Two-Unit Duplex
New
For Sale
$475,000
84 Seamans St, Providence, RI 02908
Two-unit residential property near Providence College and Rhode Island College with access to major regional routes.
Property Size1,314 SF
Price / SF$361.49
Days on Market7
Property Features for 84 Seamans St
General Information
Standard status
Active
Size
1,314 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1930
Listing Agency:
Keller Williams South Watuppa
Listed By:
Philip Rebello · License #RES.0043201
(508) 974-5402
Source:
Alpernandmesenbourg
Added: Sep 21
Changed: Sep 26
Last Checked: Sep 26 at 11:30AM
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 Keller Williams South Watuppa
Investment Insights
Based on property information with market context.
This duplex contains two residential units and was built in 1930. The property is positioned in Providence’s Wanskuck/Elmhurst area, with a configuration suited to multifamily ownership and occupancy. The lot is described as large, with potential for additions, outdoor improvements, or future site development subject to buyer and buyer’s agent due diligence.
Daily conveniences are available along Douglas Ave and Smith St. Regional access includes Route 146 and I-95, while the Providence MBTA station provides an additional transportation connection. Providence College and Rhode Island College are nearby. Financing eligibility may vary by lender and loan program.
Daily conveniences are available along Douglas Ave and Smith St. Regional access includes Route 146 and I-95, while the Providence MBTA station provides an additional transportation connection. Providence College and Rhode Island College are nearby. Financing eligibility may vary by lender and loan program.
Key Highlights
- Two‑unit duplex property
- Built in 1930
- Located in Providence’s Wanskuck/Elmhurst area
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
$22,188
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
4.67%
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%
$443,760
$443.8K
Cap Rate 7%
$316,971
$317.0K
Cap Rate 9%
$246,533
$246.5K
Market Conditions
NOI Build-Up for 1,314 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
$33.9K $25.80/SF
− Vacancy
−$2.2K −$1.68/SF
EGI
$31.7K $24.12/SF
− OpEx
−$9.5K −$7.24/SF
NOI
$22.2K $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%
$443,760
Cap Rate 7%
$316,971
Cap Rate 9%
$246,533
Alternative Uses
Best Use
Multifamily LT 5
$317.0K
$277.4K – $369.8K
NOI $22,188 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$284.7K
$249.1K – $332.2K
NOI $19,930 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$439.6K
$384.7K – $512.9K
NOI $30,772 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
Check the figures for this property
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-unit residential property near Providence College and Rhode Island College with access to major regional routes.
Where is this duplex located?
The property is located at 84 Seamans St Providence, RI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex property; Built in 1930; Located in Providence’s Wanskuck/Elmhurst area
