Side-by-Side Duplex with Finished
For Sale
$769,900
Pending
98 Oakland Avenue, Providence, RI 02908
Residential Income, Providence, RI
Property Size3,842 SF
Lot Size0.10 Acres
Days on Market47
Property Features for 98 Oakland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
2F-5F
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 5, Bathroom 2, Bedroom 2, Bathroom 5, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 6, Bedroom 4, Basement
Parking
4
Parking features
None
Patio and Porch features
Patio
Interior features
Wall (Cermaic), Wall (Dry Wall), Attic, Stairs, Insulation (Unknown)
Exterior features
Balcony, Patio
Basement
Finished, Full
Appliances
Electric Water Heater, Dishwasher, Dryer, Disposal, Range Hood, Microwave, Oven/Range, Refrigerator, Trash Compactor
Subdivision
Elmhurst
Standard status
Pending
Size
3,842 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5057
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
central heating and air conditioning
finished basements
fenced yard
Building Details
Year built
2009
Floors in Building
2
Number of units
2
Flooring type
Laminate, Tile - Ceramic, Vinyl, Hardwood
Building materials
Ceramic, Dry Wall, Vinyl Siding
Listing Agency:
Real Broker, Llc
(855) 450-0442
Listed By:
Paul Vasquez
(617) 407-8800
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 31 at 11:06AM
MLS# 1417930
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 3,842-square-foot duplex contains two side-by-side residences in a building completed in 2009. Each unit features an eat-in kitchen, generous counter space, crown molding cabinetry, well-sized bedrooms, ample closets, and multiple bathrooms. Central air conditioning and forced-air heating serve the property, while separate utilities support each residence. Both basements are finished, adding flexible interior space, and the property also includes a fenced yard with patio areas.
The home sits within the Oakland Avenue Historic District near College Hill, Providence College, and Roger Williams Medical Center. Access to I-95 connects the property with downtown Providence and surrounding schools, healthcare, shopping, and dining. The duplex is currently occupied by tenants who have expressed interest in remaining. Public sewer serves the property, and the zoning designation is 2F-5F.
The home sits within the Oakland Avenue Historic District near College Hill, Providence College, and Roger Williams Medical Center. Access to I-95 connects the property with downtown Providence and surrounding schools, healthcare, shopping, and dining. The duplex is currently occupied by tenants who have expressed interest in remaining. Public sewer serves the property, and the zoning designation is 2F-5F.
Key Highlights
- 3,842‑square‑foot side‑by‑side duplex built in 2009
- Two finished basements provide additional interior space
- Separate utilities for each residential unit
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
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
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 - Two residential units offer separate utilities, central HVAC, and fenced outdoor space.
Where is this duplex located?
The property is located at 98 Oakland Avenue 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: 3,842‑square‑foot side‑by‑side duplex built in 2009; Two finished basements provide additional interior space; Separate utilities for each residential unit
