Side-by-Side Duplex with
For Sale
$575,000
41 Harmony Dr, Providence, RI 02909
Side-by-side duplex with open living areas, dual basements, and separate utilities with dual-zoned heating for each unit.
Property Size2,112 SF
Price / SF$272.25
Days on Market54
Property Features for 41 Harmony Dr
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1973
Stories
2
Tenancy
Multi
Listing Agency:
Places & Spaces Realty, LLC
Listed By:
Agueda Del Borgo · License #0016668
(401) 831-2002
Source:
Alpernandmesenbourg
Added: Jul 20
Changed: Sep 10
Last Checked: Sep 9 at 11:32PM
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 side-by-side duplex offers a contemporary, open layout designed for comfortable day-to-day living. Each unit features living, dining, and kitchen space on the first level, with bedrooms and a bathroom on the second. Floors are a mix of tile, some engineered surfaces, and mostly hardwood. The property is neatly supported by separate basements, along with vinyl siding and replacement windows. The home is described as beautifully maintained with good mechanicals, current lead safe certificates, and neutral interior finishes.
The duplex is located in a predominately single-family neighborhood near a golf course and Rhode Island College. The current units are occupied on month-to-month leases, and tenants are responsible for utilities, with dual-zoned heating in each unit.
For buyers seeking owner-occupancy and/or investment use, the property is positioned as a long-running rental asset with a history of tenant stability. Taxes noted in the remarks reflect a non-owner-occupied rate.
The duplex is located in a predominately single-family neighborhood near a golf course and Rhode Island College. The current units are occupied on month-to-month leases, and tenants are responsible for utilities, with dual-zoned heating in each unit.
For buyers seeking owner-occupancy and/or investment use, the property is positioned as a long-running rental asset with a history of tenant stability. Taxes noted in the remarks reflect a non-owner-occupied rate.
Key Highlights
- Side‑by‑side duplex built in 1973 with open living/dining/kitchen layout on the first level
- 2 bedrooms and a bathroom on the second level in each unit, plus separate, tidy basements
- Dual zoned heating with tenants paying utilities for each unit; all units have month‑to‑month leases and are currently occupied
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
2
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 - Side-by-side duplex with open living areas, dual basements, and separate utilities with dual-zoned heating for each unit.
Where is this duplex located?
The property is located at 41 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: Side‑by‑side duplex built in 1973 with open living/dining/kitchen layout on the first level; 2 bedrooms and a bathroom on the second level in each unit, plus separate, tidy basements; Dual zoned heating with tenants paying utilities for each unit; all units have month‑to‑month leases and are currently occupied
