Two-Unit
New
For Sale
$440,000
661 Douglas Avenue, Providence, RI 02908
Both residences are occupied under month-to-month arrangements, allowing flexibility for continued rental use or owner occupancy.
Property Size1,680 SF
Price / SF$261.90
Days on Market7
Property Features for 661 Douglas Avenue
General Information
Standard status
Active
Size
1,680 SF
Property subtype
MultiFamily
Occupancy
100%
Site & Location
Neighborhood
Elmhurst
Highway Access
Yes
Units
Unit Mix
1 x studio, 1 x 2BR
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1940
Listing Agency:
SERHANT.
(401) 382-0600
Listed By:
Dawn Tramontano · License #RES.0046956
(401) 441-0135
Source:
Lockandkeyre
Added: Oct 27
Changed: Nov 1
Last Checked: Nov 1 at 5:42AM
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 SERHANT.
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Investment Insights
Based on property information with market context.
This two-family property at 661 Douglas Avenue includes a studio-style residence and a separate two-bedroom layout. Both units are occupied on a month-to-month basis. Built in 1940, the property is in Providence’s Providence College area.
Key Highlights
- Two residential units: one studio‑style and one with a two‑bedroom layout
- Both units occupied on month‑to‑month terms
- Built in 1940
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,369
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$567,380
$567.4K
Cap Rate 7%
$405,271
$405.3K
Cap Rate 9%
$315,211
$315.2K
Market Conditions
NOI Build-Up for 1,680 SF
Gross rent
$43.3K $25.80/SF
− Vacancy
−$2.8K −$1.68/SF
EGI
$40.5K $24.12/SF
− OpEx
−$12.2K −$7.24/SF
NOI
$28.4K $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 Rate 5%
$567,380
Cap Rate 7%
$405,271
Cap Rate 9%
$315,211
Alternative Uses
Best Use
Multifamily LT 5
$405.3K
$354.6K – $472.8K
NOI $28,369 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,481 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$562.1K
$491.8K – $655.7K
NOI $39,344 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
742
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied under month-to-month arrangements, allowing flexibility for continued rental use or owner occupancy.
Where is this duplex located?
The property is located at 661 Douglas Avenue Providence, RI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two residential units: one studio‑style and one with a two‑bedroom layout; Both units occupied on month‑to‑month terms; Built in 1940
