Renovated Two-Family
For Sale
$649,000
Pending
13 Suffolk Street, Providence, RI 02908
Renovated two-unit residence with updated kitchens and bathrooms, hardwood floors, separate utilities, and off-street parking.
Property Size2,844 SF
Days on Market60
Property Features for 13 Suffolk Street
General Information
Standard status
Pending
Size
2,844 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1926
Listing Agency:
Bani Properties
(401) 781-8600
Listed By:
Basty Ortiz · License #REB.0017187
(401) 663-6314
Source:
Lockandkeyre
Added: Jul 14
Changed: Sep 10
Last Checked: Sep 11 at 6:37AM
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 Bani Properties
Investment Insights
Based on property information with market context.
This beautifully renovated two-family home offers two separate units with updated kitchens and bathrooms, gleaming hardwood floors, spacious bedrooms, and abundant natural light. The property includes a full basement that provides ample storage, plus off-street parking and a detached garage that could support a possible ADU.
The home is conveniently located near Providence College, restaurants, hospitals, public transportation, and major highways, supporting everyday accessibility and commuting.
With separate utilities and a basement built for storage, this configuration is well suited for an owner-occupant seeking income potential or an investor looking for a move-in-ready residential income property.
The home is conveniently located near Providence College, restaurants, hospitals, public transportation, and major highways, supporting everyday accessibility and commuting.
With separate utilities and a basement built for storage, this configuration is well suited for an owner-occupant seeking income potential or an investor looking for a move-in-ready residential income property.
Key Highlights
- Renovated two‑family home built in 1926 with two separate living units
- Each unit features updated kitchens and bathrooms
- Gleaming hardwood floors and spacious bedrooms with abundant natural light
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
$48,024
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
7.40%
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%
$960,480
$960.5K
Cap Rate 7%
$686,057
$686.1K
Cap Rate 9%
$533,600
$533.6K
Market Conditions
NOI Build-Up for 2,844 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
$73.4K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$68.6K $24.12/SF
− OpEx
−$20.6K −$7.24/SF
NOI
$48.0K $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%
$960,480
Cap Rate 7%
$686,057
Cap Rate 9%
$533,600
Alternative Uses
Best Use
Multifamily LT 5
$686.1K
$600.3K – $800.4K
NOI $48,024 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$616.2K
$539.2K – $718.9K
NOI $43,136 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$951.5K
$832.5K – $1.11M
NOI $66,603 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,919
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-unit residence with updated kitchens and bathrooms, hardwood floors, separate utilities, and off-street parking.
Where is this duplex located?
The property is located at 13 Suffolk Street Providence, RI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Renovated two‑family home built in 1926 with two separate living units; Each unit features updated kitchens and bathrooms; Gleaming hardwood floors and spacious bedrooms with abundant natural light
