Two-Unit Duplex with
New
For Sale
$659,900
20 Farm Street, Providence, RI 02908
Updated kitchens, private laundry, and finished lower-level space serve both units.
Property Size2,283 SF
Price / SF$289.05
Days on Market2
Property Features for 20 Farm Street
General Information
Standard status
Active
Size
2,283 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
private patio
in-unit laundry
Building Details
Year Built
1938
Buildings
1
Listing Agency:
J. Christopher Real Estate Grp
Listed By:
Lisa Harrison · License #3325
Source:
Lavonnelopes
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 30 at 1:13PM
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 J. Christopher Real Estate Grp
Investment Insights
Based on property information with market context.
This 2,283-square-foot duplex, built in 1938, contains two residential units with two bedrooms per unit. Each side includes an updated kitchen and bathroom, hardwood and tile flooring, and dedicated laundry. A finished lower level adds flexible space for a home office, recreation, guests, or extended household needs.
The property occupies a corner lot at 20 Farm Street in Providence’s Mount Pleasant neighborhood. Exterior features include a private patio, two-car garage, and additional off-street parking for approximately four vehicles. The location provides access to downtown Providence, local bus routes, major roadways, and Providence Station, with MBTA commuter rail and Amtrak service to Boston and other destinations. Several Providence colleges and universities are also nearby.
The property occupies a corner lot at 20 Farm Street in Providence’s Mount Pleasant neighborhood. Exterior features include a private patio, two-car garage, and additional off-street parking for approximately four vehicles. The location provides access to downtown Providence, local bus routes, major roadways, and Providence Station, with MBTA commuter rail and Amtrak service to Boston and other destinations. Several Providence colleges and universities are also nearby.
Key Highlights
- 2,283‑square‑foot duplex with two units
- Two bedrooms in each unit
- Updated kitchens and bathrooms with hardwood and tile flooring
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
$38,551
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
5.84%
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%
$771,020
$771.0K
Cap Rate 7%
$550,729
$550.7K
Cap Rate 9%
$428,344
$428.3K
Market Conditions
NOI Build-Up for 2,283 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
$58.9K $25.80/SF
− Vacancy
−$3.8K −$1.68/SF
EGI
$55.1K $24.12/SF
− OpEx
−$16.5K −$7.24/SF
NOI
$38.6K $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%
$771,020
Cap Rate 7%
$550,729
Cap Rate 9%
$428,344
Alternative Uses
Best Use
Multifamily LT 5
$550.7K
$481.9K – $642.5K
NOI $38,551 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$494.7K
$432.8K – $577.1K
NOI $34,627 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$763.8K
$668.3K – $891.1K
NOI $53,465 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,332
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Updated kitchens, private laundry, and finished lower-level space serve both units.
Where is this duplex located?
The property is located at 20 Farm Street Providence, RI.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: 2,283‑square‑foot duplex with two units; Two bedrooms in each unit; Updated kitchens and bathrooms with hardwood and tile flooring
