Two-Family
New
For Sale
$599,000
149 Burnside Street, Providence, RI 02905
Residential duplex with three-bedroom, one-bath units and a backyard.
Property Size1,900 SF
Price / SF$315.26
Days on Market3
Property Features for 149 Burnside Street
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
spacious backyard
Building Details
Year Built
1850
Listing Agency:
Innovations Realty
Listed By:
The Alba Group · License #37342
Source:
Lavonnelopes
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 28 at 7:21AM
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.
Built in 1850, this duplex at 149 Burnside Street contains two residential units. Each unit offers three bedrooms and one full bathroom, providing a consistent layout across both residences.
The property includes a backyard and is located in Providence, Rhode Island, within ZIP code 02905. Its two-unit configuration supports multifamily ownership, including the owner-occupant or investor uses identified for the property.
The property includes a backyard and is located in Providence, Rhode Island, within ZIP code 02905. Its two-unit configuration supports multifamily ownership, including the owner-occupant or investor uses identified for the property.
Key Highlights
- Two‑family duplex at 149 Burnside Street, Providence, RI 02905
- Each unit includes 3 bedrooms and 1 full bath
- Backyard included with the property
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
$32,084
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
5.36%
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%
$641,680
$641.7K
Cap Rate 7%
$458,343
$458.3K
Cap Rate 9%
$356,489
$356.5K
Market Conditions
NOI Build-Up for 1,900 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
$49.0K $25.80/SF
− Vacancy
−$3.2K −$1.68/SF
EGI
$45.8K $24.12/SF
− OpEx
−$13.8K −$7.24/SF
NOI
$32.1K $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%
$641,680
Cap Rate 7%
$458,343
Cap Rate 9%
$356,489
Alternative Uses
Best Use
Multifamily LT 5
$458.3K
$401.1K – $534.7K
NOI $32,084 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$411.7K
$360.2K – $480.3K
NOI $28,818 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$635.7K
$556.2K – $741.6K
NOI $44,496 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,709
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 - Residential duplex with three-bedroom, one-bath units and a backyard.
Where is this duplex located?
The property is located at 149 Burnside Street Providence, RI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑family duplex at 149 Burnside Street, Providence, RI 02905; Each unit includes 3 bedrooms and 1 full bath; Backyard included with the property
