Two-Family Home with ADU-Ready
For Sale
$725,000
259 California Avenue, Providence, RI 02905
Two-unit residential property with flexible layouts, private outdoor space, and basement expansion potential.
Property Size2,340 SF
Price / SF$309.83
Days on Market18
Property Features for 259 California Avenue
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR, 1 x 5BR/3BA
Multifamily Units
2
Amenities
in-unit laundry hookup
private driveway
spacious backyard
tankless water heater
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Real Broker,LLC
(855) 450-0442
Listed By:
Berlin Hernandez
Source:
Milburyre
Added: Aug 5
Changed: Aug 22
Last Checked: Aug 22 at 9:47AM
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 Real Broker,LLC
Investment Insights
Based on property information with market context.
This two-family property at 259 California Avenue in Providence includes approximately 2,340 square feet of finished living space. The first unit has two bedrooms, a kitchen, living area, and laundry hookup. The second offers five bedrooms, three full bathrooms, an open kitchen, dining, and living arrangement, plus a primary suite with private bath and walk-in closet. Luxury vinyl plank flooring and contemporary mechanical systems are also included.
The basement is configured for potential accessory dwelling expansion with egress windows, and approved plans are available for incorporating the space into the larger unit. A future three-unit arrangement may also be possible, subject to zoning, permitting, and municipal approvals. The property includes a private driveway, backyard, tankless water heater, and laundry hookups within the units.
The basement is configured for potential accessory dwelling expansion with egress windows, and approved plans are available for incorporating the space into the larger unit. A future three-unit arrangement may also be possible, subject to zoning, permitting, and municipal approvals. The property includes a private driveway, backyard, tankless water heater, and laundry hookups within the units.
Key Highlights
- Approximately 2,340 square feet of finished living space
- Two‑unit layout with 2 bedrooms in Unit 1 and 5 bedrooms in Unit 2
- Unit 2 includes 3 full bathrooms and a primary suite with private bath and walk‑in closet
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
$39,513
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
5.45%
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%
$790,260
$790.3K
Cap Rate 7%
$564,471
$564.5K
Cap Rate 9%
$439,033
$439.0K
Market Conditions
NOI Build-Up for 2,340 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
$60.4K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.4K $24.12/SF
− OpEx
−$16.9K −$7.24/SF
NOI
$39.5K $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%
$790,260
Cap Rate 7%
$564,471
Cap Rate 9%
$439,033
Alternative Uses
Best Use
Multifamily LT 5
$564.5K
$493.9K – $658.6K
NOI $39,513 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$507.0K
$443.7K – $591.5K
NOI $35,492 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$782.9K
$685.0K – $913.3K
NOI $54,800 @ 7.0% cap · market cap 7.56%
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
818
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 - Two-unit residential property with flexible layouts, private outdoor space, and basement expansion potential.
Where is this duplex located?
The property is located at 259 California Avenue Providence, RI.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Approximately 2,340 square feet of finished living space; Two‑unit layout with 2 bedrooms in Unit 1 and 5 bedrooms in Unit 2; Unit 2 includes 3 full bathrooms and a primary suite with private bath and walk‑in closet
