Duplex with Off-Street
For Sale
$545,000
18 Forest Street, Providence, RI 02906
Two-family property with a generous yard, parking area, and room for a detached garage.
Property Size2,798 SF
Lot Size0.13 Acres
Price / SF$194.78
Days on Market52
Property Features for 18 Forest Street
General Information
Standard status
Active
Size
2,798 SF
Lot size
0.13 Acres
Property subtype
Multi-family
Lease Term
[]
Property Condition
Severity
Repairs Needed
Evidence
property needs work
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty
Listed By:
Denise Mancini
(401) 619-8222
Source:
Teridegnan
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 29 at 7:22PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This two-family residence, constructed in 1900, contains approximately 2,798 square feet of living space on a 5,663-square-foot lot. The property requires work and is offered in as-is condition. Its outdoor area includes off-street parking, with additional room identified for a detached garage and possible ADU use.
The property is situated on Providence’s East Side in the Mount Hope neighborhood, with access to Brown University, Rhode Island School of Design, Miriam Hospital, Blackstone Boulevard, Hope Village, nearby parks, restaurants, and downtown Providence. The existing two-family configuration and substantial lot provide the core physical characteristics for an investor evaluating a renovation project.
The property is situated on Providence’s East Side in the Mount Hope neighborhood, with access to Brown University, Rhode Island School of Design, Miriam Hospital, Blackstone Boulevard, Hope Village, nearby parks, restaurants, and downtown Providence. The existing two-family configuration and substantial lot provide the core physical characteristics for an investor evaluating a renovation project.
Key Highlights
- Two‑family residence built in 1900
- Approximately 2,798 square feet of living space
- 5,663‑square‑foot lot
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
$47,247
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
8.67%
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%
$944,940
$944.9K
Cap Rate 7%
$674,957
$675.0K
Cap Rate 9%
$524,967
$525.0K
Market Conditions
NOI Build-Up for 2,798 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
$72.2K $25.80/SF
− Vacancy
−$4.7K −$1.68/SF
EGI
$67.5K $24.12/SF
− OpEx
−$20.2K −$7.24/SF
NOI
$47.2K $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%
$944,940
Cap Rate 7%
$674,957
Cap Rate 9%
$524,967
Alternative Uses
Best Use
Multifamily LT 5
$675.0K
$590.6K – $787.5K
NOI $47,247 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$606.3K
$530.5K – $707.3K
NOI $42,439 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$936.1K
$819.1K – $1.09M
NOI $65,526 @ 7.0% cap · market cap 12.02%
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
1,733
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with a generous yard, parking area, and room for a detached garage.
Where is this duplex located?
The property is located at 18 Forest Street Providence, RI.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Two‑family residence built in 1900; Approximately 2,798 square feet of living space; 5,663‑square‑foot lot
