Renovated Two-Family
For Sale
$519,900
9 Octavia Street, Providence, RI 02909
Updated first-floor apartment, separate garage, private porches, fenced yard, and parking for up to seven vehicles.
Property Size1,728 SF
Price / SF$300.87
Days on Market25
Property Features for 9 Octavia Street
General Information
Standard status
Active
Size
1,728 SF
Total Parking Spaces
8
Property subtype
Residential Income
Additional Details
Asking Price
$519,900
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,080
Amenities
stainless steel appliances
private porches
fenced yard
laundry hookups
basement storage
off-street parking
garage
Restaurant
Window Unit(s)
Natural Gas, Baseboard
Full, Unfinished
Gas Water Heater, Oven, Range, Refrigerator, Range Hood
Fenced
Paved, Detached, Garage
Stacked
Building Details
Building Size
1,728 SF
Year Built
1928
Buildings
1
Stories
2
Listing Agency:
Engel & Volkers East Greenwich
(401) 244-8355
Listed By:
The DiSpirito Team
(401) 244-8355
Source:
Evrealestate
Added: Aug 5
Changed: Aug 24
Last Checked: Aug 29 at 7:00AM
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 Engel & Volkers East Greenwich
Investment Insights
Based on property information with market context.
This 1,728-square-foot duplex contains two residential units with separate private porches. The renovated first-floor apartment offers two bedrooms, a new kitchen with stainless steel appliances, an updated bathroom, fresh paint, and new flooring. The upper unit is configured as a two-bedroom apartment with potential for a third bedroom. Laundry hookups and substantial basement storage add practical utility, while an oversized two-car garage can be rented separately.
The property includes a fenced yard and off-street parking for up to seven vehicles. It is located on a quiet dead-end street in Providence’s Mount Pleasant neighborhood, with shopping, restaurants, highways, and downtown Providence minutes away.
The property includes a fenced yard and off-street parking for up to seven vehicles. It is located on a quiet dead-end street in Providence’s Mount Pleasant neighborhood, with shopping, restaurants, highways, and downtown Providence minutes away.
Key Highlights
- 1,728‑square‑foot two‑family duplex in Providence’s Mount Pleasant neighborhood
- Renovated first‑floor 2‑bedroom unit with new kitchen and stainless steel appliances
- Upper apartment offers a 2‑bedroom layout with potential for a third bedroom
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
$29,179
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
5.61%
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%
$583,580
$583.6K
Cap Rate 7%
$416,843
$416.8K
Cap Rate 9%
$324,211
$324.2K
Market Conditions
NOI Build-Up for 1,728 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
$44.6K $25.80/SF
− Vacancy
−$2.9K −$1.68/SF
EGI
$41.7K $24.12/SF
− OpEx
−$12.5K −$7.24/SF
NOI
$29.2K $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%
$583,580
Cap Rate 7%
$416,843
Cap Rate 9%
$324,211
Alternative Uses
Best Use
Multifamily LT 5
$416.8K
$364.7K – $486.3K
NOI $29,179 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$374.4K
$327.6K – $436.8K
NOI $26,209 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$578.1K
$505.9K – $674.5K
NOI $40,468 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
861
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 - Updated first-floor apartment, separate garage, private porches, fenced yard, and parking for up to seven vehicles.
Where is this duplex located?
The property is located at 9 Octavia Street Providence, RI.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: 1,728‑square‑foot two‑family duplex in Providence’s Mount Pleasant neighborhood; Renovated first‑floor 2‑bedroom unit with new kitchen and stainless steel appliances; Upper apartment offers a 2‑bedroom layout with potential for a third bedroom
