Duplex with Detached
New
For Sale
$519,900
34 Matson Avenue, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size2,068 SF
Lot Size0.09 Acres
Price / SF$251.40
Days on Market1
Property Features for 34 Matson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 1
Parking
6
Patio and Porch features
Porch
Interior features
Wall (Paneled), Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Storage Space, Partially Finished, Full
Appliances
Gas Water Heater
Subdivision
Providence
Lot features
Fenced
Standard status
Active
Size
2,068 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5872
Utilities
Heating system
Natural Gas, Steam
Water source
Public
Amenities
detached garage
driveway
laundry hook ups
storage
finished room with full bathroom
front facing enclosed porches
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Laminate, Vinyl, Hardwood
Building materials
Paneled, Plaster, Clapboard, Vinyl Siding
Listing Agency:
Keller Williams Coastal · Keller Williams Realty
(401) 845-9200
Listed By:
The NMR Group
(401) 529-6300
Added: Aug 14
Last Checked: Aug 14 at 5:06PM
MLS# 1420505
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1920 duplex contains 2,068 square feet on a 0.09-acre parcel. Both residences feature double parlors with hardwood flooring, eat-in kitchens, two bedrooms, full bathrooms, and enclosed front porches. The lower level adds a finished room with a full bathroom, laundry hookups, and storage. A detached garage and driveway provide off-street parking.
The property is located at 34 Matson Avenue in Providence, with access to highways and public transit nearby. Restaurants, shopping, and recreational areas are also described as being within minutes. The property has R3 zoning, public water, natural-gas steam heat, and a combination of clapboard and vinyl siding.
The property is located at 34 Matson Avenue in Providence, with access to highways and public transit nearby. Restaurants, shopping, and recreational areas are also described as being within minutes. The property has R3 zoning, public water, natural-gas steam heat, and a combination of clapboard and vinyl siding.
Key Highlights
- Two‑family duplex with 2,068 square feet of building area
- 0.09‑acre parcel with detached garage and driveway parking
- Each unit includes two bedrooms, a full bathroom, eat‑in kitchen, and enclosed front porch
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-floored parlors, eat-in kitchens, enclosed porches, and useful lower-level space.
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 2,068 square feet of building area; 0.09‑acre parcel with detached garage and driveway parking; Each unit includes two bedrooms, a full bathroom, eat‑in kitchen, and enclosed front porch
