Two-Unit Property with
New
For Sale
$525,000
53 Sylvia Avenue, North Providence, RI 02911
Vacant duplex with distinct layouts, shared heating, outdoor amenities, and flexible occupancy options.
Property Size1,961 SF
Price / SF$267.72
Days on Market3
Property Features for 53 Sylvia Avenue
General Information
Standard status
Active
Size
1,961 SF
Total Parking Spaces
2
Property subtype
MultiFamily
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Amenities
enclosed porch
in-unit laundry
walk out lower level
outdoor shed
pergola
brick patios
Building Details
Year Built
1929
Listing Agency:
BHHS Pinnacle Realty
(401) 331-3948
Listed By:
Joseph Mullen · License #RES.0040363
(401) 486-3484
Source:
Lockandkeyre
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 4:11PM
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 BHHS Pinnacle Realty
Investment Insights
Based on property information with market context.
Built in 1929, this vacant duplex contains two separate units with different configurations. The first-floor residence offers one bedroom, living and dining areas, hardwood flooring, an enclosed porch, and in-unit laundry. Upstairs, the second unit includes three bedrooms, a spacious living area, and an eat-in kitchen. Original woodwork and architectural features remain throughout, while a recently installed shared heating system adds a notable building improvement.
Additional amenities include a walk-out lower level, detached two-car garage, outdoor shed, pergola, and brick patios. The property is positioned near shopping, dining, highways, and daily amenities in the Fruit Hill neighborhood. With both residences unoccupied, the next owner can select a unit for personal use or establish a new occupancy plan for the duplex.
Additional amenities include a walk-out lower level, detached two-car garage, outdoor shed, pergola, and brick patios. The property is positioned near shopping, dining, highways, and daily amenities in the Fruit Hill neighborhood. With both residences unoccupied, the next owner can select a unit for personal use or establish a new occupancy plan for the duplex.
Key Highlights
- Two vacant residential units with one‑bedroom and three‑bedroom layouts
- Detached two‑car garage plus walk‑out lower level
- Recently installed shared heating system
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
$32,652
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
6.22%
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%
$653,040
$653.0K
Cap Rate 7%
$466,457
$466.5K
Cap Rate 9%
$362,800
$362.8K
Market Conditions
NOI Build-Up for 1,961 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
$49.9K $25.44/SF
− Vacancy
−$3.2K −$1.65/SF
EGI
$46.6K $23.79/SF
− OpEx
−$14.0K −$7.14/SF
NOI
$32.7K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$653,040
Cap Rate 7%
$466,457
Cap Rate 9%
$362,800
Alternative Uses
Best Use
Multifamily LT 5
$466.5K
$408.2K – $544.2K
NOI $32,652 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$370.2K
$323.9K – $431.9K
NOI $25,914 @ 7.0% cap · market cap 4.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
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 - Vacant duplex with distinct layouts, shared heating, outdoor amenities, and flexible occupancy options.
Where is this duplex located?
The property is located at 53 Sylvia Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two vacant residential units with one‑bedroom and three‑bedroom layouts; Detached two‑car garage plus walk‑out lower level; Recently installed shared heating system
