Side-by-Side Duplex
For Sale
$769,900
98 Oakland Ave, Providence, RI 02908
Well-maintained 2009-built duplex offers side-by-side units with separate utilities, central HVAC, and fenced outdoor space.
Property Size3,842 SF
Price / SF$200.39
Days on Market54
Property Features for 98 Oakland Ave
General Information
Standard status
Active
Size
3,842 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
2009
Listing Agency:
Real Broker, LLC
Listed By:
Paul Vasquez
(617) 407-8800
Source:
Alpernandmesenbourg
Added: Jul 20
Changed: Sep 10
Last Checked: Sep 9 at 9:14PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This well-maintained side-by-side duplex was built in 2009 and features an efficient, modern layout in both units. Each home includes spacious eat-in kitchens with ample counter space and cabinetry, generously sized bedrooms, large closets, and multiple bathrooms. Central heating and air conditioning are provided, with separate utilities for each unit. Both finished basements add additional living or recreational space, and a fenced yard supports privacy and outdoor enjoyment.
The property is located in the Oakland Avenue Historic District, just minutes from College Hill. Convenient access is described to Providence College, Roger Williams Medical Center, and major highways including I-95. The offering is currently tenant-occupied, and the tenants have expressed interest in remaining.
With two separate residential units, central HVAC, and finished basement space, the property is positioned for immediate rental income while maintaining comfortable, functional layouts throughout.
The property is located in the Oakland Avenue Historic District, just minutes from College Hill. Convenient access is described to Providence College, Roger Williams Medical Center, and major highways including I-95. The offering is currently tenant-occupied, and the tenants have expressed interest in remaining.
With two separate residential units, central HVAC, and finished basement space, the property is positioned for immediate rental income while maintaining comfortable, functional layouts throughout.
Key Highlights
- Well‑maintained side‑by‑side duplex built in 2009 in the Oakland Avenue Historic District
- Each unit features spacious eat‑in kitchens with ample counter space and crown molding cabinetry
- Separate utilities for each unit, plus central heating and air conditioning
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
$64,876
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
8.43%
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%
$1,297,520
$1.3M
Cap Rate 7%
$926,800
$926.8K
Cap Rate 9%
$720,844
$720.8K
Market Conditions
NOI Build-Up for 3,842 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
$99.1K $25.80/SF
− Vacancy
−$6.4K −$1.68/SF
EGI
$92.7K $24.12/SF
− OpEx
−$27.8K −$7.24/SF
NOI
$64.9K $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%
$1,297,520
Cap Rate 7%
$926,800
Cap Rate 9%
$720,844
Alternative Uses
Best Use
Multifamily LT 5
$926.8K
$811.0K – $1.08M
NOI $64,876 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$832.5K
$728.4K – $971.2K
NOI $58,273 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$1.29M
$1.12M – $1.50M
NOI $89,975 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,689
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
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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 - Well-maintained 2009-built duplex offers side-by-side units with separate utilities, central HVAC, and fenced outdoor space.
Where is this duplex located?
The property is located at 98 Oakland Ave Providence, RI.
What is the asking price?
The asking price for this property is $769,900.
What are key features of this property?
This property features: Well‑maintained side‑by‑side duplex built in 2009 in the Oakland Avenue Historic District; Each unit features spacious eat‑in kitchens with ample counter space and crown molding cabinetry; Separate utilities for each unit, plus central heating and air conditioning
