Two-Unit Duplex with Detached
For Sale
$474,900
104 Fairview Avenue, Pawtucket, RI 02860
Well-maintained two-family home with separate electric meters, updated building systems, and a detached garage with a fenced backyard.
Property Size2,915 SF
Price / SF$162.92
Days on Market13
Property Features for 104 Fairview Avenue
General Information
Standard status
Active
Size
2,915 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Amenities
fenced backyard
bluestone patio
Building Details
Year Built
1930
Tenancy
Multi
Listing Agency:
Keller Williams Leading Edge
(401) 333-4900
Listed By:
My Greene Team · License #50906
Source:
Onshorerealtors
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 11 at 5:02AM
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 Keller Williams Leading Edge
Investment Insights
Based on property information with market context.
Well-maintained two-family duplex with separate electric meters for each unit plus a dedicated house meter. The property includes numerous improvements to key systems, including updated electrical and plumbing, added insulation, and replacement of the private water main with a new city water service connection in 2025. Roof updates include a new house roof in 2024 and a new garage roof in 2025, along with a new gas meter in 2026. Water heaters were replaced in 2019 and 2025.
The first-floor unit features an updated kitchen and bath, refreshed walls and ceilings, hardwood floors, and a functional layout with abundant natural light. The second-floor unit offers a spacious floor plan with a large bedroom, a bonus room that can serve as a living room, office, den, nursery, guest room, or potential second bedroom, plus a generous eat-in kitchen and a full bath.
Outside, there is a detached garage for off-street parking and storage, along with a large fenced backyard and a bluestone patio suited for entertaining, gardening, or relaxing. The property is located near shopping, dining, parks, schools, commuter routes, and major highways, and it is available as a standalone purchase or as part of a potential multi-property purchase with adjacent MLS #1419063.
The first-floor unit features an updated kitchen and bath, refreshed walls and ceilings, hardwood floors, and a functional layout with abundant natural light. The second-floor unit offers a spacious floor plan with a large bedroom, a bonus room that can serve as a living room, office, den, nursery, guest room, or potential second bedroom, plus a generous eat-in kitchen and a full bath.
Outside, there is a detached garage for off-street parking and storage, along with a large fenced backyard and a bluestone patio suited for entertaining, gardening, or relaxing. The property is located near shopping, dining, parks, schools, commuter routes, and major highways, and it is available as a standalone purchase or as part of a potential multi-property purchase with adjacent MLS #1419063.
Key Highlights
- Two‑family duplex with separate electric meters for each unit plus a dedicated house meter
- New house roof in 2024; new garage roof in 2025
- Replacement of private water main and new city water service connection in 2025
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
$38,520
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
8.11%
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%
$770,400
$770.4K
Cap Rate 7%
$550,286
$550.3K
Cap Rate 9%
$428,000
$428.0K
Market Conditions
NOI Build-Up for 2,915 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
$74.5K $25.56/SF
− Vacancy
−$4.5K −$1.53/SF
EGI
$70.0K $24.03/SF
− OpEx
−$31.5K −$10.81/SF
NOI
$38.5K $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%
$770,400
Cap Rate 7%
$550,286
Cap Rate 9%
$428,000
Alternative Uses
Best Use
Multifamily LT 5
$693.4K
$606.7K – $808.9K
NOI $48,536 @ 7.0% cap · market cap 10.22%
Second Best
Apartment 5plus
$550.3K
$481.5K – $642.0K
NOI $38,520 @ 7.0% cap · market cap 8.11%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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 - Well-maintained two-family home with separate electric meters, updated building systems, and a detached garage with a fenced backyard.
Where is this duplex located?
The property is located at 104 Fairview Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Two‑family duplex with separate electric meters for each unit plus a dedicated house meter; New house roof in 2024; new garage roof in 2025; Replacement of private water main and new city water service connection in 2025
