Two-Family Home with ADU-Ready
For Sale
$725,000
Pending
259 California Avenue, Providence, RI 02905
Two-unit residential property with flexible layouts, private outdoor space, and basement expansion potential.
Property Size3,108 SF
Days on Market55
Property Features for 259 California Avenue
General Information
Standard status
Pending
Size
3,108 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
Listed By:
Berlin Hernandez · License #48777
(855) 450-0442
Source:
Lavonnelopes
Added: Aug 14
Changed: Sep 23
Last Checked: Oct 5 at 3:45PM
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 / Yr
$52,482
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,049,640
$1.0M
Cap Rate 7%
$749,743
$749.7K
Cap Rate 9%
$583,133
$583.1K
Market Conditions
NOI Build-Up for 3,108 SF
Gross rent
$80.2K $25.80/SF
− Vacancy
−$5.2K −$1.68/SF
EGI
$75.0K $24.12/SF
− OpEx
−$22.5K −$7.24/SF
NOI
$52.5K $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 Rate 5%
$1,049,640
Cap Rate 7%
$749,743
Cap Rate 9%
$583,133
Alternative Uses
Best Use
Multifamily LT 5
$749.7K
$656.0K – $874.7K
NOI $52,482 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$673.4K
$589.3K – $785.7K
NOI $47,140 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$1.04M
$909.8K – $1.21M
NOI $72,786 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 - 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
