Renovated Two-Family
For Sale
$599,900
87 Lyman Avenue, North Providence, RI 02911
Turnkey renovated two-family home with two bedrooms per unit, updated kitchens and baths, and enclosed porches.
Property Size1,802 SF
Price / SF$332.91
Days on Market46
Property Features for 87 Lyman Avenue
General Information
Standard status
Active
Size
1,802 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
hardwood floors
stainless steel appliances
granite countertops
enclosed porches
detached two-car garage
abundant storage
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
Westcott Properties
Listed By:
Kristina St. Andre · License #41446
(401) 421-5300
Source:
Onshorerealtors
Added: Jul 22
Changed: Aug 13
Last Checked: Sep 5 at 4:16AM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This beautifully renovated two-family residence offers updated, move-in-ready living across two separate units. Each unit includes two bedrooms, hardwood floors throughout, and a sun-filled enclosed porch that adds flexible interior space. Both kitchens have been newly installed with stainless steel appliances and granite countertops, and the bathrooms have been tastefully updated.
The property sits on a corner lot and includes a detached two-car garage plus additional outdoor space and storage.
With a thoughtfully designed layout and modern upgrades throughout, the home is well suited to either an owner-occupant or an investor seeking a turnkey residential income property.
The property sits on a corner lot and includes a detached two-car garage plus additional outdoor space and storage.
With a thoughtfully designed layout and modern upgrades throughout, the home is well suited to either an owner-occupant or an investor seeking a turnkey residential income property.
Key Highlights
- Two‑family home built in 1915 with two bedrooms in each unit
- Each unit includes a brand‑new kitchen with stainless steel appliances and granite countertops
- Updated bathrooms in both units
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
$30,004
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
5.00%
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%
$600,080
$600.1K
Cap Rate 7%
$428,629
$428.6K
Cap Rate 9%
$333,378
$333.4K
Market Conditions
NOI Build-Up for 1,802 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
$45.8K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$42.9K $23.79/SF
− OpEx
−$12.9K −$7.14/SF
NOI
$30.0K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$600,080
Cap Rate 7%
$428,629
Cap Rate 9%
$333,378
Alternative Uses
Best Use
Multifamily LT 5
$428.6K
$375.1K – $500.1K
NOI $30,004 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$340.2K
$297.7K – $396.9K
NOI $23,813 @ 7.0% cap · market cap 3.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
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 - Turnkey renovated two-family home with two bedrooms per unit, updated kitchens and baths, and enclosed porches.
Where is this duplex located?
The property is located at 87 Lyman Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑family home built in 1915 with two bedrooms in each unit; Each unit includes a brand‑new kitchen with stainless steel appliances and granite countertops; Updated bathrooms in both units
