Updated Two-Unit
For Sale
$549,900
70 Veazie Street, Providence, RI 02908
Renovated interiors, off-street parking, and modern mechanical systems support immediate residential occupancy.
Property Size1,830 SF
Price / SF$300.49
Days on Market12
Property Features for 70 Veazie Street
General Information
Standard status
Active
Size
1,830 SF
Property subtype
Multifamily
Building Details
Year Built
1930
Buildings
1
Tenancy
Multi
Listing Agency:
REMAX Revolution
(401) 921-5011
Listed By:
Anastasia Kaufman
Source:
Lockandkeyre
Added: Jul 31
Changed: Aug 11
Last Checked: Aug 11 at 6:13AM
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 REMAX Revolution
Investment Insights
Based on property information with market context.
This 1,830-square-foot duplex, built in 1930, contains two residential units with two bedrooms per unit. Both apartments have received extensive updates, including new kitchens, modernized bathrooms, fresh interior paint, and new flooring. The property also includes a new off-street parking area, vinyl siding, newer energy-efficient heating systems, and newer hot water tanks.
Located at 70 Veazie Street in Providence, the property is near Providence College, downtown Providence, and major transit routes. The combination of two-bedroom layouts, updated interiors, and completed mechanical and exterior improvements provides a functional setup for an owner-occupant or residential landlord.
Located at 70 Veazie Street in Providence, the property is near Providence College, downtown Providence, and major transit routes. The combination of two-bedroom layouts, updated interiors, and completed mechanical and exterior improvements provides a functional setup for an owner-occupant or residential landlord.
Key Highlights
- Two‑unit duplex with 1,830 square feet, built in 1930
- Each unit includes two bedrooms
- New kitchens, modernized bathrooms, fresh paint, and new flooring in both units
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
$30,902
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
5.62%
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%
$618,040
$618.0K
Cap Rate 7%
$441,457
$441.5K
Cap Rate 9%
$343,356
$343.4K
Market Conditions
NOI Build-Up for 1,830 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
$47.2K $25.80/SF
− Vacancy
−$3.1K −$1.68/SF
EGI
$44.1K $24.12/SF
− OpEx
−$13.2K −$7.24/SF
NOI
$30.9K $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%
$618,040
Cap Rate 7%
$441,457
Cap Rate 9%
$343,356
Alternative Uses
Best Use
Multifamily LT 5
$441.5K
$386.3K – $515.0K
NOI $30,902 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$396.5K
$347.0K – $462.6K
NOI $27,756 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$612.2K
$535.7K – $714.3K
NOI $42,856 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated interiors, off-street parking, and modern mechanical systems support immediate residential occupancy.
Where is this duplex located?
The property is located at 70 Veazie Street Providence, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,830 square feet, built in 1930; Each unit includes two bedrooms; New kitchens, modernized bathrooms, fresh paint, and new flooring in both units
