Duplex Property with Garage
For Sale
$600,000
85 Moorland Avenue, Providence, RI 02908
Separate apartment above the garage expands the property’s flexible living arrangement.
Property Size2,320 SF
Price / SF$258.62
Days on Market18
Property Features for 85 Moorland Avenue
General Information
Standard status
Active
Size
2,320 SF
Property subtype
MultiFamily
Amenities
ceiling fans
dedicated laundry area
new garage doors with new automatic lifters
new rear deck
Building Details
Year Built
1952
Construction
Cape-style
Listing Agency:
Keller Williams Leading Edge
(401) 333-4900
Listed By:
Brian Greene · License #RES.0041590
(401) 824-6100
Source:
Lockandkeyre
Added: Sep 10
Changed: Sep 26
Last Checked: Sep 26 at 8:49AM
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 Leading Edge
Investment Insights
Based on property information with market context.
Built in 1952, this duplex property combines a primary residence with a separate apartment positioned above the garage. The main home features hardwood flooring, spacious bedrooms, generous windows, ceiling fans, and a kitchen with extensive cabinetry, counter space, and a breakfast bar. A dedicated laundry area and full bathroom with tub and shower add practical functionality.
The upper apartment includes one bedroom, one bathroom, its own kitchen, and a living area. Exterior features include a rear deck, mature shade trees, foundation plantings, traditional shutters, and a brick chimney. The garage has new doors and automatic lifters, adding updated convenience to the property’s existing layout.
The upper apartment includes one bedroom, one bathroom, its own kitchen, and a living area. Exterior features include a rear deck, mature shade trees, foundation plantings, traditional shutters, and a brick chimney. The garage has new doors and automatic lifters, adding updated convenience to the property’s existing layout.
Key Highlights
- Separate 1‑bedroom, 1‑bath apartment above the garage
- Apartment includes its own kitchen and living area
- Property size of 2,320
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
$39,176
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
6.53%
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%
$783,520
$783.5K
Cap Rate 7%
$559,657
$559.7K
Cap Rate 9%
$435,289
$435.3K
Market Conditions
NOI Build-Up for 2,320 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
$59.9K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.0K $24.12/SF
− OpEx
−$16.8K −$7.24/SF
NOI
$39.2K $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%
$783,520
Cap Rate 7%
$559,657
Cap Rate 9%
$435,289
Alternative Uses
Best Use
Multifamily LT 5
$559.7K
$489.7K – $652.9K
NOI $39,176 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$502.7K
$439.9K – $586.5K
NOI $35,189 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$776.2K
$679.2K – $905.5K
NOI $54,332 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,371
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
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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 - Separate apartment above the garage expands the property’s flexible living arrangement.
Where is this duplex located?
The property is located at 85 Moorland Avenue Providence, RI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Separate 1‑bedroom, 1‑bath apartment above the garage; Apartment includes its own kitchen and living area; Property size of 2,320
