Renovated Two-Family
For Sale
$599,900
87 Lyman Avenue, North Providence, RI 02911
Residential Income, North Providence, RI
Property Size1,802 SF
Lot Size0.21 Acres
Price / SF$332.91
Days on Market48
Property Features for 87 Lyman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Parking
3
Interior features
Stairs, Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Lymansville
Lot features
Corner Lot
Standard status
Active
Size
1,802 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6113
Utilities
Heating system
Steam, Natural Gas, Baseboard
Building Details
Year built
1915
Floors in Building
3
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Westcott Properties
(401) 421-5300
Listed By:
Kristina St. Andre · License #41446
(401) 649-2796
Added: Jul 20
Changed: Sep 2
Last Checked: Sep 5 at 9:06AM
MLS# 1418377
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 1,802-square-foot duplex, built in 1915, contains two residential units with matching two-bedroom layouts. Both apartments have renovated kitchens equipped with stainless steel appliances, granite countertops, gas water heaters, ovens/ranges, and refrigerators. Updated bathrooms, hardwood flooring, and enclosed porches add useful interior space to each unit. The building has vinyl siding and a basement, with heating provided by natural gas, steam, and baseboard systems.
The property occupies a 0.21-acre corner lot in North Providence, Rhode Island. A detached two-car garage provides parking and storage, while the surrounding area offers access to shopping, dining, and major highways. The address is 87 Lyman Avenue, North Providence, RI 02911.
The property occupies a 0.21-acre corner lot in North Providence, Rhode Island. A detached two-car garage provides parking and storage, while the surrounding area offers access to shopping, dining, and major highways. The address is 87 Lyman Avenue, North Providence, RI 02911.
Key Highlights
- Two‑unit duplex with 1,802 square feet of building area
- Each unit offers two bedrooms, an updated bathroom, and a renovated kitchen
- Stainless steel appliances and granite countertops in both kitchens
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
$30,004
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
5.00%
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%
$600,080
$600.1K
Cap Rate 7%
$428,629
$428.6K
Cap Rate 9%
$333,378
$333.4K
Market Conditions
NOI Build-Up for 1,802 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
$45.8K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$42.9K $23.79/SF
− OpEx
−$12.9K −$7.14/SF
NOI
$30.0K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$600,080
Cap Rate 7%
$428,629
Cap Rate 9%
$333,378
Alternative Uses
Best Use
Multifamily LT 5
$428.6K
$375.1K – $500.1K
NOI $30,004 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$340.2K
$297.7K – $396.9K
NOI $23,813 @ 7.0% cap · market cap 3.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
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-bedroom units feature updated kitchens, bathrooms, hardwood floors, and enclosed porches for additional living space.
Where is this duplex located?
The property is located at 87 Lyman Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,802 square feet of building area; Each unit offers two bedrooms, an updated bathroom, and a renovated kitchen; Stainless steel appliances and granite countertops in both kitchens
