Two-Family Residential Income
55 Lexington Avenue, North Providence, RI 02904
New
MULTI_FAMILY - North Providence, RI
Property size:
2,501 SFLot size:
0.21 AcresPrice / SF:
$229/SF- Added:
- Jun 15, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 16 at 9:06 am
Property Features for 55 Lexington Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RL10
- Bedrooms
- 2
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bathroom 2, Bedroom 2, Basement, Bedroom 1
- Parking
- 7
- Parking features
- Garage
- Patio and Porch features
- Porch
- Interior features
- Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (None)
- Exterior features
- Porch
- Basement
- Storage Space, Full, Unfinished
- Appliances
- Gas Water Heater, Dishwasher, Dryer, Disposal, Oven/Range, Refrigerator
- Standard status
- Active
- Size
- 2,501 SF
- Lot size
- 0.21 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5302
Utilities
- Heating system
- Baseboard, Natural Gas
- Cooling system
- Wall Unit(s)
Building Details
- Year built
- 1900
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Vinyl, Carpet, Hardwood, Tile - Ceramic
- Building materials
- Dry Wall, Plaster, Vinyl Siding
- Additional Structures
- None
Listing agent Blanchet Group (401) 333-0020
Listing office Re/Max Town & Country 2081 Diamond Hill Rd, RI (401) 333-0020
Listing date Jun 15, 2026
MLS# 1415306
Listing URL
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.
HighLights
- 2‑family home built in 1900 with both units scheduled to be vacant at closing
- Each unit has an eat‑in kitchen with gas stove; tenants pay their own utilities
- Parking includes a garage and a long driveway with ample off‑street parking
- Connected to town water and sewer; heating includes natural gas with baseboard systems
- Cooling is provided by wall A/C units in living areas
- Updates include a roof about 6 years old and new gutters with gutter guards installed 2 years ago
Overview
This well-maintained two-family home offers two separate units with distinct interior layouts. The first-floor unit includes an 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 crown molding, a double closet, and a second built-in A/C unit. The second-floor unit features a refreshed exterior staircase and deck, an eat-in kitchen with a gas stove, a full bath, dining room, living room, and bedroom, with new carpeting in the living areas and a built-in A/C unit in the living room. Outside, the property includes a welcoming front porch, a storage shed, a yard with mature plantings and flowers, and a long driveway providing off-street parking.
The home is located at 55 Lexington Avenue in North Providence, Rhode Island. It is connected to town water and town sewer. Updates reported include a roof approximately 6 years old and new gutters with gutter guards installed about 2 years ago.
Both units are vacant at closing, supporting either owner occupancy or rental use. Tenants pay for their own utilities. Prospective buyers should note that taxes shown do not reflect the 20% homestead exemption available to owner-occupants, and showings require 24–48 hours’ notice due to tenant scheduling.
The home is located at 55 Lexington Avenue in North Providence, Rhode Island. It is connected to town water and town sewer. Updates reported include a roof approximately 6 years old and new gutters with gutter guards installed about 2 years ago.
Both units are vacant at closing, supporting either owner occupancy or rental use. Tenants pay for their own utilities. Prospective buyers should note that taxes shown do not reflect the 20% homestead exemption available to owner-occupants, and showings require 24–48 hours’ notice due to tenant scheduling.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $63.6k | $25.44 |
| − Vacancy | −$4.1k | −$1.65 |
| EGI | $59.5k | $23.79 |
| − OpEx | −$17.8k | −$7.14 |
| NOI | $41.6k | $16.65 |
2,501 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$594.9K
$520.5K – $694.1K
NOI $41,643 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$472.1K
$413.1K – $550.8K
NOI $33,050 @ 7.0% cap · market cap 5.75%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- North Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.445165
- Latitude
- 41.860651
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Well-maintained duplex with both units vacant at closing and separate living spaces with gas stoves.
Where is this duplex located?
The property is located at 55 Lexington Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2‑family home built in 1900 with both units scheduled to be vacant at closing; Each unit has an eat‑in kitchen with gas stove; tenants pay their own utilities; Parking includes a garage and a long driveway with ample off‑street parking
