Renovated Two-Family
For Sale
$600,000
66 Glover Street, Providence, RI 02908
Updated interiors include new kitchens, bathrooms, and modern finishes.
Property Size2,044 SF
Days on Market201
Property Features for 66 Glover Street
General Information
Standard status
Active
Size
2,044 SF
Property subtype
Multi-Family
Amenities
Baseboard
Gas
Gas Water Heater
Oven
Range
Refrigerator
Sewer Connected
Building Details
Building Size
2,044 SF
Year Built
1977
Stories
2
Listing Agency:
South Watuppa
(774) 488-8654
Listed By:
Dawn Mercer · License #MA
(774) 488-8654
Source:
Kw
Added: Feb 11
Changed: Aug 30
Last Checked: Aug 30 at 11:22PM
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 South Watuppa
Investment Insights
Based on property information with market context.
Located at 66 Glover Street in Providence, this two-family duplex was built in 1977 and has undergone a full renovation. Each residence offers 2 bedrooms and 1.5 bathrooms, with refreshed interiors, new kitchens, quartz countertops, and stainless steel appliances. Baseboard heating, gas service, a gas water heater, an oven, a range, and a refrigerator are included.
One unit features a finished basement that can accommodate additional living, office, or exercise space. The property also includes off-street parking and a private fenced yard serving one side of the duplex. Sewer service is connected, and the updated configuration supports both owner-occupancy and rental use.
One unit features a finished basement that can accommodate additional living, office, or exercise space. The property also includes off-street parking and a private fenced yard serving one side of the duplex. Sewer service is connected, and the updated configuration supports both owner-occupancy and rental use.
Key Highlights
- Fully renovated two‑family duplex at 66 Glover Street, Providence, RI 02908
- Each unit includes 2 bedrooms and 1.5 brand new bathrooms
- New kitchens with quartz countertops and stainless steel appliances
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
$34,515
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
5.75%
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%
$690,300
$690.3K
Cap Rate 7%
$493,071
$493.1K
Cap Rate 9%
$383,500
$383.5K
Market Conditions
NOI Build-Up for 2,044 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
$52.7K $25.80/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$49.3K $24.12/SF
− OpEx
−$14.8K −$7.24/SF
NOI
$34.5K $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%
$690,300
Cap Rate 7%
$493,071
Cap Rate 9%
$383,500
Alternative Uses
Best Use
Multifamily LT 5
$493.1K
$431.4K – $575.3K
NOI $34,515 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$442.9K
$387.5K – $516.7K
NOI $31,002 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$683.8K
$598.4K – $797.8K
NOI $47,868 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
614
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 - Updated interiors include new kitchens, bathrooms, and modern finishes.
Where is this duplex located?
The property is located at 66 Glover Street Providence, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Fully renovated two‑family duplex at 66 Glover Street, Providence, RI 02908; Each unit includes 2 bedrooms and 1.5 brand new bathrooms; New kitchens with quartz countertops and stainless steel appliances
