Two-Family Duplex with
New
For Sale
$1,249,000
229 Morris Avenue, Providence, RI 02906
The upper residence occupies two floors, and the first-floor unit has a month-to-month tenant.
Property Size2,709 SF
Price / SF$461.06
Days on Market4
Property Features for 229 Morris Avenue
General Information
Standard status
Active
Size
2,709 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
private rear deck
garage
full basement
Building Details
Year Built
1883
Buildings
1
Listing Agency:
The Q Group Realty
Listed By:
Christy Querceto · License #45288
(401) 742-1858
Source:
Onshorerealtors
Added: Sep 24
Last Checked: Sep 24 at 6:52AM
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 The Q Group Realty
Investment Insights
Based on property information with market context.
Built in 1883, this 2,709-square-foot duplex contains two residences. The upper unit spans the second and third floors and offers nearly 1,900 square feet, four bedrooms, a home office, two full bathrooms, and a walk-in closet that can be converted back to a fifth bedroom. Its updated kitchen, hardwood floors, and private rear deck are complemented by a separate deck for the first-floor unit, which has two bedrooms and one full bathroom. A month-to-month tenancy is in place in the lower residence.
The corner-lot property also includes a detached two-car garage, additional off-street parking, and a full basement. Brown University, RISD, restaurants, shops, parks, and downtown Providence are nearby.
The corner-lot property also includes a detached two-car garage, additional off-street parking, and a full basement. Brown University, RISD, restaurants, shops, parks, and downtown Providence are nearby.
Key Highlights
- Two residences with 2,709 square feet of property size
- Upper unit spans the second and third floors, with nearly 1,900 square feet, 4 bedrooms, an office, and 2 full bathrooms
- First‑floor residence has 2 bedrooms and 1 full bathroom; occupied under a month‑to‑month tenancy
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
$45,744
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
3.66%
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%
$914,880
$914.9K
Cap Rate 7%
$653,486
$653.5K
Cap Rate 9%
$508,267
$508.3K
Market Conditions
NOI Build-Up for 2,709 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
$69.9K $25.80/SF
− Vacancy
−$4.5K −$1.68/SF
EGI
$65.3K $24.12/SF
− OpEx
−$19.6K −$7.24/SF
NOI
$45.7K $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 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%
$914,880
Cap Rate 7%
$653,486
Cap Rate 9%
$508,267
Alternative Uses
Best Use
Multifamily LT 5
$653.5K
$571.8K – $762.4K
NOI $45,744 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$587.0K
$513.6K – $684.8K
NOI $41,089 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$906.3K
$793.0K – $1.06M
NOI $63,442 @ 7.0% cap · market cap 5.08%
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
1,017
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Duplex - The upper residence occupies two floors, and the first-floor unit has a month-to-month tenant.
Where is this duplex located?
The property is located at 229 Morris Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two residences with 2,709 square feet of property size; Upper unit spans the second and third floors, with nearly 1,900 square feet, 4 bedrooms, an office, and 2 full bathrooms; First‑floor residence has 2 bedrooms and 1 full bathroom; occupied under a month‑to‑month tenancy
