Two-Unit Property with Finished
For Sale
$875,000
64 Duncan Ave, Providence, RI 02906
Modern construction includes two matching layouts and additional finished space for office, recreation, or storage use.
Property Size1,904 SF
Price / SF$459.56
Days on Market14
Property Features for 64 Duncan Ave
General Information
Standard status
Active
Size
1,904 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,295
Building Details
Year Built
2021
Listing Agency:
eXp Realty LLC
(401) 787-3757
Listed By:
Matt Mandeville · License #REB.0204020
(401) 787-3757
Source:
Exprealty
Added: Aug 18
Changed: Aug 31
Last Checked: Aug 31 at 1:28AM
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 LLC
Investment Insights
Based on property information with market context.
Built in 2021, this two-unit residential property contains 1,904 square feet and offers a contemporary configuration suited to both occupancy and rental use. Each residence includes two bedrooms, one full bathroom, open living areas, contemporary finishes, and a practical floor plan. The finished basement adds flexible interior space for a family room, office, fitness area, recreation, or storage.
A separate finished shed expands the usable footprint with room for a workshop, office, hobby area, or other flexible purpose. The property is located at 64 Duncan Ave in Providence’s Mount Hope neighborhood, with access to downtown Providence, Brown University, Providence College, hospitals, shopping, dining, parks, and major highways.
A separate finished shed expands the usable footprint with room for a workshop, office, hobby area, or other flexible purpose. The property is located at 64 Duncan Ave in Providence’s Mount Hope neighborhood, with access to downtown Providence, Brown University, Providence College, hospitals, shopping, dining, parks, and major highways.
Key Highlights
- Two‑unit property built in 2021
- 1,904 square feet with two 2‑bedroom, 1‑bath units
- Finished basement provides additional flexible space
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
$32,151
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
3.67%
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%
$643,020
$643.0K
Cap Rate 7%
$459,300
$459.3K
Cap Rate 9%
$357,233
$357.2K
Market Conditions
NOI Build-Up for 1,904 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
$49.1K $25.80/SF
− Vacancy
−$3.2K −$1.68/SF
EGI
$45.9K $24.12/SF
− OpEx
−$13.8K −$7.24/SF
NOI
$32.2K $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%
$643,020
Cap Rate 7%
$459,300
Cap Rate 9%
$357,233
Alternative Uses
Best Use
Multifamily LT 5
$459.3K
$401.9K – $535.9K
NOI $32,151 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$412.6K
$361.0K – $481.3K
NOI $28,879 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$637.0K
$557.4K – $743.2K
NOI $44,589 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,656
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 - Modern construction includes two matching layouts and additional finished space for office, recreation, or storage use.
Where is this duplex located?
The property is located at 64 Duncan Ave Providence, RI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two‑unit property built in 2021; 1,904 square feet with two 2‑bedroom, 1‑bath units; Finished basement provides additional flexible space
