Two-Unit Residential Income
For Sale
$549,900
346 Douglas Avenue, Providence, RI 02908
Well-maintained two-family home with two updated 2-bedroom, 1-bath units and recent exterior improvements.
Property Size1,704 SF
Price / SF$322.71
Days on Market32
Property Features for 346 Douglas Avenue
General Information
Standard status
Active
Size
1,704 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
David Zuller
Source:
Lockandkeyre
Added: Jul 7
Changed: Jul 26
Last Checked: Aug 7 at 1:26AM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This well-maintained two-family home offers flexible residential income potential with two separate units. Each unit features 2 bedrooms and 1 full bathroom, with updated interiors including modern kitchens and refreshed bathrooms. The property also includes recent exterior improvements, including maintenance-free vinyl siding and a roof that is approximately six years old.
The home is located near shopping, restaurants, schools, public transportation, and major highways, providing convenient access to daily needs and commuting options.
The seller is willing to deliver one unit vacant at closing, allowing a buyer to move in while generating rental income from the other unit.
The home is located near shopping, restaurants, schools, public transportation, and major highways, providing convenient access to daily needs and commuting options.
The seller is willing to deliver one unit vacant at closing, allowing a buyer to move in while generating rental income from the other unit.
Key Highlights
- Two‑family home built in 1900 in Providence’s Wanskuck neighborhood
- Each unit offers 2 bedrooms and 1 full bathroom
- Units have updated kitchens and refreshed bathrooms
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
$28,774
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
5.23%
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%
$575,480
$575.5K
Cap Rate 7%
$411,057
$411.1K
Cap Rate 9%
$319,711
$319.7K
Market Conditions
NOI Build-Up for 1,704 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
$44.0K $25.80/SF
− Vacancy
−$2.9K −$1.68/SF
EGI
$41.1K $24.12/SF
− OpEx
−$12.3K −$7.24/SF
NOI
$28.8K $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%
$575,480
Cap Rate 7%
$411,057
Cap Rate 9%
$319,711
Alternative Uses
Best Use
Multifamily LT 5
$411.1K
$359.7K – $479.6K
NOI $28,774 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$369.2K
$323.1K – $430.8K
NOI $25,845 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$570.1K
$498.8K – $665.1K
NOI $39,906 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,631
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Well-maintained two-family home with two updated 2-bedroom, 1-bath units and recent exterior improvements.
Where is this duplex located?
The property is located at 346 Douglas Avenue Providence, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑family home built in 1900 in Providence’s Wanskuck neighborhood; Each unit offers 2 bedrooms and 1 full bathroom; Units have updated kitchens and refreshed bathrooms
