Two-Family Under Construction Corner
For Sale
$825,000
84 Coggeshall St, Providence, RI 02904
Corner lot two-family with two completed levels partially updated, offering separate utilities and laundry on each floor.
Property Size3,000 SF
Price / SF$275
Days on Market66
Property Features for 84 Coggeshall St
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2026
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX Preferred
Listed By:
Sally Rianna · License #S30517
(401) 486-1337
Source:
Alpernandmesenbourg
Added: Jul 8
Changed: Sep 10
Last Checked: Sep 9 at 10:42PM
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 Preferred
Investment Insights
Based on property information with market context.
This two-family home is currently under construction with updates reported for the first level, including installed windows and completed siding. The layout is designed as an “up-and-down” two-family, with Unit 1 on the first level offering three bedrooms and one bathroom, and Unit 2 on the second floor presented in a townhouse-style configuration. Unit 2 includes an upper level with three additional bedrooms plus a rec room, for a total of six bedrooms and two full bathrooms within the unit. The property also includes a basement where window wells are planned to create an option for future bedrooms, at the buyer’s expense.
The home is specified with separate utilities and laundry area on each floor. Reported included appliances for both units are stainless steel: stove, refrigerator, microwave, and dishwasher. Heating includes both gas heat and a heat pump, and central air is included. Off-street parking for approximately 3–4 vehicles is provided, and the property is described as near Providence College, close to shopping, dining, and public transportation.
The home is specified with separate utilities and laundry area on each floor. Reported included appliances for both units are stainless steel: stove, refrigerator, microwave, and dishwasher. Heating includes both gas heat and a heat pump, and central air is included. Off-street parking for approximately 3–4 vehicles is provided, and the property is described as near Providence College, close to shopping, dining, and public transportation.
Key Highlights
- New construction two‑family (Year Built 2026) on a corner lot with two partially completed levels and updates underway
- Two separate units: Unit 1 (1st level) has 3 bedrooms and 1 bathroom; Unit 2 (2nd floor) is town‑house style with 3 bedrooms plus rec room
- Unit 2 totals 6 bedrooms and 2 full bathrooms, with additional 3 bedrooms and rec room space described for the upper level
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
$50,658
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
6.14%
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%
$1,013,160
$1.0M
Cap Rate 7%
$723,686
$723.7K
Cap Rate 9%
$562,867
$562.9K
Market Conditions
NOI Build-Up for 3,000 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
$77.4K $25.80/SF
− Vacancy
−$5.0K −$1.68/SF
EGI
$72.4K $24.12/SF
− OpEx
−$21.7K −$7.24/SF
NOI
$50.7K $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%
$1,013,160
Cap Rate 7%
$723,686
Cap Rate 9%
$562,867
Alternative Uses
Best Use
Multifamily LT 5
$723.7K
$633.2K – $844.3K
NOI $50,658 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$650.0K
$568.8K – $758.4K
NOI $45,502 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.00M
$878.2K – $1.17M
NOI $70,256 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
Median Home Value
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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 - Corner lot two-family with two completed levels partially updated, offering separate utilities and laundry on each floor.
Where is this duplex located?
The property is located at 84 Coggeshall St Providence, RI.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: New construction two‑family (Year Built 2026) on a corner lot with two partially completed levels and updates underway; Two separate units: Unit 1 (1st level) has 3 bedrooms and 1 bathroom; Unit 2 (2nd floor) is town‑house style with 3 bedrooms plus rec room; Unit 2 totals 6 bedrooms and 2 full bathrooms, with additional 3 bedrooms and rec room space described for the upper level
