Two-Unit Duplex with Finished Lower
New
For Sale
$649,900
114 Penn Street, Providence, RI 02909
Separate electric metering, tenant-paid heat and hot water, and outdoor areas serve the two-unit property.
Property Size3,835 SF
Price / SF$169.47
Days on Market2
Property Features for 114 Penn Street
General Information
Standard status
Active
Size
3,835 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
5BR/2BA, 3BR/1BA
Multifamily Units
2
Amenities
off-street parking
deck
balcony
ductless air conditioning
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Real Broker, LLC
Listed By:
Albert Hajdaraj · License #40863
(855) 450-0442
Source:
Onshorerealtors
Added: Oct 16
Last Checked: Oct 16 at 5:24AM
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 Real Broker, LLC
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Investment Insights
Based on property information with market context.
Built in 1920, this Providence duplex contains two units with a combined eight bedrooms and three full bathrooms, as well as a finished lower level. The first unit spans two floors and has five bedrooms and two full bathrooms; the second offers three bedrooms and one full bathroom. Interior finishes include hardwood, ceramic, and laminate flooring. The property has two heating systems, ductless air conditioning, public water and sewer, and on-site off-street parking. A deck and balcony provide additional outdoor space.
The building is in the West End, within walking distance of Broadway, Atwells Avenue, restaurants, shops, bus lines, and interstate access. The hospital district and downtown are minutes away. Electricity is individually metered, while tenants pay for heat and hot water.
The building is in the West End, within walking distance of Broadway, Atwells Avenue, restaurants, shops, bus lines, and interstate access. The hospital district and downtown are minutes away. Electricity is individually metered, while tenants pay for heat and hot water.
Key Highlights
- Two units with eight bedrooms and three full bathrooms combined
- Built in 1920; includes a finished lower level
- First unit has 5 bedrooms and 2 full bathrooms across two floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,167
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,163,340
$1.2M
Cap Rate 7%
$830,957
$831.0K
Cap Rate 9%
$646,300
$646.3K
Market Conditions
NOI Build-Up for 3,835 SF
Gross rent
$112.7K $29.40/SF
− Vacancy
−$7.0K −$1.82/SF
EGI
$105.8K $27.58/SF
− OpEx
−$47.6K −$12.41/SF
NOI
$58.2K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,163,340
Cap Rate 7%
$830,957
Cap Rate 9%
$646,300
Alternative Uses
Best Use
Multifamily LT 5
$925.1K
$809.5K – $1.08M
NOI $64,758 @ 7.0% cap · market cap 9.96%
Second Best
Apartment 5plus
$831.0K
$727.1K – $969.5K
NOI $58,167 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,811 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,039
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate electric metering, tenant-paid heat and hot water, and outdoor areas serve the two-unit property.
Where is this duplex located?
The property is located at 114 Penn Street Providence, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two units with eight bedrooms and three full bathrooms combined; Built in 1920; includes a finished lower level; First unit has 5 bedrooms and 2 full bathrooms across two floors
