Two-Family Home with Townhouse
For Sale
$825,000
88 Doyle Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size2,891 SF
Lot Size0.13 Acres
Price / SF$285.37
Days on Market10
Property Features for 88 Doyle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 1, Bedroom 4, Basement, Bathroom 3, Bedroom 6, Bedroom 7, Bedroom 3
Parking
8
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Unfinished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
East Side / Mt. Hope
Lot features
Paved Driveway, Paved
Standard status
Active
Size
2,891 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9821
Utilities
Heating system
Natural Gas, Steam
Water source
Public
Amenities
in-building washer & dryer
Building Details
Year built
1890
Floors in Building
4
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Dry Wall, Plaster, Aluminum Siding
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Gerri Schiffman · License #RES.0025339
(401) 474-3733
Added: Sep 17
Last Checked: Sep 26 at 12:06PM
MLS# 1423641
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 R-3-zoned duplex contains 2,891 square feet on a 0.13-acre lot and was built in 1890. The first-floor residence includes two bedrooms, one full bathroom, a large kitchen, and connected parlor rooms. A townhouse-style residence spans the second and third floors with five bedrooms, two full bathrooms, a bonus storage room, a kitchen, and additional parlor space. Hardwood and ceramic tile flooring, high ceilings, replacement vinyl windows, aluminum siding, and mixed plaster and drywall finishes are among the existing improvements.
The property includes a gas water heater, washer, dryer, dishwasher, refrigerator, and oven/range. Heating is provided by natural-gas steam, and the building is served by public water. Tenants pay their own electric and gas utilities. The sale must include the adjoining property at 84-86 Doyle Avenue, Providence, RI, identified as MLS 1423634.
The property includes a gas water heater, washer, dryer, dishwasher, refrigerator, and oven/range. Heating is provided by natural-gas steam, and the building is served by public water. Tenants pay their own electric and gas utilities. The sale must include the adjoining property at 84-86 Doyle Avenue, Providence, RI, identified as MLS 1423634.
Key Highlights
- Legal 2‑family configuration with 7 bedrooms and 3 full bathrooms
- 2,891 square feet on a 0.13‑acre lot
- First floor includes 2 bedrooms, 1 bathroom, kitchen, and double parlors
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
$48,818
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
5.92%
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%
$976,360
$976.4K
Cap Rate 7%
$697,400
$697.4K
Cap Rate 9%
$542,422
$542.4K
Market Conditions
NOI Build-Up for 2,891 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
$74.6K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$69.7K $24.12/SF
− OpEx
−$20.9K −$7.24/SF
NOI
$48.8K $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%
$976,360
Cap Rate 7%
$697,400
Cap Rate 9%
$542,422
Alternative Uses
Best Use
Multifamily LT 5
$697.4K
$610.2K – $813.6K
NOI $48,818 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$626.4K
$548.1K – $730.8K
NOI $43,849 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$967.2K
$846.3K – $1.13M
NOI $67,704 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,688
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 - R-3-zoned duplex with a seven-bedroom layout, hardwood floors, and in-building laundry.
Where is this duplex located?
The property is located at 88 Doyle Avenue 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: Legal 2‑family configuration with 7 bedrooms and 3 full bathrooms; 2,891 square feet on a 0.13‑acre lot; First floor includes 2 bedrooms, 1 bathroom, kitchen, and double parlors
