Two-Family Residential
For Sale
$565,000
Pending
27 Hillside Avenue, Providence, RI 02906
Two updated units with newer heating systems and windows, plus a screened sun porch and private backyard.
Property Size1,716 SF
Days on Market53
Property Features for 27 Hillside Avenue
General Information
Standard status
Pending
Size
1,716 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
screened in sun porch
private backstairs entrance
Building Details
Year Built
1900
Listing Agency:
Harbors & Homes RE & Appraisal
(401) 924-2538
Listed By:
Sara Karalekas · License #RES.0040634
(401) 569-1269
Source:
Lockandkeyre
Added: Jul 21
Changed: Sep 10
Last Checked: Sep 11 at 6:21AM
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 Harbors & Homes RE & Appraisal
Investment Insights
Based on property information with market context.
27 Hillside Avenue is a two-family home offering rental income flexibility and update-ready living. Each unit features generously sized bedrooms and a blend of modern updates with classic character. Recent improvements include updated full bathrooms, a kitchen with custom cabinetry, refinished hardwood floors, fresh paint, newer heating systems, and newer windows. The property also offers a private backstairs entrance, screened-in sun porch space, and abundant natural light throughout.
Located on Providence’s East Side, the home is close to The Miriam Hospital and within walking distance to area restaurants, shops, parks, gyms, and local attractions. Outside, the property includes a private, oversized backyard with abundant green space, suitable for entertaining or everyday outdoor enjoyment.
Located on Providence’s East Side, the home is close to The Miriam Hospital and within walking distance to area restaurants, shops, parks, gyms, and local attractions. Outside, the property includes a private, oversized backyard with abundant green space, suitable for entertaining or everyday outdoor enjoyment.
Key Highlights
- Two‑family home built in 1900 on Providence’s East Side
- Updated full bathrooms and a kitchen with custom cabinetry
- Refinished hardwood floors and fresh paint throughout
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
$28,977
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
5.13%
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%
$579,540
$579.5K
Cap Rate 7%
$413,957
$414.0K
Cap Rate 9%
$321,967
$322.0K
Market Conditions
NOI Build-Up for 1,716 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
$44.3K $25.80/SF
− Vacancy
−$2.9K −$1.68/SF
EGI
$41.4K $24.12/SF
− OpEx
−$12.4K −$7.24/SF
NOI
$29.0K $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%
$579,540
Cap Rate 7%
$413,957
Cap Rate 9%
$321,967
Alternative Uses
Best Use
Multifamily LT 5
$414.0K
$362.2K – $483.0K
NOI $28,977 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$371.8K
$325.3K – $433.8K
NOI $26,027 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$574.1K
$502.3K – $669.8K
NOI $40,187 @ 7.0% cap · market cap 7.11%
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
1,706
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 - Two updated units with newer heating systems and windows, plus a screened sun porch and private backyard.
Where is this duplex located?
The property is located at 27 Hillside Avenue Providence, RI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Two‑family home built in 1900 on Providence’s East Side; Updated full bathrooms and a kitchen with custom cabinetry; Refinished hardwood floors and fresh paint throughout
