New-Build Duplex With Central
For Sale
$700,000
Pending
171 Ocean Street, Providence, RI 02905
Residential Income, Providence, RI
Property Size3,300 SF
Lot Size0.08 Acres
Days on Market59
Property Features for 171 Ocean Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 8, Basement, Bathroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
2
Parking features
None
Patio and Porch features
Porch
Interior features
Stairs, Plumbing (Mixed)
Exterior features
Porch
Basement
Full, Unfinished
Appliances
Electric Water Heater, Dishwasher, Microwave, Oven/Range, Refrigerator
Lot features
Paved Driveway, Sidewalks
Standard status
Pending
Size
3,300 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Century 21 Visionary Group · Century 21 Real Estate
(401) 380-6020
Listed By:
The InnoVenture Team
(401) 380-6020
Added: Jun 29
Changed: Aug 20
Last Checked: Aug 26 at 7:06AM
MLS# 1416650
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex contains 3,300 square feet across two residences, with four bedrooms and two full bathrooms in each unit. Interior finishes include granite countertops, stainless steel appliances, hardwood and ceramic tile flooring, and spa-like bathroom appointments. Each residence also has its own electrical sub-panel.
The property includes a basement, front porch, natural-gas forced-air heating, and central air conditioning. Appliances include refrigerators, dishwashers, microwaves, and oven/ranges, providing a complete setup for both units. Vinyl siding and a paved driveway round out the exterior improvements.
The property includes a basement, front porch, natural-gas forced-air heating, and central air conditioning. Appliances include refrigerators, dishwashers, microwaves, and oven/ranges, providing a complete setup for both units. Vinyl siding and a paved driveway round out the exterior improvements.
Key Highlights
- Two‑family property with 3,300 square feet of total building area
- Each unit includes 4 bedrooms and 2 full bathrooms
- Granite countertops and stainless steel appliances in both units
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 - Two finished residences feature granite kitchens, spa-like bathrooms, and individual electrical sub-panels.
Where is this duplex located?
The property is located at 171 Ocean Street 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‑family property with 3,300 square feet of total building area; Each unit includes 4 bedrooms and 2 full bathrooms; Granite countertops and stainless steel appliances in both units
