Two-Family Residential Income
For Sale
$549,900
Pending
76 Radcliffe Avenue, Providence, RI 02908
Two-unit home with separate utilities and off-street parking, suited for owner-occupants or investors.
Property Size2,774 SF
Days on Market69
Property Features for 76 Radcliffe Avenue
General Information
Standard status
Pending
Size
2,774 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Amenities
separate laundry
off-street parking
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
RE/MAX Results
(401) 848-7827
Listed By:
Tyler Bernadyn · License #REB.0019892
Source:
Lockandkeyre
Added: Jun 25
Changed: Aug 23
Last Checked: Aug 22 at 2:10PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
76 Radcliffe Avenue is a spacious two-family residential income property with two units, each featuring three bedrooms and one full bathroom. Both apartments include a classic double parlor layout, a dedicated dining room, and galley-style kitchens, with separate laundry for each unit. The first-floor unit will be delivered vacant, while the second-floor unit is currently occupied on a month-to-month basis.
The property is located in the Elmhurst neighborhood of Providence, next to Providence College, with a short commute to Rhode Island College, Johnson & Wales University, downtown Providence, hospitals, shopping, restaurants, and major highways.
The building’s configuration, separate utilities, and dedicated laundry arrangements make it a practical option for an owner-occupant seeking immediate occupancy potential or an investor looking for independent unit operations.
The property is located in the Elmhurst neighborhood of Providence, next to Providence College, with a short commute to Rhode Island College, Johnson & Wales University, downtown Providence, hospitals, shopping, restaurants, and major highways.
The building’s configuration, separate utilities, and dedicated laundry arrangements make it a practical option for an owner-occupant seeking immediate occupancy potential or an investor looking for independent unit operations.
Key Highlights
- Two‑family home built in 1920 on Radcliffe Avenue in the Elmhurst neighborhood
- Each unit offers 3 bedrooms and 1 full bathroom, plus a dedicated dining room and galley‑style kitchen
- Separate utilities and separate laundry for each unit
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
$46,842
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
8.52%
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%
$936,840
$936.8K
Cap Rate 7%
$669,171
$669.2K
Cap Rate 9%
$520,467
$520.5K
Market Conditions
NOI Build-Up for 2,774 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
$71.6K $25.80/SF
− Vacancy
−$4.7K −$1.68/SF
EGI
$66.9K $24.12/SF
− OpEx
−$20.1K −$7.24/SF
NOI
$46.8K $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%
$936,840
Cap Rate 7%
$669,171
Cap Rate 9%
$520,467
Alternative Uses
Best Use
Multifamily LT 5
$669.2K
$585.5K – $780.7K
NOI $46,842 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$601.1K
$525.9K – $701.3K
NOI $42,075 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$928.1K
$812.1K – $1.08M
NOI $64,964 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,576
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 - Two-unit home with separate utilities and off-street parking, suited for owner-occupants or investors.
Where is this duplex located?
The property is located at 76 Radcliffe Avenue 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‑family home built in 1920 on Radcliffe Avenue in the Elmhurst neighborhood; Each unit offers 3 bedrooms and 1 full bathroom, plus a dedicated dining room and galley‑style kitchen; Separate utilities and separate laundry for each unit
