New Construction Duplex with
For Sale
$679,900
136 Houston Street, Providence, RI 02905
Two modern residences offer updated finishes, private laundry hookups, appliances, porches, and unfinished lower-level space.
Property Size2,000 SF
Price / SF$339.95
Days on Market262
Property Features for 136 Houston Street
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
3
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R2
Taxes and HOA fees
Annual Taxes
$1,734
Amenities
in-unit washer and dryer hookups
brand new appliances
basement framed and ready for finishing
No
Wood, Hardwood, Tile
Range, Dishwasher, Microwave, Refrigerator
4.0
Washer Hookup, Dryer Hookup
Full, Walk Out, Interior Access, Unfinished Basement
Upgraded Cabinets, Upgraded Countertops, Walk-In Closet(s), Bathroom With Tub & Shower, Open Floorplan, Living Room, Kitchen
4
4.00
Porch
Building Details
Year Built
2025
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
Angela Montero · License #0019528
(401) 414-7414
Source:
Compass
Added: Dec 11, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:58AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
Completed in 2025, this R2-zoned duplex presents two newly constructed residences with open living areas, upgraded cabinetry and countertops, hardwood and tile finishes, and walk-in closets. Each residence includes three bedrooms and two full bathrooms, along with a range, dishwasher, microwave, refrigerator, and washer and dryer hookups.
The lower level is framed but unfinished, with walk-out access and interior entry for future flexible use. Additional features include porches, full bathrooms with tub-and-shower combinations, and a living-room-and-kitchen layout designed for contemporary occupancy. The property measures 2,000 square feet and is located at 136 Houston Street in Providence, Rhode Island.
The lower level is framed but unfinished, with walk-out access and interior entry for future flexible use. Additional features include porches, full bathrooms with tub-and-shower combinations, and a living-room-and-kitchen layout designed for contemporary occupancy. The property measures 2,000 square feet and is located at 136 Houston Street in Providence, Rhode Island.
Key Highlights
- Duplex completed in 2025 with R2 zoning
- Each residence includes 3 bedrooms and 2 full bathrooms
- 2,000 square feet of property size
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
$33,772
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
4.97%
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%
$675,440
$675.4K
Cap Rate 7%
$482,457
$482.5K
Cap Rate 9%
$375,244
$375.2K
Market Conditions
NOI Build-Up for 2,000 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
$51.6K $25.80/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$48.2K $24.12/SF
− OpEx
−$14.5K −$7.24/SF
NOI
$33.8K $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%
$675,440
Cap Rate 7%
$482,457
Cap Rate 9%
$375,244
Alternative Uses
Best Use
Multifamily LT 5
$482.5K
$422.2K – $562.9K
NOI $33,772 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$433.4K
$379.2K – $505.6K
NOI $30,335 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$669.1K
$585.5K – $780.6K
NOI $46,838 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 modern residences offer updated finishes, private laundry hookups, appliances, porches, and unfinished lower-level space.
Where is this duplex located?
The property is located at 136 Houston Street Providence, RI.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Duplex completed in 2025 with R2 zoning; Each residence includes 3 bedrooms and 2 full bathrooms; 2,000 square feet of property size
