Two-Unit Duplex with
For Sale
$445,000
11 Eva Street, Providence, RI 02909
Updated building systems, fenced paved outdoor space, and off-street parking support a practical two-unit residential configuration.
Property Size1,216 SF
Lot Size0.09 Acres
Price / SF$365.95
Days on Market9
Property Features for 11 Eva Street
General Information
Standard status
Active
Size
1,216 SF
Total Parking Spaces
6
Lot size
0.09 Acres
Property subtype
Multifamily
Zoning
R3
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1930
Buildings
1
Listing Agency:
RE/MAX ONE
(401) 943-6111
Listed By:
Joshua Cassino · License #RES.0042596
Source:
Lockandkeyre
Added: Aug 17
Changed: Aug 25
Last Checked: Aug 25 at 6:30AM
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 RE/MAX ONE
Investment Insights
Based on property information with market context.
Built in 1930, this duplex contains two residential units, each with two bedrooms and one full bathroom. Recent property improvements include a newer roof, vinyl siding, replacement windows, heating systems, hot water tanks, and paved parking. The exterior also includes a fenced paved area and off-street parking for approximately 5-6 vehicles on a 3,920-square-foot lot.
The property is located at 11 Eva Street in Providence’s Wanskuck/Elmhurst neighborhood, with access to major highways, downtown Providence, shopping, public transportation, and nearby schools. R3 zoning supports the property’s existing two-unit configuration. The layout may accommodate an owner-occupant using one unit while generating rental income from the other.
The property is located at 11 Eva Street in Providence’s Wanskuck/Elmhurst neighborhood, with access to major highways, downtown Providence, shopping, public transportation, and nearby schools. R3 zoning supports the property’s existing two-unit configuration. The layout may accommodate an owner-occupant using one unit while generating rental income from the other.
Key Highlights
- Two‑unit duplex with two bedrooms and one full bathroom in each unit
- 3,920‑square‑foot lot with a fenced, paved exterior area
- Off‑street parking for approximately 5‑6 vehicles
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
$20,533
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
4.61%
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%
$410,660
$410.7K
Cap Rate 7%
$293,329
$293.3K
Cap Rate 9%
$228,144
$228.1K
Market Conditions
NOI Build-Up for 1,216 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
$31.4K $25.80/SF
− Vacancy
−$2.0K −$1.68/SF
EGI
$29.3K $24.12/SF
− OpEx
−$8.8K −$7.24/SF
NOI
$20.5K $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%
$410,660
Cap Rate 7%
$293,329
Cap Rate 9%
$228,144
Alternative Uses
Best Use
Multifamily LT 5
$293.3K
$256.7K – $342.2K
NOI $20,533 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$263.5K
$230.6K – $307.4K
NOI $18,444 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$406.8K
$356.0K – $474.6K
NOI $28,477 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
742
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
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 - Updated building systems, fenced paved outdoor space, and off-street parking support a practical two-unit residential configuration.
Where is this duplex located?
The property is located at 11 Eva Street Providence, RI.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms and one full bathroom in each unit; 3,920‑square‑foot lot with a fenced, paved exterior area; Off‑street parking for approximately 5‑6 vehicles
