Two-Unit Duplex with
New
For Sale
$595,000
213 Villa Avenue, North Providence, RI 02904
Residential Income, North Providence, RI
Property Size2,880 SF
Lot Size0.14 Acres
Price / SF$206.60
Days on Market3
Property Features for 213 Villa Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL10
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Basement, Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 1
Parking
6
Parking features
None
Patio and Porch features
Deck, Patio
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Attic Stairs, Attic Storage, Stairs, Plumbing (Mixed)
Exterior features
Deck, Screened Pch/Patio/Dck/Brzwy
Fireplace
1
Basement
Partially Finished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Washer
Subdivision
Woodville
Lot features
Corner Lot, Fenced, Paved Driveway
Standard status
Active
Size
2,880 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4897
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Wall Unit(s)
Water source
Public
Amenities
fenced corner lot
storage shed
Building Details
Year built
1973
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Vinyl, Carpet
Building materials
Dry Wall, Paneled, Plaster, Clapboard
Additional Structures
Storage
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Dawn Marano · License #RES.0041714
(401) 952-1794
Added: Sep 24
Last Checked: Sep 26 at 1:06PM
MLS# 1424099
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 2,880-square-foot duplex, built in 1973, contains two vacant residences. The first-floor unit has two bedrooms and one full bath, with an updated kitchen featuring white cabinetry and quartz countertops. Separate utilities and laundry serve this unit. Upstairs, the three-bedroom, two-bath residence includes a family room, enclosed porch, deck, and laundry/bar area. The property also has a storage shed and sits on a fenced 0.14-acre corner lot.
The property is near Whelan Elementary School, shopping, restaurants, Downtown Providence, and the train station. Routes 146 and I-95 provide regional access. Zoning is RL10.
The property is near Whelan Elementary School, shopping, restaurants, Downtown Providence, and the train station. Routes 146 and I-95 provide regional access. Zoning is RL10.
Key Highlights
- Two units: a 2‑bedroom, 1‑bath first‑floor residence and a 3‑bedroom, 2‑bath upper unit
- 2,880 square feet on a 0.14‑acre fenced corner lot
- First‑floor kitchen updated with white cabinets and quartz countertops
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
$47,953
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
8.06%
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%
$959,060
$959.1K
Cap Rate 7%
$685,043
$685.0K
Cap Rate 9%
$532,811
$532.8K
Market Conditions
NOI Build-Up for 2,880 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
$73.3K $25.44/SF
− Vacancy
−$4.8K −$1.65/SF
EGI
$68.5K $23.79/SF
− OpEx
−$20.6K −$7.14/SF
NOI
$48.0K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$959,060
Cap Rate 7%
$685,043
Cap Rate 9%
$532,811
Alternative Uses
Best Use
Multifamily LT 5
$685.0K
$599.4K – $799.2K
NOI $47,953 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$543.7K
$475.7K – $634.3K
NOI $38,058 @ 7.0% cap · market cap 6.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
706
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
View Realmo Analytics
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 - Separate utilities and laundry serve the updated first-floor unit; both residences are vacant.
Where is this duplex located?
The property is located at 213 Villa Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two units: a 2‑bedroom, 1‑bath first‑floor residence and a 3‑bedroom, 2‑bath upper unit; 2,880 square feet on a 0.14‑acre fenced corner lot; First‑floor kitchen updated with white cabinets and quartz countertops
