Historic Two-Unit
For Sale
$850,000
90 Oak Street, Providence, RI 02909
Two residential units combine historic character with updated living spaces and separate outdoor areas.
Property Size1,933 SF
Price / SF$439.73
Days on Market13
Property Features for 90 Oak Street
General Information
Standard status
Active
Size
1,933 SF
Property subtype
MultiFamily
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
wood-burning stove
hardwood flooring
rear deck
fenced rear yard
laundry
Building Details
Year Built
1857
Buildings
1
Stories
2
Construction
Greek Revival/Italianate
Listing Agency:
Redfin Corporation
(877) 973-3346
Listed By:
Roberto Mejia · License #RES.0040272
(401) 481-8485
Source:
Lockandkeyre
Added: Sep 15
Changed: Sep 26
Last Checked: Sep 26 at 8:46AM
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 Redfin Corporation
Investment Insights
Based on property information with market context.
Built in 1857, this two-unit residence is listed on the National Register of Historic Places and reflects late Greek Revival and Italianate design. The first-floor apartment includes three bedrooms, one full bath, a living room with a wood-burning stove, a formal dining room, hardwood flooring, and access to the basement, laundry, and storage areas. The upper unit provides a kitchen and living area, two bedrooms, and one full bath.
Outdoor features include a rear deck, fenced yard, and a separate additional lot measuring 2,000 square feet. The property is located at 90 Oak Street in Providence, within the Armory District.
Outdoor features include a rear deck, fenced yard, and a separate additional lot measuring 2,000 square feet. The property is located at 90 Oak Street in Providence, within the Armory District.
Key Highlights
- Two residential units with a 3‑bedroom first‑floor apartment and a 2‑bedroom upper unit
- Built in 1857 and listed on the National Register of Historic Places
- Late Greek Revival and Italianate architectural character
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
$32,641
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
3.84%
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%
$652,820
$652.8K
Cap Rate 7%
$466,300
$466.3K
Cap Rate 9%
$362,678
$362.7K
Market Conditions
NOI Build-Up for 1,933 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
$49.9K $25.80/SF
− Vacancy
−$3.2K −$1.68/SF
EGI
$46.6K $24.12/SF
− OpEx
−$14.0K −$7.24/SF
NOI
$32.6K $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%
$652,820
Cap Rate 7%
$466,300
Cap Rate 9%
$362,678
Alternative Uses
Best Use
Multifamily LT 5
$466.3K
$408.0K – $544.0K
NOI $32,641 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$418.8K
$366.5K – $488.7K
NOI $29,319 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$646.7K
$565.9K – $754.5K
NOI $45,269 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,909
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
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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 - Two residential units combine historic character with updated living spaces and separate outdoor areas.
Where is this duplex located?
The property is located at 90 Oak Street Providence, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two residential units with a 3‑bedroom first‑floor apartment and a 2‑bedroom upper unit; Built in 1857 and listed on the National Register of Historic Places; Late Greek Revival and Italianate architectural character
