Two-Unit Duplex with
For Sale
$550,000
Pending
231 Lowell Avenue, Providence, RI 02909
Residential Income, Providence, RI
Property Size1,920 SF
Lot Size0.11 Acres
Days on Market116
Property Features for 231 Lowell Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
5
Basement
Full, Partially Finished
Appliances
Gas Water Heater
Standard status
Pending
Size
1,920 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3444
Utilities
Heating system
Steam, Natural Gas
Building Details
Year built
1930
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Maria J. Depina
(401) 996-1738
Added: May 6
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 1411992
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.
Built in 1930, this two-unit duplex contains 1,920 square feet on a 0.1148-acre lot. The layout includes four bedrooms, two bathrooms, and basement space that adds usable area beyond the main living spaces. Vinyl siding and vinyl flooring provide durable interior and exterior finishes, while steam heat, natural gas service, and a gas water heater support the property’s core systems.
The property is located at 231 Lowell Avenue in Providence, near parks, schools, shopping, restaurants, and other local amenities. A long driveway provides on-site access, and the backyard offers additional outdoor space. The two-family configuration may accommodate either an owner-occupant arrangement or a rental-oriented use, as supported by the existing layout.
The property is located at 231 Lowell Avenue in Providence, near parks, schools, shopping, restaurants, and other local amenities. A long driveway provides on-site access, and the backyard offers additional outdoor space. The two-family configuration may accommodate either an owner-occupant arrangement or a rental-oriented use, as supported by the existing layout.
Key Highlights
- Two‑unit duplex with 1,920 square feet
- Four bedrooms and two bathrooms
- 0.1148‑acre lot with a long driveway
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
$32,421
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
5.89%
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%
$648,420
$648.4K
Cap Rate 7%
$463,157
$463.2K
Cap Rate 9%
$360,233
$360.2K
Market Conditions
NOI Build-Up for 1,920 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
$49.5K $25.80/SF
− Vacancy
−$3.2K −$1.68/SF
EGI
$46.3K $24.12/SF
− OpEx
−$13.9K −$7.24/SF
NOI
$32.4K $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%
$648,420
Cap Rate 7%
$463,157
Cap Rate 9%
$360,233
Alternative Uses
Best Use
Multifamily LT 5
$463.2K
$405.3K – $540.4K
NOI $32,421 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$416.0K
$364.0K – $485.4K
NOI $29,122 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$642.3K
$562.1K – $749.4K
NOI $44,964 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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 - Duplex with two units, basement space, and a long driveway.
Where is this duplex located?
The property is located at 231 Lowell Avenue Providence, RI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,920 square feet; Four bedrooms and two bathrooms; 0.1148‑acre lot with a long driveway
