Townhouse-Style Duplex with Separate
For Sale
$499,000
53 Hazael Street, Providence, RI 02908
Two 2-bedroom, 1.5-bath townhouse-style units with separate driveways and off-street parking.
Property Size1,728 SF
Price / SF$288.77
Days on Market19
Property Features for 53 Hazael Street
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1986
Listing Agency:
RE/MAX Properties
(401) 232-3900
Listed By:
Kerri Gemma
Source:
Lockandkeyre
Added: Jul 20
Changed: Jul 26
Last Checked: Aug 7 at 1:04AM
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 RE/MAX Properties
Investment Insights
Based on property information with market context.
This well-maintained townhouse-style duplex offers two spacious units, each featuring 2 bedrooms and 1.5 bathrooms. Both units include a functional multi-level layout designed to provide a single-family home feel, with generous living space and comfortable floor plans for everyday use.
The property includes separate driveways, providing off-street parking for each unit. Curb appeal and mature landscaping reflect pride of ownership throughout. Located in the Elmhurst neighborhood, the duplex is near Providence College, major highways, shopping, dining, parks, and downtown Providence.
The property can also be sold together with the adjacent house next door on a corner lot, which includes a 1-car garage (57 Hazael St, MLS #1418336).
The property includes separate driveways, providing off-street parking for each unit. Curb appeal and mature landscaping reflect pride of ownership throughout. Located in the Elmhurst neighborhood, the duplex is near Providence College, major highways, shopping, dining, parks, and downtown Providence.
The property can also be sold together with the adjacent house next door on a corner lot, which includes a 1-car garage (57 Hazael St, MLS #1418336).
Key Highlights
- 1986‑built townhouse‑style duplex in Elmhurst with 2 spacious units
- Each unit features 2 bedrooms and 1.5 bathrooms with a functional multi‑level layout
- Separate driveways provide off‑street parking for both units
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
$29,179
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
5.85%
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%
$583,580
$583.6K
Cap Rate 7%
$416,843
$416.8K
Cap Rate 9%
$324,211
$324.2K
Market Conditions
NOI Build-Up for 1,728 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
$44.6K $25.80/SF
− Vacancy
−$2.9K −$1.68/SF
EGI
$41.7K $24.12/SF
− OpEx
−$12.5K −$7.24/SF
NOI
$29.2K $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%
$583,580
Cap Rate 7%
$416,843
Cap Rate 9%
$324,211
Alternative Uses
Best Use
Multifamily LT 5
$416.8K
$364.7K – $486.3K
NOI $29,179 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$374.4K
$327.6K – $436.8K
NOI $26,209 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$578.1K
$505.9K – $674.5K
NOI $40,468 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
497
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 - Two 2-bedroom, 1.5-bath townhouse-style units with separate driveways and off-street parking.
Where is this duplex located?
The property is located at 53 Hazael Street Providence, RI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1986‑built townhouse‑style duplex in Elmhurst with 2 spacious units; Each unit features 2 bedrooms and 1.5 bathrooms with a functional multi‑level layout; Separate driveways provide off‑street parking for both units
