Two-Family Residential Income
For Sale
$499,000
55 Lexington Ave, North Providence, RI 02904
Well-maintained two-family home with two vacant units at closing, gas stoves, and town water and sewer.
Property Size2,501 SF
Price / SF$199.52
Days on Market53
Property Features for 55 Lexington Ave
General Information
Standard status
Active
Size
2,501 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
yard
front porch
storage shed
driveway
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
RE/MAX Town & Country
Listed By:
Blanchet Group
(401) 333-0020
Source:
Alpernandmesenbourg
Added: Jul 21
Changed: Sep 10
Last Checked: Sep 9 at 9:47PM
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 Town & Country
Investment Insights
Based on property information with market context.
This well-maintained two-family home offers a flexible setup for either owner-occupancy or rental use, with both units vacant at closing. The first-floor unit includes a spacious eat-in kitchen with a gas stove, a living room with hardwood flooring and a built-in A/C unit, a full bath, and a bedroom with double closet storage and a second built-in A/C unit. The second-floor unit features an eat-in kitchen with a gas stove, a full bath, a dining room/living room that may serve as a second bedroom, and a bedroom. New carpeting is noted in the living areas, along with a built-in A/C unit in the living room, and there is an exterior staircase and deck.
The property sits on a large lot with a welcoming front porch, a storage shed, and a long driveway providing off-street parking. Updates include a roof approximately 6 years old and new gutters with gutter guards installed about 2 years ago. The home is connected to town water and sewer, and tenants pay their own utilities.
The property sits on a large lot with a welcoming front porch, a storage shed, and a long driveway providing off-street parking. Updates include a roof approximately 6 years old and new gutters with gutter guards installed about 2 years ago. The home is connected to town water and sewer, and tenants pay their own utilities.
Key Highlights
- Two‑family home with both units vacant at closing for owner occupancy or rental income
- Year built 1900; each unit features an eat‑in kitchen with gas stove
- First‑floor living room has hardwood flooring and built‑in A/C; second built‑in A/C in the bedroom
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
$41,643
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
8.35%
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%
$832,860
$832.9K
Cap Rate 7%
$594,900
$594.9K
Cap Rate 9%
$462,700
$462.7K
Market Conditions
NOI Build-Up for 2,501 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
$63.6K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.5K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $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%
$832,860
Cap Rate 7%
$594,900
Cap Rate 9%
$462,700
Alternative Uses
Best Use
Multifamily LT 5
$594.9K
$520.5K – $694.1K
NOI $41,643 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$472.1K
$413.1K – $550.8K
NOI $33,050 @ 7.0% cap · market cap 6.62%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
762
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Well-maintained two-family home with two vacant units at closing, gas stoves, and town water and sewer.
Where is this duplex located?
The property is located at 55 Lexington Ave North 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: Two‑family home with both units vacant at closing for owner occupancy or rental income; Year built 1900; each unit features an eat‑in kitchen with gas stove; First‑floor living room has hardwood flooring and built‑in A/C; second built‑in A/C in the bedroom
