Two-Family Duplex with
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 Market20
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
Changed: Oct 2
Last Checked: Oct 12 at 5:07PM
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 / Yr
$45,744
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
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
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 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.
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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
