Remodeled Two-Family
For Sale
$559,000
Pending
46 Ponagansett Avenue, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,152 SF
Lot Size0.10 Acres
Days on Market47
Property Features for 46 Ponagansett Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Unfinished, Full, Storage Space
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Lot features
Fenced, Paved Driveway
Standard status
Pending
Size
2,152 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5901
Utilities
Heating system
Forced Air, Natural Gas, Oil
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Vinyl
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Keller Williams Leading Edge · Keller Williams Realty
(401) 333-4900
Listed By:
Melanie Ruiz · License #38601
(401) 651-8141
Added: Jul 15
Changed: Aug 20
Last Checked: Aug 30 at 6:06AM
MLS# 1417793
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 1926 duplex contains 2,152 square feet on a 0.0978-acre lot. Both residences are vacant and feature 2 bedrooms, 1 full bathroom, and a double parlor that adds flexible living area. Recent work includes new kitchens, new bathrooms, fresh interior paint, refinished hardwood floors, and a new roof. Original architectural details remain, complemented by vinyl siding and separate utilities for each unit. Two separate heating systems serve the property, and the home also includes a private backyard.
The property is located in Providence near Providence Place, Federal Hill, Roger Williams Park, neighborhood restaurants and bakeries, shopping, and I-95. It offers a two-unit configuration with updated core improvements and flexible occupancy options for an owner-occupant or investor.
The property is located in Providence near Providence Place, Federal Hill, Roger Williams Park, neighborhood restaurants and bakeries, shopping, and I-95. It offers a two-unit configuration with updated core improvements and flexible occupancy options for an owner-occupant or investor.
Key Highlights
- Two‑unit duplex with both residences delivered vacant
- Each unit includes 2 bedrooms, 1 full bath, and a double parlor
- 2,152 square feet on a 0.0978‑acre lot
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
Lease Details
2
Residential units
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units combine updated interiors with separate utilities and private outdoor space.
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 includes 2 bedrooms, 1 full bath, and a double parlor; 2,152 square feet on a 0.0978‑acre lot
