Renovated Duplex with Detached
For Sale
$612,000
84 Indiana Avenue, Providence, RI 02905
Two-unit property with updated systems, open-concept interiors, a basement, and dedicated garage and driveway parking.
Property Size2,040 SF
Price / SF$300
Days on Market240
Property Features for 84 Indiana Avenue
General Information
Standard status
Active
Size
2,040 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
Fireplace
Gas
Dishwasher
Gas Water Heater
Microwave
Oven
Range
Deck, Sewer Connected
Building Details
Year Built
1930
Buildings
1
Stories
2
Listing Agency:
HomeSmart Professionals
(401) 921-5011
Listed By:
Cliff Davidson
(401) 921-5011
Source:
Kw
Added: Dec 16, 2025
Changed: Aug 11
Last Checked: Aug 12 at 12:43PM
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 HomeSmart Professionals
Investment Insights
Based on property information with market context.
This renovated duplex at 84 Indiana Avenue in Providence includes two residential units, each arranged with an open-concept living area and kitchen. Granite countertops, a dishwasher, microwave, oven, range, gas appliances, and a fireplace are among the interior features. Recent improvements include a new roof, a new Navien heating system, and newer vinyl replacement windows. The property was built in 1930 and also offers a partially finished 906 sq. ft. basement for storage or additional use.
Set on a corner lot, the property includes a detached two-car garage, driveway parking for four additional vehicles, and a deck. Sewer connection is also present. With over 2,040 sq. ft. of living space, the layout provides separate-unit functionality within a residential income property configuration.
Set on a corner lot, the property includes a detached two-car garage, driveway parking for four additional vehicles, and a deck. Sewer connection is also present. With over 2,040 sq. ft. of living space, the layout provides separate-unit functionality within a residential income property configuration.
Key Highlights
- Over 2,040 sq. ft. across two residential units
- Partially finished 906 sq. ft. basement
- Detached two‑car garage plus driveway parking for four additional vehicles
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
$34,448
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
5.63%
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%
$688,960
$689.0K
Cap Rate 7%
$492,114
$492.1K
Cap Rate 9%
$382,756
$382.8K
Market Conditions
NOI Build-Up for 2,040 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
$52.6K $25.80/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$49.2K $24.12/SF
− OpEx
−$14.8K −$7.24/SF
NOI
$34.4K $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%
$688,960
Cap Rate 7%
$492,114
Cap Rate 9%
$382,756
Alternative Uses
Best Use
Multifamily LT 5
$492.1K
$430.6K – $574.1K
NOI $34,448 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$442.0K
$386.8K – $515.7K
NOI $30,942 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$682.5K
$597.2K – $796.2K
NOI $47,774 @ 7.0% cap · market cap 7.81%
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
818
Businesses Nearby
Explore this area
Business Placement
Demographics for 02905, RI
26,334
Population
10,361
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
77%
High-School Grad
3.7 sq mi
ZIP Area
7,117
Density / Sq Mi
$57,126
Median Household Income
$36,799
Median Earnings
$1,103
Median Rent
$322,700
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 - Two-unit property with updated systems, open-concept interiors, a basement, and dedicated garage and driveway parking.
Where is this duplex located?
The property is located at 84 Indiana Avenue Providence, RI.
What is the asking price?
The asking price for this property is $612,000.
What are key features of this property?
This property features: Over 2,040 sq. ft. across two residential units; Partially finished 906 sq. ft. basement; Detached two‑car garage plus driveway parking for four additional vehicles
