Side-by-Side Duplex with
For Sale
$565,000
199 Benedict Street, Providence, RI 02909
Two residential units offer separate utilities, private outdoor areas, and individual garage parking.
Property Size1,750 SF
Price / SF$322.86
Days on Market13
Property Features for 199 Benedict Street
General Information
Standard status
Active
Size
1,750 SF
Total Parking Spaces
2
Property subtype
Multifamily
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Amenities
front and back deck
private back yard
Building Details
Year Built
1988
Buildings
1
Listing Agency:
Green Island Realty, Inc.
(401) 461-2063
Listed By:
Feng Lei
Source:
Lockandkeyre
Added: Aug 13
Changed: Aug 25
Last Checked: Aug 25 at 5:33AM
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 Green Island Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1988, this side-by-side duplex provides two residential units with practical layouts. Each unit includes a living room, eat-in kitchen, two bedrooms, and one and one-half bathrooms. Individual one-car garages serve both residences, while separate utilities support distinct unit operations.
Both sides include front and rear decks, along with access to a private backyard. The property is located at 199 Benedict Street in Providence, Rhode Island, within the 02909 ZIP code.
Both sides include front and rear decks, along with access to a private backyard. The property is located at 199 Benedict Street in Providence, Rhode Island, within the 02909 ZIP code.
Key Highlights
- Side‑by‑side duplex with two residential units
- Each unit includes 2 bedrooms and 1.5 bathrooms
- Individual one‑car garage for each unit
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
$29,551
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
5.23%
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%
$591,020
$591.0K
Cap Rate 7%
$422,157
$422.2K
Cap Rate 9%
$328,344
$328.3K
Market Conditions
NOI Build-Up for 1,750 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
$45.2K $25.80/SF
− Vacancy
−$2.9K −$1.68/SF
EGI
$42.2K $24.12/SF
− OpEx
−$12.7K −$7.24/SF
NOI
$29.6K $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%
$591,020
Cap Rate 7%
$422,157
Cap Rate 9%
$328,344
Alternative Uses
Best Use
Multifamily LT 5
$422.2K
$369.4K – $492.5K
NOI $29,551 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$379.2K
$331.8K – $442.4K
NOI $26,543 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$585.5K
$512.3K – $683.1K
NOI $40,983 @ 7.0% cap · market cap 7.25%
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate utilities, private outdoor areas, and individual garage parking.
Where is this duplex located?
The property is located at 199 Benedict Street Providence, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two residential units; Each unit includes 2 bedrooms and 1.5 bathrooms; Individual one‑car garage for each unit
