Remodeled Two-Family
For Sale
$559,000
46 Ponagansett Avenue, Providence, RI 02909
Two vacant units feature updated interiors, separate utilities, off-street parking, and a private backyard.
Property Size2,152 SF
Days on Market29
Property Features for 46 Ponagansett Avenue
General Information
Standard status
Active
Size
2,152 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$5,901
Building Details
Building Size
2,152 SF
Year Built
1926
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Leading Edge
(401) 651-8141
Listed By:
Melanie Ruiz · License #38601
(401) 651-8141
Source:
Liongatere
Added: Jul 15
Changed: Aug 11
Last Checked: Aug 11 at 2:55PM
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 Leading Edge
Investment Insights
Based on property information with market context.
This remodeled duplex, built in 1926, contains two vacant units with matching layouts. Each residence includes 2 bedrooms, 1 full bath, and a double parlor that expands the usable living area. Refinished hardwood floors and original architectural details remain, while new kitchens, bathrooms, and interior paint refresh the spaces. The property also has a new roof, vinyl siding, separate utilities, two independent heating systems, off-street parking, and a private backyard.
The property is located on Ponagansett Avenue in Providence, with access to Providence Place, Federal Hill, Roger Williams Park, neighborhood restaurants and bakeries, shopping, and I-95. Vacant delivery provides flexibility for an owner-occupant, individual tenant placement, or leasing both apartments.
The property is located on Ponagansett Avenue in Providence, with access to Providence Place, Federal Hill, Roger Williams Park, neighborhood restaurants and bakeries, shopping, and I-95. Vacant delivery provides flexibility for an owner-occupant, individual tenant placement, or leasing both apartments.
Key Highlights
- Two‑unit duplex with both residences delivered vacant
- Each unit offers 2 bedrooms, 1 full bath, and a spacious double parlor
- New kitchens, bathrooms, interior paint, and roof
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
$36,339
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
6.50%
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%
$726,780
$726.8K
Cap Rate 7%
$519,129
$519.1K
Cap Rate 9%
$403,767
$403.8K
Market Conditions
NOI Build-Up for 2,152 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
$55.5K $25.80/SF
− Vacancy
−$3.6K −$1.68/SF
EGI
$51.9K $24.12/SF
− OpEx
−$15.6K −$7.24/SF
NOI
$36.3K $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%
$726,780
Cap Rate 7%
$519,129
Cap Rate 9%
$403,767
Alternative Uses
Best Use
Multifamily LT 5
$519.1K
$454.2K – $605.7K
NOI $36,339 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$466.3K
$408.0K – $544.0K
NOI $32,640 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$720.0K
$630.0K – $840.0K
NOI $50,397 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
805
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units feature updated interiors, separate utilities, off-street parking, and a private backyard.
Where is this duplex located?
The property is located at 46 Ponagansett Avenue Providence, RI.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences delivered vacant; Each unit offers 2 bedrooms, 1 full bath, and a spacious double parlor; New kitchens, bathrooms, interior paint, and roof
