Two-Unit Residential Income
For Sale
$584,000
194 Pavilion Ave, Providence, RI 02905
Well-maintained two-family home with two 2-bedroom units, hardwood floors, gas heat, and off-street parking for up to eight vehicles.
Property Size2,352 SF
Price / SF$248.30
Days on Market66
Property Features for 194 Pavilion Ave
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
Circle 100 Real Estate
Listed By:
Lissette Guzman
Source:
Alpernandmesenbourg
Added: Jul 8
Changed: Sep 8
Last Checked: Sep 9 at 11:34PM
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 Circle 100 Real Estate
Investment Insights
Based on property information with market context.
This well-maintained two-family property offers two spacious units, each configured with 2 bedrooms and 1 full bathroom, for a total of 4 bedrooms and 3 full bathrooms across the home. Interior features include hardwood floors and gas heat. Exterior amenities include a fenced yard and a paved driveway with parking for up to eight vehicles.
The property has had recent major systems work, including two newer boilers installed approximately two years ago and water tanks replaced in May 2026. It also includes leased solar panels with an approximately $190 monthly payment; the solar lease is described as assumable.
Both units are part of the same residence, providing a straightforward duplex configuration for rental income and potential owner-occupant use.
The property has had recent major systems work, including two newer boilers installed approximately two years ago and water tanks replaced in May 2026. It also includes leased solar panels with an approximately $190 monthly payment; the solar lease is described as assumable.
Both units are part of the same residence, providing a straightforward duplex configuration for rental income and potential owner-occupant use.
Key Highlights
- Well‑maintained two‑family home built in 1930 with two 2‑bedroom units and 3 full bathrooms total
- Hardwood floors and gas heat throughout both units
- Paved driveway with off‑street parking for up to 8 vehicles
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
$39,716
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
6.80%
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%
$794,320
$794.3K
Cap Rate 7%
$567,371
$567.4K
Cap Rate 9%
$441,289
$441.3K
Market Conditions
NOI Build-Up for 2,352 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
$60.7K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.7K $24.12/SF
− OpEx
−$17.0K −$7.24/SF
NOI
$39.7K $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%
$794,320
Cap Rate 7%
$567,371
Cap Rate 9%
$441,289
Alternative Uses
Best Use
Multifamily LT 5
$567.4K
$496.5K – $661.9K
NOI $39,716 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$509.6K
$445.9K – $594.6K
NOI $35,674 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$786.9K
$688.5K – $918.0K
NOI $55,081 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,424
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family home with two 2-bedroom units, hardwood floors, gas heat, and off-street parking for up to eight vehicles.
Where is this duplex located?
The property is located at 194 Pavilion Ave Providence, RI.
What is the asking price?
The asking price for this property is $584,000.
What are key features of this property?
This property features: Well‑maintained two‑family home built in 1930 with two 2‑bedroom units and 3 full bathrooms total; Hardwood floors and gas heat throughout both units; Paved driveway with off‑street parking for up to 8 vehicles
