Two-Family Duplex with Updated
For Sale
$395,000
816 Plainfield Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size1,620 SF
Lot Size0.11 Acres
Price / SF$243.83
Days on Market12
Property Features for 816 Plainfield Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 4, Bathroom 1
Parking
4
Parking features
None
Basement
Unfinished, Partial
Appliances
Gas Water Heater
Standard status
Active
Size
1,620 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2300
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
Trex deck
grapevines
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Carpet, Hardwood, Laminate
Building materials
Vinyl Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Jennifer Valle Carpio
(401) 203-6370
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 29 at 2:06PM
MLS# 1421003
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family duplex, built in 1900, contains 1,620 square feet on a 0.1148-acre lot. The second-floor unit has an updated kitchen with granite countertops, a newer Anderson window, and a renovated bathroom. The first-floor unit requires a complete renovation and is being sold as-is. Interior materials include vinyl siding, laminate, hardwood, and carpet, with natural gas baseboard heat and a gas water heater.
Exterior features include a Trex deck and stairs, a spacious yard, and grapevines more than 100 years old that produce several grape varieties. The property is served by public water and is situated on a bus route in Providence, with parks, restaurants, schools, shopping, and everyday amenities nearby. The property is offered for cash or rehab-loan buyers.
Exterior features include a Trex deck and stairs, a spacious yard, and grapevines more than 100 years old that produce several grape varieties. The property is served by public water and is situated on a bus route in Providence, with parks, restaurants, schools, shopping, and everyday amenities nearby. The property is offered for cash or rehab-loan buyers.
Key Highlights
- Two‑family duplex with 1,620 square feet of property size
- Second‑floor unit includes renovated kitchen and bathroom
- First‑floor unit requires a complete renovation
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 - The second-floor residence includes an updated kitchen and bathroom, while the first-floor unit requires comprehensive 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 duplex with 1,620 square feet of property size; Second‑floor unit includes renovated kitchen and bathroom; First‑floor unit requires a complete renovation
