Two-Family Duplex with Townhouse
For Sale
$639,900
57 What Cheer Avenue, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,800 SF
Lot Size0.06 Acres
Price / SF$228.54
Days on Market9
Property Features for 57 What Cheer Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 6
Parking
5
Parking features
None
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Basement
Partially Finished, Full
Appliances
Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
Standard status
Active
Size
2,800 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4116
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Flooring type
Laminate, Tile - Ceramic
Building materials
Plaster, Wood
Listing Agency:
Re/Max Advantage Group · RE/MAX International
(401) 823-1500
Listed By:
Guillermo Hurtado · License #RES.0048708
(508) 493-9344
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 11 at 1:06AM
MLS# 1422314
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 duplex at 57 What Cheer Avenue contains approximately 2,800 square feet on a 0.0597-acre lot. The first-floor residence provides two bedrooms and one bathroom, while the upper residence uses a townhouse-style arrangement with four bedrooms and two bathrooms. The property was built in 1922 and includes plaster and wood construction, ceramic tile and laminate flooring, mixed plumbing, and zoned forced-air heating fueled by natural gas.
The building is served by public water and public sewer and includes a gas water heater, range, refrigerator, washer, and dryer. Interior improvements include fresh paint, and the roof has been newly replaced. Parking is not provided on site. R3 zoning and the two-residence configuration support its current residential income use.
The building is served by public water and public sewer and includes a gas water heater, range, refrigerator, washer, and dryer. Interior improvements include fresh paint, and the roof has been newly replaced. Parking is not provided on site. R3 zoning and the two-residence configuration support its current residential income use.
Key Highlights
- Two‑family duplex with 2,800 square feet of property size
- First‑floor unit includes 2 bedrooms and 1 bathroom
- Second‑floor townhouse‑style unit includes 4 bedrooms and 2 bathrooms
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
$47,281
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
7.39%
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%
$945,620
$945.6K
Cap Rate 7%
$675,443
$675.4K
Cap Rate 9%
$525,344
$525.3K
Market Conditions
NOI Build-Up for 2,800 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
$72.2K $25.80/SF
− Vacancy
−$4.7K −$1.68/SF
EGI
$67.5K $24.12/SF
− OpEx
−$20.3K −$7.24/SF
NOI
$47.3K $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%
$945,620
Cap Rate 7%
$675,443
Cap Rate 9%
$525,344
Alternative Uses
Best Use
Multifamily LT 5
$675.4K
$591.0K – $788.0K
NOI $47,281 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$606.7K
$530.9K – $707.8K
NOI $42,469 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$936.8K
$819.7K – $1.09M
NOI $65,573 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
785
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Residential income property with public utilities, natural-gas forced-air heat, and a recently replaced roof.
Where is this duplex located?
The property is located at 57 What Cheer Avenue Providence, RI.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Two‑family duplex with 2,800 square feet of property size; First‑floor unit includes 2 bedrooms and 1 bathroom; Second‑floor townhouse‑style unit includes 4 bedrooms and 2 bathrooms
