Renovated Duplex with Detached
New
For Sale
$1,195,000
21 Luzon Ave, Providence, RI 02906
Two separate residences provide a three-bedroom layout and a six-bedroom, two-level upper unit.
Property Size3,655 SF
Price / SF$326.95
Days on Market4
Property Features for 21 Luzon Ave
General Information
Standard status
Active
Size
3,655 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Wayland
Units
Unit Mix
3BR/1BA, 6BR/2BA
Multifamily Units
2
Amenities
basement laundry
patio
landscaped backyard
detached garage
Building Details
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
Compass
Listed By:
Kira Greene 401.339.5621 · License #RES.0040037
(401) 339-5621
Source:
Rhodeislandhomesforsale
Added: Oct 22
Changed: Oct 25
Last Checked: Oct 24 at 4:50PM
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 Compass
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Investment Insights
Based on property information with market context.
This 3,655-square-foot duplex dates to 1900 and contains two residences across three levels. The first-floor unit has three bedrooms, a renovated bathroom, and an updated kitchen with quartz countertops and stainless steel appliances. The upper residence spans the second and third floors, with six bedrooms, two renovated bathrooms, and an updated kitchen. Hardwood floors, two fireplaces, updated lighting, and replacement windows on the upper floors are among the building’s features. Electrical and plumbing systems have also been upgraded.
The property includes a detached two-car garage, additional off-street parking, and basement laundry. Outdoor improvements include a landscaped backyard with a patio and refreshed planting beds. It is located near Brown University, RISD, neighborhood retail and dining, parks, and downtown Providence.
The property includes a detached two-car garage, additional off-street parking, and basement laundry. Outdoor improvements include a landscaped backyard with a patio and refreshed planting beds. It is located near Brown University, RISD, neighborhood retail and dining, parks, and downtown Providence.
Key Highlights
- 3,655 square feet across three levels
- Two‑family property with three‑bedroom and six‑bedroom residences
- Detached two‑car garage plus additional off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,719
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,234,380
$1.2M
Cap Rate 7%
$881,700
$881.7K
Cap Rate 9%
$685,767
$685.8K
Market Conditions
NOI Build-Up for 3,655 SF
Gross rent
$94.3K $25.80/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$88.2K $24.12/SF
− OpEx
−$26.5K −$7.24/SF
NOI
$61.7K $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 Rate 5%
$1,234,380
Cap Rate 7%
$881,700
Cap Rate 9%
$685,767
Alternative Uses
Best Use
Multifamily LT 5
$881.7K
$771.5K – $1.03M
NOI $61,719 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$792.0K
$693.0K – $924.0K
NOI $55,437 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,596 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
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Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide a three-bedroom layout and a six-bedroom, two-level upper unit.
Where is this duplex located?
The property is located at 21 Luzon Ave Providence, RI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 3,655 square feet across three levels; Two‑family property with three‑bedroom and six‑bedroom residences; Detached two‑car garage plus additional off‑street parking
