Two-Unit Duplex with Updated
New
For Sale
$629,900
30 Royal Street, Providence, RI 02906
Separate patio areas and extensive building improvements complement the two-apartment layout.
Property Size2,220 SF
Price / SF$283.74
Days on Market4
Property Features for 30 Royal Street
General Information
Standard status
Active
Size
2,220 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1880
Buildings
1
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Source:
Lockandkeyre
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:48PM
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 Residential Properties Ltd.
Investment Insights
Based on property information with market context.
Built in 1880, this duplex contains two apartments with distinct layouts. The first-floor residence has a renovated kitchen with maple counters and appliances, hardwood floors, a tiled bathroom, reclaimed doors, and in-unit laundry. The upper apartment is arranged across two floors and features original floors, skylights, vintage fixtures, custom radiator covers, and salvaged millwork and a built-in entry bench. Its kitchen has maple counters, and the tiled bathrooms and third-floor laundry add practical features.
Building work includes a replacement roof, new windows, insulation improvements, exterior painting, foundation brick repairs, porch work, and a refinished front staircase. The landscaped rear yard has dedicated patio areas for both apartments. The property is on Royal Street in Providence’s Mount Hope neighborhood, near Frank & Laurie’s, Oak Bake Shop, and neighborhood parks.
Building work includes a replacement roof, new windows, insulation improvements, exterior painting, foundation brick repairs, porch work, and a refinished front staircase. The landscaped rear yard has dedicated patio areas for both apartments. The property is on Royal Street in Providence’s Mount Hope neighborhood, near Frank & Laurie’s, Oak Bake Shop, and neighborhood parks.
Key Highlights
- Two‑apartment duplex built in 1880
- First‑floor apartment has a renovated kitchen, hardwood floors, tiled bath, and in‑unit laundry
- Upper apartment spans two floors and includes skylights, original floors, and third‑floor laundry
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
$37,487
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
5.95%
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%
$749,740
$749.7K
Cap Rate 7%
$535,529
$535.5K
Cap Rate 9%
$416,522
$416.5K
Market Conditions
NOI Build-Up for 2,220 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
$57.3K $25.80/SF
− Vacancy
−$3.7K −$1.68/SF
EGI
$53.6K $24.12/SF
− OpEx
−$16.1K −$7.24/SF
NOI
$37.5K $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%
$749,740
Cap Rate 7%
$535,529
Cap Rate 9%
$416,522
Alternative Uses
Best Use
Multifamily LT 5
$535.5K
$468.6K – $624.8K
NOI $37,487 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$481.0K
$420.9K – $561.2K
NOI $33,672 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$742.7K
$649.9K – $866.5K
NOI $51,990 @ 7.0% cap · market cap 8.25%
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
1,656
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 - Separate patio areas and extensive building improvements complement the two-apartment layout.
Where is this duplex located?
The property is located at 30 Royal Street Providence, RI.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Two‑apartment duplex built in 1880; First‑floor apartment has a renovated kitchen, hardwood floors, tiled bath, and in‑unit laundry; Upper apartment spans two floors and includes skylights, original floors, and third‑floor laundry
