Two-Structure Duplex
For Sale
$650,000
Pending
80 Hillside Ave, Providence, RI 02906
Legal two-family arrangement includes separate residential structures and a studio above a heated garage.
Property Size3,678 SF
Days on Market242
Property Features for 80 Hillside Ave
General Information
Standard status
Pending
Size
3,678 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,198
Building Details
Buildings
2
Listing Agency:
Real Broker, LLC
(401) 744-8469
Listed By:
Berlin Hernandez
(401) 744-8469
Source:
Exprealty
Added: Dec 23, 2025
Changed: Aug 20
Last Checked: Aug 22 at 8:54AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This legal two-family property includes two separate structures on a corner lot. The Providence residence at 80 Hillside Ave features 2 bedrooms and 1 bathroom on the main level, an attic bedroom, and a finished lower level with 1 bedroom and 1 bathroom. Hardwood floors, an updated kitchen with refinished oak cabinetry, a sunroom, and a living room with a brick fireplace add character and functionality. The attic and basement offer additional flexibility for future improvements.
At 45-47 Swan St in Pawtucket, the second structure contains an open studio apartment with inlaid hardwood floors, pocket doors, and skylights above a heated two-car garage. The layout may allow conversion to a 3-family property. The property is near the Blackstone Boulevard recreation trail, Hope Street Farmers' Market, Lippitt Memorial Park, restaurants, cafés, and boutique shops.
At 45-47 Swan St in Pawtucket, the second structure contains an open studio apartment with inlaid hardwood floors, pocket doors, and skylights above a heated two-car garage. The layout may allow conversion to a 3-family property. The property is near the Blackstone Boulevard recreation trail, Hope Street Farmers' Market, Lippitt Memorial Park, restaurants, cafés, and boutique shops.
Key Highlights
- Two separate residential structures situated on a corner lot
- Providence home includes 2 bedrooms and 1 bathroom on the main level
- Finished basement has 1 bedroom and 1 bathroom
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
$55,786
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
8.58%
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%
$1,115,720
$1.1M
Cap Rate 7%
$796,943
$796.9K
Cap Rate 9%
$619,844
$619.8K
Market Conditions
NOI Build-Up for 3,678 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
$108.1K $29.40/SF
− Vacancy
−$6.7K −$1.82/SF
EGI
$101.4K $27.58/SF
− OpEx
−$45.6K −$12.41/SF
NOI
$55.8K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,115,720
Cap Rate 7%
$796,943
Cap Rate 9%
$619,844
Alternative Uses
Best Use
Multifamily LT 5
$887.2K
$776.3K – $1.04M
NOI $62,107 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$796.9K
$697.3K – $929.8K
NOI $55,786 @ 7.0% cap · market cap 8.58%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,134 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,702
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 - Legal two-family arrangement includes separate residential structures and a studio above a heated garage.
Where is this duplex located?
The property is located at 80 Hillside Ave Providence, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two separate residential structures situated on a corner lot; Providence home includes 2 bedrooms and 1 bathroom on the main level; Finished basement has 1 bedroom and 1 bathroom
