Updated Two-Family
For Sale
$499,000
6 Nevada Avenue, East Providence, RI 02916
Two separately configured units feature hardwood flooring, updated bathrooms, outdoor space, and dedicated basement storage.
Property Size2,217 SF
Price / SF$225.08
Days on Market10
Property Features for 6 Nevada Avenue
General Information
Standard status
Active
Size
2,217 SF
Total Parking Spaces
6
Property subtype
Multifamily
Amenities
central air
private deck
fenced yard
storage shed
Building Details
Year Built
1948
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
eXp Realty
(888) 315-3445
Listed By:
Slocum Home Team
Source:
Lockandkeyre
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 7 at 1:34AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 2,217-square-foot duplex, built in 1948, occupies a corner lot and combines two residential units with updated interior features. The first-floor residence includes an open living, dining, and kitchen arrangement, two bedrooms, hardwood flooring, an updated bathroom, central air, and private use of the full basement with laundry and storage. A bedroom opens onto a deck overlooking the fenced yard.
The second-floor apartment provides one bedroom, hardwood floors, an updated bathroom, and a practical living layout. Its tenant is currently on a month-to-month lease. Exterior features include parking for up to six vehicles, a large storage shed, and a fenced yard. The property also has a recent lead certificate and is located near Wannamoisett Country Club in Rumford, East Providence.
The second-floor apartment provides one bedroom, hardwood floors, an updated bathroom, and a practical living layout. Its tenant is currently on a month-to-month lease. Exterior features include parking for up to six vehicles, a large storage shed, and a fenced yard. The property also has a recent lead certificate and is located near Wannamoisett Country Club in Rumford, East Providence.
Key Highlights
- 2,217 SF duplex on a corner lot
- First‑floor unit offers 2 bedrooms, central air, deck access, and exclusive basement use
- Second‑floor apartment has 1 bedroom and a month‑to‑month tenant
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
$36,914
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
7.40%
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%
$738,280
$738.3K
Cap Rate 7%
$527,343
$527.3K
Cap Rate 9%
$410,156
$410.2K
Market Conditions
NOI Build-Up for 2,217 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
$56.4K $25.44/SF
− Vacancy
−$3.7K −$1.65/SF
EGI
$52.7K $23.79/SF
− OpEx
−$15.8K −$7.14/SF
NOI
$36.9K $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%
$738,280
Cap Rate 7%
$527,343
Cap Rate 9%
$410,156
Alternative Uses
Best Use
Multifamily LT 5
$527.3K
$461.4K – $615.2K
NOI $36,914 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$418.5K
$366.2K – $488.3K
NOI $29,297 @ 7.0% cap · market cap 5.87%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 02916, RI
8,350
Population
3,941
Households
2.1
Avg Household Size
46
Median Age
43%
College-Educated
91%
High-School Grad
2.7 sq mi
ZIP Area
3,093
Density / Sq Mi
$96,293
Median Household Income
$60,155
Median Earnings
$1,267
Median Rent
$360,400
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 separately configured units feature hardwood flooring, updated bathrooms, outdoor space, and dedicated basement storage.
Where is this duplex located?
The property is located at 6 Nevada Avenue East 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: 2,217 SF duplex on a corner lot; First‑floor unit offers 2 bedrooms, central air, deck access, and exclusive basement use; Second‑floor apartment has 1 bedroom and a month‑to‑month tenant
