 Hazael Street Providence, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,728 square feet of residential space; Each unit offers 2 bedrooms and 1.5 bathrooms; Townhouse‑style, multi‑level layouts with basement space
