Updated Duplex with Solar
For Sale
$499,900
15 Armington Ave, Providence, RI 02908
Two-family property with renovated kitchens and bathrooms, offering residential income potential in Providence.
Property Size2,764 SF
Price / SF$180.86
Days on Market95
Property Features for 15 Armington Ave
General Information
Standard status
Active
Size
2,764 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
solar panels
Building Details
Year Built
1930
Listing Agency:
Innovations Realty
Listed By:
Juan Tejada · License #RES.0043560
(401) 261-7403
Source:
Alpernandmesenbourg
Added: Jul 13
Changed: Oct 10
Last Checked: Oct 7 at 4:18PM
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.
This two-unit residential property, built in 1930, has received updates within the last 5 years. Improvements include fresh interior paint, renovated kitchens with granite countertops, and updated bathrooms. Solar panels are installed on the property.
Located in Providence, the duplex offers a two-family configuration suited to residential income use. The property may also accommodate an owner-occupant arrangement, subject to the applicable property terms.
Located in Providence, the duplex offers a two-family configuration suited to residential income use. The property may also accommodate an owner-occupant arrangement, subject to the applicable property terms.
Key Highlights
- Two‑unit residential property built in 1930
- Both units updated within the last 5 years
- Renovated kitchens with granite countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,923
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$838,460
$838.5K
Cap Rate 7%
$598,900
$598.9K
Cap Rate 9%
$465,811
$465.8K
Market Conditions
NOI Build-Up for 2,764 SF
Gross rent
$81.3K $29.40/SF
− Vacancy
−$5.0K −$1.82/SF
EGI
$76.2K $27.58/SF
− OpEx
−$34.3K −$12.41/SF
NOI
$41.9K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$838,460
Cap Rate 7%
$598,900
Cap Rate 9%
$465,811
Alternative Uses
Best Use
Multifamily LT 5
$666.8K
$583.4K – $777.9K
NOI $46,673 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$598.9K
$524.0K – $698.7K
NOI $41,923 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$924.7K
$809.1K – $1.08M
NOI $64,730 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,781
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
Check the figures for this property
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 - Two-family property with renovated kitchens and bathrooms, offering residential income potential in Providence.
Where is this duplex located?
The property is located at 15 Armington Ave Providence, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑unit residential property built in 1930; Both units updated within the last 5 years; Renovated kitchens with granite countertops
