Renovated Two-Family
New
For Sale
$519,900
9 Octavia Street, Providence, RI 02909
MULTI_FAMILY - Providence, RI
Property Size1,728 SF
Price / SF$300.87
Days on Market7
Property Features for 9 Octavia Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2
Subdivision
Mount Pleasant
Standard status
Active
Size
1,728 SF
Amenities
laundry hookups
basement storage
fenced yard
private porches
Building Details
Year built
1928
Listing Agency:
Engel & Volkers East Greenwich · Engel & Völkers
(401) 638-0010
Listed By:
The DiSpirito Team
Added: Aug 8
Changed: Aug 13
Last Checked: Aug 14 at 8:06AM
MLS# 1419794
Copyright © 2026 Engel & Völkers. 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 1,728-square-foot duplex, built in 1928, includes two residential apartments with distinct private porches. The first-floor unit has undergone renovation with a new kitchen, stainless steel appliances, an updated bathroom, fresh paint, and new flooring. The upper apartment is arranged as a two-bedroom residence with potential for a third bedroom. Laundry hookups and basement storage add practical utility, while an oversized two-car garage offers separate rental potential.
The property also includes a fenced yard and off-street parking for up to seven vehicles. It sits on a quiet dead-end street near shopping, restaurants, highways, and downtown Providence. The combination of updated lower-level living space, a flexible upper apartment, garage capacity, and outdoor features supports both owner-occupant and rental-oriented use.
The property also includes a fenced yard and off-street parking for up to seven vehicles. It sits on a quiet dead-end street near shopping, restaurants, highways, and downtown Providence. The combination of updated lower-level living space, a flexible upper apartment, garage capacity, and outdoor features supports both owner-occupant and rental-oriented use.
Key Highlights
- 1,728 SF two‑family duplex built in 1928
- Renovated first‑floor 2‑bedroom unit with new kitchen and stainless steel appliances
- Upper apartment offers a 2- or potential 3‑bedroom layout
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
Highway access
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 - Renovated first-floor apartment pairs with a flexible upper-level layout and separate garage space.
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 SF two‑family duplex built in 1928; Renovated first‑floor 2‑bedroom unit with new kitchen and stainless steel appliances; Upper apartment offers a 2- or potential 3‑bedroom layout
