Duplex with Third-Floor
For Sale
$569,900
232 Power Street, Providence, RI 02906
Two one-bedroom apartments are within walking distance of Brown University and RISD.
Property Size1,224 SF
Price / SF$465.60
Days on Market35
Property Features for 232 Power Street
General Information
Standard status
Active
Size
1,224 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Fox Point
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,880
Building Details
Building Size
1,224 SF
Year Built
1930
Listing Agency:
Flagship Real Estate Advisors
Listed By:
David Dunne · License #REB.0019486
(401) 473-5299
Source:
Baker21
Added: Sep 22
Changed: Oct 26
Last Checked: Oct 26 at 3:05PM
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 Flagship Real Estate Advisors
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Investment Insights
Based on property information with market context.
Built in 1930, this 1,224-square-foot duplex contains two one-bedroom apartments. The exterior is vinyl, and the building has a metal roof. A third-floor area may offer room for additional living space or expansion, subject to zoning and required approvals.
Brown University and the Rhode Island School of Design are within walking distance. Restaurants, cafes, shops, waterfront attractions, and downtown Providence are also nearby.
Brown University and the Rhode Island School of Design are within walking distance. Restaurants, cafes, shops, waterfront attractions, and downtown Providence are also nearby.
Key Highlights
- Two one‑bedroom apartments in a 1,224‑square‑foot duplex
- Built in 1930
- Metal roof and vinyl exterior
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,669
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$413,380
$413.4K
Cap Rate 7%
$295,271
$295.3K
Cap Rate 9%
$229,656
$229.7K
Market Conditions
NOI Build-Up for 1,224 SF
Gross rent
$31.6K $25.80/SF
− Vacancy
−$2.1K −$1.68/SF
EGI
$29.5K $24.12/SF
− OpEx
−$8.9K −$7.24/SF
NOI
$20.7K $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%
$413,380
Cap Rate 7%
$295,271
Cap Rate 9%
$229,656
Alternative Uses
Best Use
Multifamily LT 5
$295.3K
$258.4K – $344.5K
NOI $20,669 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$265.2K
$232.1K – $309.4K
NOI $18,565 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$409.5K
$358.3K – $477.8K
NOI $28,665 @ 7.0% cap · market cap 5.03%
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
2,255
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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom apartments are within walking distance of Brown University and RISD.
Where is this duplex located?
The property is located at 232 Power Street Providence, RI.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Two one‑bedroom apartments in a 1,224‑square‑foot duplex; Built in 1930; Metal roof and vinyl exterior
