New Two-Family
For Sale
$700,000
171 Ocean St, Providence, RI 02905
Each residence offers four bedrooms, two full bathrooms, and separate utility sub-panels.
Property Size3,300 SF
Price / SF$212.12
Days on Market64
Property Features for 171 Ocean St
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Amenities
granite countertops
stainless steel appliances
spa-like baths
individual sub-panels
forced hot air heat
central AC
paved driveway
Building Details
Buildings
1
Listing Agency:
Century 21 Visionary Group
(401) 380-6020
Listed By:
The InnoVenture Team
(401) 380-6020
Source:
Exprealty
Added: Jun 29
Changed: Aug 31
Last Checked: Aug 31 at 6:10AM
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 Century 21 Visionary Group
Investment Insights
Based on property information with market context.
This newly built duplex contains two residences, with each unit offering four bedrooms and two full bathrooms. Interior finishes include granite countertops, stainless steel appliances, forced hot air heating, central air conditioning, and individual electrical sub-panels. A full basement provides additional space and is identified as having ADU potential.
The property also includes a paved driveway and is located at 171 Ocean St in Providence, Rhode Island. The two-unit layout supports separate residential occupancy within one building, with identical bedroom and bathroom counts across both units.
The property also includes a paved driveway and is located at 171 Ocean St in Providence, Rhode Island. The two-unit layout supports separate residential occupancy within one building, with identical bedroom and bathroom counts across both units.
Key Highlights
- Two‑unit duplex with 4 bedrooms and 2 full bathrooms per unit
- Granite countertops and stainless steel appliances in each unit
- Forced hot air heat and central AC throughout
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
$55,724
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
7.96%
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%
$1,114,480
$1.1M
Cap Rate 7%
$796,057
$796.1K
Cap Rate 9%
$619,156
$619.2K
Market Conditions
NOI Build-Up for 3,300 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
$85.1K $25.80/SF
− Vacancy
−$5.5K −$1.68/SF
EGI
$79.6K $24.12/SF
− OpEx
−$23.9K −$7.24/SF
NOI
$55.7K $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%
$1,114,480
Cap Rate 7%
$796,057
Cap Rate 9%
$619,156
Alternative Uses
Best Use
Multifamily LT 5
$796.1K
$696.6K – $928.7K
NOI $55,724 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$715.0K
$625.7K – $834.2K
NOI $50,053 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$1.10M
$966.0K – $1.29M
NOI $77,282 @ 7.0% cap · market cap 11.04%
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
1,576
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 - Each residence offers four bedrooms, two full bathrooms, and separate utility sub-panels.
Where is this duplex located?
The property is located at 171 Ocean St Providence, RI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms and 2 full bathrooms per unit; Granite countertops and stainless steel appliances in each unit; Forced hot air heat and central AC throughout
