Updated Two-Family
For Sale
$629,000
884 River Avenue, Providence, RI 02908
Two-unit property with a flexible townhouse-style upper residence, private deck, and off-street parking.
Property Size2,080 SF
Days on Market54
Property Features for 884 River Avenue
General Information
Standard status
Active
Size
2,080 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$3,394
Building Details
Building Size
2,080 SF
Year Built
1920
Buildings
1
Stories
3
Units
2
Listing Agency:
Innovations Realty
(401) 580-8871
Listed By:
Claudia Ramirez
(401) 580-8871
Source:
Liongatere
Added: Jul 8
Changed: Aug 29
Last Checked: Aug 16 at 3:48AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
Built in 1920, this duplex includes two distinct residences with practical layouts. The first-floor unit has two bedrooms, one full bathroom, hardwood floors, and an open living area. The upper townhouse-style residence extends across two levels with four bedrooms and two full bathrooms. Both kitchens and living spaces include clean finishes and reported updates, while gas service, radiant heat, window units, and in-unit appliances support everyday functionality.
The property includes a private deck and off-street parking for multiple vehicles. One residence is producing rental income, and the other is vacant and ready for occupancy. Its Providence setting places the property minutes from Providence College and major highways, with sewer service connected.
The property includes a private deck and off-street parking for multiple vehicles. One residence is producing rental income, and the other is vacant and ready for occupancy. Its Providence setting places the property minutes from Providence College and major highways, with sewer service connected.
Key Highlights
- Two‑unit duplex built in 1920
- First‑floor residence has 2 bedrooms, 1 full bathroom, and hardwood floors
- Two‑level upper unit includes 4 bedrooms and 2 full bathrooms
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
$35,123
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
5.58%
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%
$702,460
$702.5K
Cap Rate 7%
$501,757
$501.8K
Cap Rate 9%
$390,256
$390.3K
Market Conditions
NOI Build-Up for 2,080 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
$53.7K $25.80/SF
− Vacancy
−$3.5K −$1.68/SF
EGI
$50.2K $24.12/SF
− OpEx
−$15.1K −$7.24/SF
NOI
$35.1K $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%
$702,460
Cap Rate 7%
$501,757
Cap Rate 9%
$390,256
Alternative Uses
Best Use
Multifamily LT 5
$501.8K
$439.0K – $585.4K
NOI $35,123 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$450.7K
$394.4K – $525.8K
NOI $31,548 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$695.9K
$608.9K – $811.9K
NOI $48,711 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 a flexible townhouse-style upper residence, private deck, and off-street parking.
Where is this duplex located?
The property is located at 884 River Avenue Providence, RI.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1920; First‑floor residence has 2 bedrooms, 1 full bathroom, and hardwood floors; Two‑level upper unit includes 4 bedrooms and 2 full bathrooms
