Side-by-Side Duplex
For Sale
$575,000
37 Harmony Dr, Providence, RI 02909
Two side-by-side duplexes offer an appealing open layout with separate basements and dual-zoned heating in each unit.
Property Size2,112 SF
Price / SF$272.25
Days on Market50
Property Features for 37 Harmony Dr
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1974
Stories
2
Construction
contemporary
Tenancy
Multi
Listing Agency:
Places & Spaces Realty, LLC
Listed By:
Agueda Del Borgo
Source:
Alpernandmesenbourg
Added: Jul 24
Changed: Sep 3
Last Checked: Sep 9 at 10:02PM
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 Places & Spaces Realty, LLC
Investment Insights
Based on property information with market context.
This offering includes two beautifully maintained, side-by-side duplexes, available as a package deal. Each property is independently listed and is still owned and managed by the original owner. Interior finishes include a contemporary, open layout with neutral paint tones, tile, some engineered flooring, and mostly hardwood throughout. Living, dining, and kitchen space are located on the first level, with bedrooms and bathrooms on the second level. Each unit is supported by its own tidy basement, and tenants maintain month-to-month occupancy.
The properties are in a predominately single-family neighborhood near a golf course and Rhode Island College. Both units have tenants responsible for utilities and dual-zoned heating. Exterior features include vinyl siding and replacement windows, with newer mechanicals and lead safe certificates in place.
For each duplex, the current configuration centers on a two-level living arrangement with separate basements, continuing utility responsibility with dual-zoned heating. Taxes are noted as not reflecting the owner-occupied tax rate.
The properties are in a predominately single-family neighborhood near a golf course and Rhode Island College. Both units have tenants responsible for utilities and dual-zoned heating. Exterior features include vinyl siding and replacement windows, with newer mechanicals and lead safe certificates in place.
For each duplex, the current configuration centers on a two-level living arrangement with separate basements, continuing utility responsibility with dual-zoned heating. Taxes are noted as not reflecting the owner-occupied tax rate.
Key Highlights
- Two side‑by‑side duplexes (also individually listed as MLS# 1416887 and MLS# 1416888)
- Built in 1973; each unit has an open living/dining/kitchen layout on the first level and bedrooms/baths on the second
- Separate, tidy basements for each duplex
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
$35,663
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
6.20%
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%
$713,260
$713.3K
Cap Rate 7%
$509,471
$509.5K
Cap Rate 9%
$396,256
$396.3K
Market Conditions
NOI Build-Up for 2,112 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
$54.5K $25.80/SF
− Vacancy
−$3.5K −$1.68/SF
EGI
$50.9K $24.12/SF
− OpEx
−$15.3K −$7.24/SF
NOI
$35.7K $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%
$713,260
Cap Rate 7%
$509,471
Cap Rate 9%
$396,256
Alternative Uses
Best Use
Multifamily LT 5
$509.5K
$445.8K – $594.4K
NOI $35,663 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$457.6K
$400.4K – $533.9K
NOI $32,034 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$706.6K
$618.3K – $824.4K
NOI $49,461 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
442
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
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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 side-by-side duplexes offer an appealing open layout with separate basements and dual-zoned heating in each unit.
Where is this duplex located?
The property is located at 37 Harmony Dr Providence, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two side‑by‑side duplexes (also individually listed as MLS# 1416887 and MLS# 1416888); Built in 1973; each unit has an open living/dining/kitchen layout on the first level and bedrooms/baths on the second; Separate, tidy basements for each duplex
