Two-Family Duplex with Detached
For Sale
$519,900
34 Matson Avenue, Providence, RI 02909
Two residential units offer hardwood floors, eat-in kitchens, enclosed porches, and full bathrooms.
Property Size2,068 SF
Price / SF$251.40
Days on Market12
Property Features for 34 Matson Avenue
General Information
Standard status
Active
Size
2,068 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Keller Williams Coastal
(401) 845-9200
Listed By:
The NMR Group
Source:
Lockandkeyre
Added: Aug 14
Changed: Aug 25
Last Checked: Aug 25 at 5:51AM
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 Keller Williams Coastal
Investment Insights
Based on property information with market context.
This 1920 two-family duplex contains 2068 square feet and is configured with two residential units. Both units include double parlors with hardwood flooring, eat-in kitchens, two bedrooms, full bathrooms, and enclosed front porches that extend the usable living area.
The lower level adds a finished room, full bathroom, laundry hookups, and storage. A detached garage, driveway, and off-street parking provide practical site improvements. Located at 34 Matson Avenue in Providence, the property is minutes from highway access, public transit, restaurants, shopping, and recreation.
The lower level adds a finished room, full bathroom, laundry hookups, and storage. A detached garage, driveway, and off-street parking provide practical site improvements. Located at 34 Matson Avenue in Providence, the property is minutes from highway access, public transit, restaurants, shopping, and recreation.
Key Highlights
- Two‑family duplex with 2068 square feet
- Each unit includes two bedrooms, a full bathroom, and an enclosed front porch
- Hardwood‑floored double parlors and eat‑in kitchens in both units
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
$34,920
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
6.72%
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%
$698,400
$698.4K
Cap Rate 7%
$498,857
$498.9K
Cap Rate 9%
$388,000
$388.0K
Market Conditions
NOI Build-Up for 2,068 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
$53.4K $25.80/SF
− Vacancy
−$3.5K −$1.68/SF
EGI
$49.9K $24.12/SF
− OpEx
−$15.0K −$7.24/SF
NOI
$34.9K $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%
$698,400
Cap Rate 7%
$498,857
Cap Rate 9%
$388,000
Alternative Uses
Best Use
Multifamily LT 5
$498.9K
$436.5K – $582.0K
NOI $34,920 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$448.1K
$392.1K – $522.8K
NOI $31,366 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$691.9K
$605.4K – $807.2K
NOI $48,430 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 residential units offer hardwood floors, eat-in kitchens, enclosed porches, and full bathrooms.
Where is this duplex located?
The property is located at 34 Matson Avenue Providence, RI.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: Two‑family duplex with 2068 square feet; Each unit includes two bedrooms, a full bathroom, and an enclosed front porch; Hardwood‑floored double parlors and eat‑in kitchens in both units
