Two-Unit Duplex with Third-Floor
New
For Sale
$499,000
115 Woodward Road, Providence, RI 02904
Two-family property with extra third-floor area, convenient highway access, and an as-is sale condition.
Property Size2,310 SF
Price / SF$216.02
Days on Market4
Property Features for 115 Woodward Road
General Information
Standard status
Active
Size
2,310 SF
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1890
Listing Agency:
Smith and Oak Real Estate Co.
(401) 400-4114
Listed By:
Trinity Greene · License #RES.0050043
(401) 451-2394
Source:
Lockandkeyre
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 6:14PM
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 Smith and Oak Real Estate Co.
Investment Insights
Based on property information with market context.
Built in 1890, this two-family duplex contains two established residential units along with additional space on the third floor. The property offers 2,310 square feet and is being sold as-is, allowing the next owner to evaluate the existing layout and determine how best to use the upper-level area.
The property is situated just off Branch Avenue in Providence, with convenient highway access and proximity to Providence College and Rhode Island College. Everyday amenities are also located nearby, adding practical convenience for residents. The configuration supports both owner-occupant and investor ownership considerations without assuming a particular future use for the additional space.
The property is situated just off Branch Avenue in Providence, with convenient highway access and proximity to Providence College and Rhode Island College. Everyday amenities are also located nearby, adding practical convenience for residents. The configuration supports both owner-occupant and investor ownership considerations without assuming a particular future use for the additional space.
Key Highlights
- Two‑family duplex with two established residential units
- Additional third‑floor space adds flexibility to the existing configuration
- 2,310 square feet of property size
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
$39,007
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
7.82%
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%
$780,140
$780.1K
Cap Rate 7%
$557,243
$557.2K
Cap Rate 9%
$433,411
$433.4K
Market Conditions
NOI Build-Up for 2,310 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
$59.6K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$55.7K $24.12/SF
− OpEx
−$16.7K −$7.24/SF
NOI
$39.0K $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%
$780,140
Cap Rate 7%
$557,243
Cap Rate 9%
$433,411
Alternative Uses
Best Use
Multifamily LT 5
$557.2K
$487.6K – $650.1K
NOI $39,007 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$500.5K
$438.0K – $584.0K
NOI $35,037 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$772.8K
$676.2K – $901.6K
NOI $54,097 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
673
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-family property with extra third-floor area, convenient highway access, and an as-is sale condition.
Where is this duplex located?
The property is located at 115 Woodward Road Providence, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑family duplex with two established residential units; Additional third‑floor space adds flexibility to the existing configuration; 2,310 square feet of property size
