Occupied Two-Unit
For Sale
$497,500
120 Hawkins St, Providence, RI 02908
Hardwood floors, mini-split cooling, and off-street parking support comfortable residential occupancy.
Property Size1,910 SF
Price / SF$260.47
Days on Market139
Property Features for 120 Hawkins St
General Information
Standard status
Active
Size
1,910 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
Century 21 Limitless
(508) 726-3492
Listed By:
Kyle Seyboth · License #REB.0019335
Source:
Alpernandmesenbourg
Added: Apr 15
Changed: Aug 31
Last Checked: Aug 25 at 3:56AM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
Built in 1930, this duplex contains two occupied residential units with practical layouts and natural light. The upper unit includes hardwood flooring, while the lower unit has mini-split cooling. Off-street parking adds convenience for residents.
The property is located at 120 Hawkins Street in Providence, Rhode Island, with access to major highways, shopping, and local amenities. Its two-unit configuration supports both continued occupancy and an owner-occupant arrangement, as described in the available property information.
The property is located at 120 Hawkins Street in Providence, Rhode Island, with access to major highways, shopping, and local amenities. Its two-unit configuration supports both continued occupancy and an owner-occupant arrangement, as described in the available property information.
Key Highlights
- Two occupied residential units
- Built in 1930
- Upper unit features hardwood flooring
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
$32,252
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
6.48%
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%
$645,040
$645.0K
Cap Rate 7%
$460,743
$460.7K
Cap Rate 9%
$358,356
$358.4K
Market Conditions
NOI Build-Up for 1,910 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
$49.3K $25.80/SF
− Vacancy
−$3.2K −$1.68/SF
EGI
$46.1K $24.12/SF
− OpEx
−$13.8K −$7.24/SF
NOI
$32.3K $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%
$645,040
Cap Rate 7%
$460,743
Cap Rate 9%
$358,356
Alternative Uses
Best Use
Multifamily LT 5
$460.7K
$403.2K – $537.5K
NOI $32,252 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$413.9K
$362.1K – $482.8K
NOI $28,970 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$639.0K
$559.1K – $745.5K
NOI $44,730 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,027
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Hardwood floors, mini-split cooling, and off-street parking support comfortable residential occupancy.
Where is this duplex located?
The property is located at 120 Hawkins St Providence, RI.
What is the asking price?
The asking price for this property is $497,500.
What are key features of this property?
This property features: Two occupied residential units; Built in 1930; Upper unit features hardwood flooring
