East Side Two-Family
For Sale
Contact for pricing
157 Irving Avenue, Providence, RI 02906
Two-family home in desirable East Side neighborhood, investment opportunity.
Property Size2,321 SF
Price / SF$396.38
Days on Market114
Property Features for 157 Irving Avenue
General Information
Standard status
Active
Size
2,321 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
RE
Occupancy
66%
Investment Type
Value Add
Net Operating Income
$7,651
Building Details
Year Built
1920
Buildings
1
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
HomeSmart Professionals
Listed By:
Alycia Wozniak · License #RES.0045911
Source:
Crexi
Added: May 11
Changed: Aug 8
Last Checked: Jul 23 at 10:19AM
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 HomeSmart Professionals
Investment Insights
Based on property information with market context.
Located minutes from Wayland Square and Blackstone Blvd, this two-family home resides in a desirable East Side neighborhood of Providence. It can be purchased independently or in conjunction with the adjacent duplex, presenting an investment opportunity. The property features a first-floor unit with 2 bedrooms and 1 bathroom, along with a townhouse-style upper unit offering 4 bedrooms and 2 bathrooms. The top floor of the upper unit includes central air conditioning. Interior features consist of hardwood floors and naturally lit, open, double-parlor living spaces. The upper level has vaulted ceilings and flexible space suitable for a home office, recreation room, or storage. Shared laundry facilities and additional storage are available in the basement. Off-street parking accommodates up to 3 cars, complemented by a 2-car garage. One unit will be vacant as of 5.31.26. The property is within walking distance of parks, shops, schools, and nearby universities.
Key Highlights
- Highly desirable East Side location near Wayland Square and Blackstone Blvd.
- Two‑family property featuring a 2 bed, 1 bath unit and a spacious 4 bed, 2 bath townhouse‑style unit.
- Enjoy the convenience of off‑street parking for 3 cars plus a 2‑car garage.
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
$39,193
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
4.26%
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%
$783,860
$783.9K
Cap Rate 7%
$559,900
$559.9K
Cap Rate 9%
$435,478
$435.5K
Market Conditions
NOI Build-Up for 2,321 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
$59.9K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.0K $24.12/SF
− OpEx
−$16.8K −$7.24/SF
NOI
$39.2K $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%
$783,860
Cap Rate 7%
$559,900
Cap Rate 9%
$435,478
Alternative Uses
Best Use
Multifamily LT 5
$559.9K
$489.9K – $653.2K
NOI $39,193 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$502.9K
$440.1K – $586.7K
NOI $35,204 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$776.5K
$679.4K – $905.9K
NOI $54,355 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,606
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home in desirable East Side neighborhood, investment opportunity.
Where is this duplex located?
The property is located at 157 Irving Avenue Providence, RI.
What is the asking price?
The asking price for this property is $920,000.
What are key features of this property?
This property features: Highly desirable East Side location near Wayland Square and Blackstone Blvd.; Two‑family property featuring a 2 bed, 1 bath unit and a spacious 4 bed, 2 bath townhouse‑style unit.; Enjoy the convenience of off‑street parking for 3 cars plus a 2‑car garage.
