New Construction Duplex with
New
For Sale
$740,000
Atwells Avenue, Providence, RI 02909
Residential Income, Providence, RI
Property Size3,200 SF
Lot Size0.08 Acres
Price / SF$231.25
Days on Market2
Property Features for Atwells Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 4, Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 4, Basement, Bathroom 1
Parking
2
Parking features
None
Patio and Porch features
Porch
Interior features
Stairs, Plumbing (Mixed)
Exterior features
Porch
Basement
Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Olneyville
Lot features
Sidewalks
Standard status
Active
Size
3,200 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1628
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Listing Agency:
Here Realty
(401) 862-1251
Listed By:
List with Lyon Team
(401) 829-1533
Added: Aug 31
Last Checked: Sep 1 at 7:06PM
MLS# 1421181
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 duplex is under construction on a 0.08-acre site and is planned for completion in 2026. The 3,200-square-foot property includes 6 bedrooms, 4 bathrooms, a basement, and an accessory dwelling unit. Interior features include mixed plumbing, vinyl flooring, forced-air heating with natural gas, and central air conditioning. A gas water heater, oven/range, and refrigerator are also included.
The property is located on Atwells Avenue in Providence, near Federal Hill, downtown Providence, restaurants, shopping, and highway access. Exterior improvements include a porch, while the listing indicates no parking facilities. Remaining construction work is expected to be completed within 30 days.
The property is located on Atwells Avenue in Providence, near Federal Hill, downtown Providence, restaurants, shopping, and highway access. Exterior improvements include a porch, while the listing indicates no parking facilities. Remaining construction work is expected to be completed within 30 days.
Key Highlights
- Duplex with an accessory dwelling unit
- 3,200 square feet on a 0.08‑acre lot
- 6 bedrooms and 4 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
$54,036
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
7.30%
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%
$1,080,720
$1.1M
Cap Rate 7%
$771,943
$771.9K
Cap Rate 9%
$600,400
$600.4K
Market Conditions
NOI Build-Up for 3,200 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
$82.6K $25.80/SF
− Vacancy
−$5.4K −$1.68/SF
EGI
$77.2K $24.12/SF
− OpEx
−$23.2K −$7.24/SF
NOI
$54.0K $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%
$1,080,720
Cap Rate 7%
$771,943
Cap Rate 9%
$600,400
Alternative Uses
Best Use
Multifamily LT 5
$771.9K
$675.5K – $900.6K
NOI $54,036 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$693.4K
$606.7K – $808.9K
NOI $48,536 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$1.07M
$936.8K – $1.25M
NOI $74,940 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,603
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 - Six-bedroom, four-bath property with central air and a covered porch.
Where is this duplex located?
The property is located at Atwells Avenue Providence, RI.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Duplex with an accessory dwelling unit; 3,200 square feet on a 0.08‑acre lot; 6 bedrooms and 4 bathrooms
