Two-Family Home with
For Sale
$499,000
55 Lexington Avenue, North Providence, RI 02904
MULTI_FAMILY - North Providence, RI
Property Size2,501 SF
Lot Size0.21 Acres
Price / SF$199.52
Days on Market54
Property Features for 55 Lexington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL10
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Basement
Parking
7
Parking features
None
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (None)
Exterior features
Porch
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Dishwasher, Dryer, Disposal, Oven/Range, Refrigerator
Lot features
Out Building, Paved Driveway
Standard status
Active
Size
2,501 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5402
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Wall Unit(s)
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Vinyl Siding
Additional Structures
None
Listing Agency:
Re/Max Town & Country · RE/MAX International
(401) 333-0020
Listed By:
Blanchet Group
(401) 335-3344
Added: Jun 15
Changed: Aug 7
Last Checked: Aug 7 at 9:06PM
MLS# 1415306
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.
A well-maintained two-family home offering owner-occupant flexibility or rental use, with both units vacant at closing. The first-floor unit includes an eat-in kitchen with a gas stove, a living room with hardwood flooring and a built-in A/C unit, a full bath, and a bedroom with double closet space and built-in A/C. The second-floor unit features a freshly painted exterior staircase and deck, an eat-in kitchen with a gas stove, a full bath, a dining room that can be used as a living room or possible second bedroom, and a bedroom with new carpeting in the living areas and a built-in A/C unit.
The home sits on a 0.2066-acre lot and includes a welcoming porch and a storage shed. Year built is listed as 1900, with connected town water and sewer. Updates include a roof approximately 6 years old and new gutters with gutter guards installed 2 years ago. Heating is natural gas with baseboard systems, and cooling is provided by wall unit(s). Zoning is RL10.
Additional noted features include multiple floor types, built-in stair elements, and an interior mix of wall finishes, plus included major appliances such as a gas water heater, dishwasher, dryer, disposal, oven/range, and refrigerator. Taxes are noted as not reflecting a 20% homestead exemption available to owner-occupants.
The home sits on a 0.2066-acre lot and includes a welcoming porch and a storage shed. Year built is listed as 1900, with connected town water and sewer. Updates include a roof approximately 6 years old and new gutters with gutter guards installed 2 years ago. Heating is natural gas with baseboard systems, and cooling is provided by wall unit(s). Zoning is RL10.
Additional noted features include multiple floor types, built-in stair elements, and an interior mix of wall finishes, plus included major appliances such as a gas water heater, dishwasher, dryer, disposal, oven/range, and refrigerator. Taxes are noted as not reflecting a 20% homestead exemption available to owner-occupants.
Key Highlights
- Two units vacant at closing for owner occupancy or rental use
- 0.2066‑acre lot with porch and storage shed
- Built‑in A/C units in both the first‑floor and second‑floor living areas
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
$41,643
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
8.35%
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%
$832,860
$832.9K
Cap Rate 7%
$594,900
$594.9K
Cap Rate 9%
$462,700
$462.7K
Market Conditions
NOI Build-Up for 2,501 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
$63.6K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.5K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$832,860
Cap Rate 7%
$594,900
Cap Rate 9%
$462,700
Alternative Uses
Best Use
Multifamily LT 5
$594.9K
$520.5K – $694.1K
NOI $41,643 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$472.1K
$413.1K – $550.8K
NOI $33,050 @ 7.0% cap · market cap 6.62%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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-family home on a sizable lot with town water and sewer, porch, and wall A/C units in both units.
Where is this duplex located?
The property is located at 55 Lexington Avenue North 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 units vacant at closing for owner occupancy or rental use; 0.2066‑acre lot with porch and storage shed; Built‑in A/C units in both the first‑floor and second‑floor living areas
