Duplex with Detached Two-Car
New
For Sale
$749,900
1171 Chalkstone Avenue, Providence, RI 02908
Two home-like floors retain historic craftsmanship while offering renovated kitchens, updated bathrooms, and practical living features.
Property Size2,690 SF
Price / SF$278.77
Days on Market5
Property Features for 1171 Chalkstone Avenue
General Information
Standard status
Active
Size
2,690 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Amenities
in unit laundry
front porch
backyard patio
fully fenced yard
Building Details
Year Built
1926
Listing Agency:
Keller Williams Leading Edge
(401) 333-4900
Listed By:
Melanie Ruiz · License #38601
Source:
Onshorerealtors
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 12 at 3:41AM
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 Keller Williams Leading Edge
Investment Insights
Based on property information with market context.
Built in 1926, this duplex presents two distinct residential levels with abundant windows, original hardwood floors, decorative columns, and detailed woodwork. Renovated kitchens and bathrooms add contemporary functionality while preserving the building’s historic character. Separate utilities and in-unit laundry support day-to-day operation, and the lower level offers additional space that could be restored for living use.
The property includes a fully fenced yard, front porch, backyard patio, detached two-car garage, and additional off-street parking. Its Providence setting places it minutes from Providence College, restaurants including Los Andes, Capital Grille, and Fogo de Chão, shopping, and highway access. Sidewalks and tree-lined side streets add a residential setting within the city.
The property includes a fully fenced yard, front porch, backyard patio, detached two-car garage, and additional off-street parking. Its Providence setting places it minutes from Providence College, restaurants including Los Andes, Capital Grille, and Fogo de Chão, shopping, and highway access. Sidewalks and tree-lined side streets add a residential setting within the city.
Key Highlights
- Two‑level duplex with each floor arranged as a separate home
- 1926 construction with original hardwood floors, decorative columns, and detailed woodwork
- Renovated kitchens and bathrooms on the residential levels
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
$45,424
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
6.06%
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%
$908,480
$908.5K
Cap Rate 7%
$648,914
$648.9K
Cap Rate 9%
$504,711
$504.7K
Market Conditions
NOI Build-Up for 2,690 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
$69.4K $25.80/SF
− Vacancy
−$4.5K −$1.68/SF
EGI
$64.9K $24.12/SF
− OpEx
−$19.5K −$7.24/SF
NOI
$45.4K $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%
$908,480
Cap Rate 7%
$648,914
Cap Rate 9%
$504,711
Alternative Uses
Best Use
Multifamily LT 5
$648.9K
$567.8K – $757.1K
NOI $45,424 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$582.9K
$510.0K – $680.0K
NOI $40,800 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$900.0K
$787.5K – $1.05M
NOI $62,997 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,754
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two home-like floors retain historic craftsmanship while offering renovated kitchens, updated bathrooms, and practical living features.
Where is this duplex located?
The property is located at 1171 Chalkstone Avenue Providence, RI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Two‑level duplex with each floor arranged as a separate home; 1926 construction with original hardwood floors, decorative columns, and detailed woodwork; Renovated kitchens and bathrooms on the residential levels
