Renovated
For Sale
$1,490,000
Pending
12 University Avenue, Providence, RI 02906
Two independent residences offer private outdoor space, central air, in-unit laundry, and off-street parking.
Property Size4,835 SF
Days on Market215
Property Features for 12 University Avenue
General Information
Standard status
Pending
Size
4,835 SF
Property subtype
Residential Income / Multi Family
Occupancy
100%
Net Operating Income
$80,040
Units
Unit Mix
1 x 5BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$105,600
Taxes and HOA fees
Annual Taxes
$18,131
Amenities
central air
in-unit laundry
off-street parking
outdoor space
Central Air
Forced Air, Gas
Exterior Entry, Full, Interior Entry, Unfinished
Ceramic Tile, Hardwood
Gas Water Heater, Tankless Water Heater
Yes
14
No
5
8
In Unit
Bathtub, Tub Shower
Porch
See Remarks
Building Details
Year Built
1900
Year Renovated
2020
Buildings
1
Tenancy
Multi
Listing Agency:
Legacy Real Estate Company
Listed By:
Scott Champagne · License #REB.0018893
(401) 447-8210
Source:
Compass
Added: Mar 16
Changed: Oct 16
Last Checked: Oct 16 at 10:53AM
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 Legacy Real Estate Company
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This duplex contains two separately configured residences within a 4,835-square-foot property. Unit 1 provides three bedrooms and two bathrooms, while Unit 2 occupies two levels with five bedrooms and three bathrooms. Both units include central air, in-unit laundry, off-street parking, outdoor space, and upgraded finishes. The property underwent a full renovation in 2020.
The existing leases run through May 2027, and the property has no reported vacancy history. Tenants pay gas and electric separately. A basement area is supported by available plans for potential ADU development, providing an additional feature for future evaluation. Built in 1900, the property is located at 12 University Avenue in Providence, Rhode Island.
The existing leases run through May 2027, and the property has no reported vacancy history. Tenants pay gas and electric separately. A basement area is supported by available plans for potential ADU development, providing an additional feature for future evaluation. Built in 1900, the property is located at 12 University Avenue in Providence, Rhode Island.
Key Highlights
- Full renovation completed in 2020
- 4,835 SF duplex at 12 University Avenue, Providence, RI 02906
- Unit 1 includes 3 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,644
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,632,880
$1.6M
Cap Rate 7%
$1,166,343
$1.2M
Cap Rate 9%
$907,156
$907.2K
Market Conditions
NOI Build-Up for 4,835 SF
Gross rent
$124.7K $25.80/SF
− Vacancy
−$8.1K −$1.68/SF
EGI
$116.6K $24.12/SF
− OpEx
−$35.0K −$7.24/SF
NOI
$81.6K $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 Rate 5%
$1,632,880
Cap Rate 7%
$1,166,343
Cap Rate 9%
$907,156
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,644 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$1.05M
$916.7K – $1.22M
NOI $73,335 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,230 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences offer private outdoor space, central air, in-unit laundry, and off-street parking.
Where is this duplex located?
The property is located at 12 University Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Full renovation completed in 2020; 4,835 SF duplex at 12 University Avenue, Providence, RI 02906; Unit 1 includes 3 bedrooms and 2 bathrooms
