Side-by-Side Duplex with
For Sale
$545,000
208 Greeley Street, Providence, RI 02904
Two residential units offer updated interiors and dedicated backyard space.
Property Size1,692 SF
Price / SF$322.10
Days on Market11
Property Features for 208 Greeley Street
General Information
Standard status
Active
Size
1,692 SF
Total Parking Spaces
1
Property subtype
MultiFamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
backyard space
basement recreation room
Building Details
Year Built
1987
Listing Agency:
RE/MAX New Horizons
(401) 331-8855
Listed By:
Ronald Deleon · License #REB.0019721
(401) 996-2537
Source:
Lockandkeyre
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 26 at 9:47AM
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 RE/MAX New Horizons
Investment Insights
Based on property information with market context.
Built in 1987, this side-by-side duplex includes two residential units, each with 2 bedrooms, 1 bath, a 1-car garage, and backyard space. High ceilings add to the interior configuration, while the property provides separate living spaces within one attached residential investment asset.
The 208 unit includes a refreshed kitchen with quartz countertops, new cabinets, stainless-steel appliances, an updated bathroom, and newer laminate flooring in the bedrooms and basement recreation room. The 210 unit also has an updated bathroom, with its hot water tank replaced in May.
The 208 unit includes a refreshed kitchen with quartz countertops, new cabinets, stainless-steel appliances, an updated bathroom, and newer laminate flooring in the bedrooms and basement recreation room. The 210 unit also has an updated bathroom, with its hot water tank replaced in May.
Key Highlights
- Side‑by‑side duplex with 2 bedrooms and 1 bath per unit
- Each unit includes a 1‑car garage and backyard space
- 208 features quartz countertops, new cabinets, and stainless‑steel appliances
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
$28,571
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
5.24%
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%
$571,420
$571.4K
Cap Rate 7%
$408,157
$408.2K
Cap Rate 9%
$317,456
$317.5K
Market Conditions
NOI Build-Up for 1,692 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
$43.7K $25.80/SF
− Vacancy
−$2.8K −$1.68/SF
EGI
$40.8K $24.12/SF
− OpEx
−$12.2K −$7.24/SF
NOI
$28.6K $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%
$571,420
Cap Rate 7%
$408,157
Cap Rate 9%
$317,456
Alternative Uses
Best Use
Multifamily LT 5
$408.2K
$357.1K – $476.2K
NOI $28,571 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$366.6K
$320.8K – $427.7K
NOI $25,663 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$566.1K
$495.3K – $660.4K
NOI $39,625 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
684
Businesses Nearby
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Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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 - Two residential units offer updated interiors and dedicated backyard space.
Where is this duplex located?
The property is located at 208 Greeley 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: Side‑by‑side duplex with 2 bedrooms and 1 bath per unit; Each unit includes a 1‑car garage and backyard space; 208 features quartz countertops, new cabinets, and stainless‑steel appliances
