Side-by-Side
For Sale
$545,000
208 Greeley Street, Providence, RI 02904
Residential Income, Providence, RI
Property Size1,692 SF
Lot Size0.11 Acres
Price / SF$322.10
Days on Market11
Property Features for 208 Greeley Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement, Bedroom 1, Bedroom 4
Parking
6
Window features
Skylight(s)
Interior features
Wall (Dry Wall), Plumbing (Mixed), Insulation (Walls)
Basement
Full, Partially Finished
Appliances
Oven, Range, Refrigerator, Gas Water Heater
Subdivision
North End
Lot features
Fenced
Standard status
Active
Size
1,692 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3682
Utilities
Heating system
Baseboard, Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1987
Floors in Building
1
Number of units
2
Flooring type
Laminate
Building materials
Dry Wall, Wood
Listing Agency:
Re/Max New Horizons · RE/MAX International
(401) 331-8855
Listed By:
Ronald Deleon · License #REB.0019721
(401) 996-2537
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 1423513
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 1987 duplex contains two side-by-side units, each with two bedrooms, one bathroom, backyard space, and a one-car garage. The property totals 1,692 square feet on a 0.11-acre lot. Both units have been freshly painted and have updated bathrooms. Unit 208 also features a renovated kitchen with new cabinetry, quartz counters, and stainless steel appliances, along with newer laminate floors and a basement recreation room. Unit 210 has a hot water tank replaced in May.
Heating is provided by natural gas baseboard systems, with window-unit cooling. The property is located at 208 Greeley Street in Providence, Rhode Island.
Heating is provided by natural gas baseboard systems, with window-unit cooling. The property is located at 208 Greeley Street in Providence, Rhode Island.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1 bathroom
- 1,692‑square‑foot building on a 0.11‑acre lot
- A one‑car garage and backyard space serve 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
$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
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 each include private outdoor space and a one-car garage.
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: Two side‑by‑side units, each with 2 bedrooms and 1 bathroom; 1,692‑square‑foot building on a 0.11‑acre lot; A one‑car garage and backyard space serve each unit
