Two-Family Duplex with Hardwood
For Sale
$525,000
98 Andem St., Providence, RI 02909
Residential Income, Providence, RI
Property Size2,265 SF
Lot Size0.09 Acres
Price / SF$231.79
Days on Market102
Property Features for 98 Andem St.
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 4, Basement
Parking
4
Parking features
None
Interior features
Wall (Plaster), Stairs
Basement
Unfinished, Storage Space, Partial
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Lot features
Paved Driveway
Standard status
Active
Size
2,265 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6178
Utilities
Heating system
Natural Gas, Baseboard
Building Details
Year built
1885
Floors in Building
3
Number of units
2
Flooring type
Hardwood
Building materials
Plaster, Shingles
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Melanie Fougere
(401) 662-0363
Added: May 20
Changed: Aug 20
Last Checked: Aug 29 at 12:06PM
MLS# 1417777
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 two-family duplex at 98 Andem St. in Providence contains 2,265 square feet on a 0.092-acre lot. The room inventory includes four bedrooms, three bathrooms, and a basement, with separate living spaces for the two households. Interior details include plaster walls, hardwood flooring, natural-gas baseboard heating, and a gas water heater, along with an oven/range and refrigerator. The property was built in 1885 and has shingle exterior materials.
The property is located in Providence, RI 02909, with the source information describing access to downtown, major highways, dining, shopping, and local amenities. No parking is provided on site. The duplex format supports separate household arrangements, including rental occupancy or residence in one unit with the other used independently.
The property is located in Providence, RI 02909, with the source information describing access to downtown, major highways, dining, shopping, and local amenities. No parking is provided on site. The duplex format supports separate household arrangements, including rental occupancy or residence in one unit with the other used independently.
Key Highlights
- Two‑family duplex with 2,265 square feet of building area
- 0.092‑acre lot in Providence, RI 02909
- Room inventory includes 4 bedrooms and 3 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
$38,247
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
7.29%
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%
$764,940
$764.9K
Cap Rate 7%
$546,386
$546.4K
Cap Rate 9%
$424,967
$425.0K
Market Conditions
NOI Build-Up for 2,265 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
$58.4K $25.80/SF
− Vacancy
−$3.8K −$1.68/SF
EGI
$54.6K $24.12/SF
− OpEx
−$16.4K −$7.24/SF
NOI
$38.2K $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%
$764,940
Cap Rate 7%
$546,386
Cap Rate 9%
$424,967
Alternative Uses
Best Use
Multifamily LT 5
$546.4K
$478.1K – $637.5K
NOI $38,247 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$490.8K
$429.4K – $572.6K
NOI $34,354 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$757.8K
$663.1K – $884.1K
NOI $53,044 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,626
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 - Well-maintained Providence property with separate living spaces, natural-gas baseboard heat, and a basement.
Where is this duplex located?
The property is located at 98 Andem St. Providence, RI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑family duplex with 2,265 square feet of building area; 0.092‑acre lot in Providence, RI 02909; Room inventory includes 4 bedrooms and 3 bathrooms
