Two-Unit Rental
For Sale
$385,000
57 Hazael St, Providence, RI 02908
Two residential units feature separate layouts, while the basement adds storage, laundry space, and a full bathroom.
Property Size1,104 SF
Price / SF$348.73
Days on Market22
Property Features for 57 Hazael St
General Information
Standard status
Active
Size
1,104 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
RE/MAX Properties
(401) 232-3900
Listed By:
Kerri Gemma
Source:
Alpernandmesenbourg
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 29 at 7:04PM
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 1930 duplex contains two residential units with distinct floor plans. The first level includes a living room, two bedrooms, an eat-in kitchen, and a full bathroom. The upper unit offers one bedroom, a living room, an eat-in kitchen, and another full bathroom. An unfinished basement provides additional storage, laundry space, and a full bathroom.
Exterior features include a recently installed roof, a one-car garage, on-site parking, and a corner-lot setting at 57 Hazael St, Providence, RI 02908. Both units are leased, with occupancy reported through July 2027. The property is situated near schools, highways, and stores.
Exterior features include a recently installed roof, a one-car garage, on-site parking, and a corner-lot setting at 57 Hazael St, Providence, RI 02908. Both units are leased, with occupancy reported through July 2027. The property is situated near schools, highways, and stores.
Key Highlights
- Two‑unit duplex built in 1930
- First‑floor unit with 2 bedrooms, living room, eat‑in kitchen, and full bath
- Second‑floor unit with 1 bedroom, living room, eat‑in kitchen, and full bath
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
$18,642
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
4.84%
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%
$372,840
$372.8K
Cap Rate 7%
$266,314
$266.3K
Cap Rate 9%
$207,133
$207.1K
Market Conditions
NOI Build-Up for 1,104 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
$28.5K $25.80/SF
− Vacancy
−$1.9K −$1.68/SF
EGI
$26.6K $24.12/SF
− OpEx
−$8.0K −$7.24/SF
NOI
$18.6K $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%
$372,840
Cap Rate 7%
$266,314
Cap Rate 9%
$207,133
Alternative Uses
Best Use
Multifamily LT 5
$266.3K
$233.0K – $310.7K
NOI $18,642 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$239.2K
$209.3K – $279.1K
NOI $16,745 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$369.3K
$323.2K – $430.9K
NOI $25,854 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 residential units feature separate layouts, while the basement adds storage, laundry space, and a full bathroom.
Where is this duplex located?
The property is located at 57 Hazael St Providence, RI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1930; First‑floor unit with 2 bedrooms, living room, eat‑in kitchen, and full bath; Second‑floor unit with 1 bedroom, living room, eat‑in kitchen, and full bath
