Two-Story Duplex
For Sale
$405,000
Pending
10 Pleasant View Drive, North Providence, RI 02904
Two three-bedroom apartments provide separate living spaces with generous dining areas and a first-floor enclosed porch.
Property Size2,784 SF
Days on Market9
Property Features for 10 Pleasant View Drive
General Information
Standard status
Pending
Size
2,784 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1940
Listing Agency:
Coldwell Banker Realty
(401) 351-2017
Listed By:
Sandy Pellegrino
Source:
Lockandkeyre
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 25 at 6:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-family residence, built in 1940, contains 2,784 square feet arranged as a three-bedroom apartment on each floor. Both units include a separate pantry, a spacious dining room, and a comfortable living room, creating clearly defined areas for daily use and entertaining.
The first-floor apartment also includes an enclosed porch that adds flexible interior space. The property is located at 10 Pleasant View Drive in North Providence, Rhode Island, with a 02904 ZIP code.
The first-floor apartment also includes an enclosed porch that adds flexible interior space. The property is located at 10 Pleasant View Drive in North Providence, Rhode Island, with a 02904 ZIP code.
Key Highlights
- Two‑family residence with 2,784 square feet
- Three‑bedroom apartment on each floor
- Separate pantry included in both apartments
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
$36,789
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
9.08%
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%
$735,780
$735.8K
Cap Rate 7%
$525,557
$525.6K
Cap Rate 9%
$408,767
$408.8K
Market Conditions
NOI Build-Up for 2,784 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
$71.2K $25.56/SF
− Vacancy
−$4.3K −$1.53/SF
EGI
$66.9K $24.03/SF
− OpEx
−$30.1K −$10.81/SF
NOI
$36.8K $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%
$735,780
Cap Rate 7%
$525,557
Cap Rate 9%
$408,767
Alternative Uses
Best Use
Multifamily LT 5
$662.2K
$579.4K – $772.6K
NOI $46,355 @ 7.0% cap · market cap 11.45%
Second Best
Apartment 5plus
$525.6K
$459.9K – $613.2K
NOI $36,789 @ 7.0% cap · market cap 9.08%
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
524
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 three-bedroom apartments provide separate living spaces with generous dining areas and a first-floor enclosed porch.
Where is this duplex located?
The property is located at 10 Pleasant View Drive North Providence, RI.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: Two‑family residence with 2,784 square feet; Three‑bedroom apartment on each floor; Separate pantry included in both apartments
