Duplex With Updated Upper
For Sale
$395,000
Pending
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
Days on Market59
Property Features for 816 Plainfield Street
General Information
Standard status
Pending
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 · License #REB.0205981
(401) 203-6370
Source:
Lockandkeyre
Added: Aug 18
Changed: Oct 15
Last Checked: Oct 15 at 12:02AM
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 / Yr
$27,355
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
