Duplex With Updated Upper
For Sale
$395,000
816 Plainfield Street, Providence, RI 02909
Two-family property with one updated unit and a first-floor unit requiring complete renovation.
Property Size1,620 SF
Price / SF$243.83
Days on Market8
Property Features for 816 Plainfield Street
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Multifamily
Property Condition
Severity
Major Repairs Needed
Evidence
requires a complete renovation
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Jennifer Valle Carpio
Source:
Lockandkeyre
Added: Aug 18
Changed: Aug 24
Last Checked: Aug 25 at 5:59AM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
This two-family property contains 1,620 square feet and dates to 1900. The upper residence includes an updated kitchen with granite countertops, a newer Anderson window, and a remodeled bathroom. The first-floor residence requires complete renovation and is being sold as-is, with cash or rehab financing required.
Outdoor features include a spacious yard, a new Trex deck and stairs, and grapevines more than 100 years old that produce multiple grape varieties. A large driveway accommodates multiple vehicles. The property is situated on a bus route in Providence, with parks, restaurants, schools, shopping, and daily amenities nearby.
Outdoor features include a spacious yard, a new Trex deck and stairs, and grapevines more than 100 years old that produce multiple grape varieties. A large driveway accommodates multiple vehicles. The property is situated on a bus route in Providence, with parks, restaurants, schools, shopping, and daily amenities nearby.
Key Highlights
- Two‑family property with 1,620 SF
- Built in 1900
- Upper unit features granite kitchen countertops, a newer Anderson window, and an updated 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
$27,355
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
6.93%
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%
$547,100
$547.1K
Cap Rate 7%
$390,786
$390.8K
Cap Rate 9%
$303,944
$303.9K
Market Conditions
NOI Build-Up for 1,620 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
$41.8K $25.80/SF
− Vacancy
−$2.7K −$1.68/SF
EGI
$39.1K $24.12/SF
− OpEx
−$11.7K −$7.24/SF
NOI
$27.4K $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 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%
$547,100
Cap Rate 7%
$390,786
Cap Rate 9%
$303,944
Alternative Uses
Best Use
Multifamily LT 5
$390.8K
$341.9K – $455.9K
NOI $27,355 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$351.0K
$307.1K – $409.5K
NOI $24,571 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$542.0K
$474.2K – $632.3K
NOI $37,938 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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-family property with one updated unit and a first-floor unit requiring complete renovation.
Where is this duplex located?
The property is located at 816 Plainfield Street Providence, RI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑family property with 1,620 SF; Built in 1900; Upper unit features granite kitchen countertops, a newer Anderson window, and an updated bathroom
