Duplex with Finished
For Sale
$759,000
193 Clarence Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,498 SF
Lot Size0.11 Acres
Price / SF$303.84
Days on Market171
Property Features for 193 Clarence Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
7
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Wall (Paneled), Attic, Stairs, Plumbing (Copper), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Full, Finished
Appliances
Gas Water Heater
Lot features
Fenced, Paved Driveway, Paved
Standard status
Active
Size
2,498 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4220
Utilities
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1915
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Laminate, Hardwood
Building materials
Dry Wall, Paneled, Vinyl Siding
Listing Agency:
Auburn Insurance & Realty Co.
(401) 943-3388
Listed By:
Aggy Garcia
(401) 999-9331
Added: Mar 12
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 1406408
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.
This 1915 duplex contains 2,498 square feet on a 0.11-acre lot in Providence. The interior includes a finished basement with multiple rooms, a finished attic, four bedrooms, and two bathrooms. Hardwood, laminate, and ceramic tile flooring are present, along with natural-gas baseboard heat and a gas water heater. The home also features drywall and paneled walls, vinyl siding, and copper and mixed plumbing.
A first-floor porch opens toward an oversized backyard with room for parking, recreation, and outdoor entertaining. Public water serves the property, and nearby local schools add convenience. The address is in Providence’s 02909 ZIP code.
A first-floor porch opens toward an oversized backyard with room for parking, recreation, and outdoor entertaining. Public water serves the property, and nearby local schools add convenience. The address is in Providence’s 02909 ZIP code.
Key Highlights
- Duplex with 2,498 square feet of interior space
- Finished basement with multiple rooms
- Finished attic adds additional interior area
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
$42,181
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
5.56%
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%
$843,620
$843.6K
Cap Rate 7%
$602,586
$602.6K
Cap Rate 9%
$468,678
$468.7K
Market Conditions
NOI Build-Up for 2,498 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
$64.4K $25.80/SF
− Vacancy
−$4.2K −$1.68/SF
EGI
$60.3K $24.12/SF
− OpEx
−$18.1K −$7.24/SF
NOI
$42.2K $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%
$843,620
Cap Rate 7%
$602,586
Cap Rate 9%
$468,678
Alternative Uses
Best Use
Multifamily LT 5
$602.6K
$527.3K – $703.0K
NOI $42,181 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$541.3K
$473.6K – $631.5K
NOI $37,888 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$835.7K
$731.3K – $975.0K
NOI $58,500 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
920
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 - Finished lower-level and attic areas expand the property’s usable interior space.
Where is this duplex located?
The property is located at 193 Clarence Street Providence, RI.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: Duplex with 2,498 square feet of interior space; Finished basement with multiple rooms; Finished attic adds additional interior area
