Duplex With Adjoining
New
For Sale
$690,000
98 Wadsworth Street, Providence, RI 02907
MULTI_FAMILY - Providence, RI
Property Size2,424 SF
Lot Size0.08 Acres
Price / SF$284.65
Days on Market3
Property Features for 98 Wadsworth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bathroom 2
Parking
10
Parking features
None
Basement
Finished, Full
Appliances
Electric Water Heater
Standard status
Active
Size
2,424 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3583
Utilities
Heating system
Baseboard, Electric (Heating)
Building Details
Year built
1912
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Century 21 Visionary Group · Century 21 Real Estate
(401) 380-6020
Listed By:
Emmanuel Correa · License #449596914
(401) 996-5755
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 14 at 5:06PM
MLS# 1420001
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 contains 2,424 square feet with five bedrooms, two bathrooms, and a basement. The 1912 property features vinyl siding, hardwood flooring, baseboard heating, and an electric water heater. No parking is included among the listed property features.
The offering includes the adjoining lot and is being conveyed as a package. The property provides access to Downtown Providence, I-95, Route 10, hospitals, universities, shopping, dining, parks, and public transportation. Federal Hill, the Jewelry District, and Providence Place are also identified nearby.
Any additional development, expansion of the unit count, or change in use remains subject to zoning, approvals, permits, and buyer due diligence.
The offering includes the adjoining lot and is being conveyed as a package. The property provides access to Downtown Providence, I-95, Route 10, hospitals, universities, shopping, dining, parks, and public transportation. Federal Hill, the Jewelry District, and Providence Place are also identified nearby.
Any additional development, expansion of the unit count, or change in use remains subject to zoning, approvals, permits, and buyer due diligence.
Key Highlights
- Duplex with 2,424 square feet, five bedrooms, two bathrooms, and a basement
- Sale includes the adjoining lot as part of a required package
- 1912 construction with vinyl siding and hardwood flooring
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
$40,932
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
5.93%
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%
$818,640
$818.6K
Cap Rate 7%
$584,743
$584.7K
Cap Rate 9%
$454,800
$454.8K
Market Conditions
NOI Build-Up for 2,424 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
$62.5K $25.80/SF
− Vacancy
−$4.1K −$1.68/SF
EGI
$58.5K $24.12/SF
− OpEx
−$17.5K −$7.24/SF
NOI
$40.9K $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%
$818,640
Cap Rate 7%
$584,743
Cap Rate 9%
$454,800
Alternative Uses
Best Use
Multifamily LT 5
$584.7K
$511.7K – $682.2K
NOI $40,932 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$525.2K
$459.6K – $612.8K
NOI $36,766 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$811.0K
$709.6K – $946.1K
NOI $56,767 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-story multifamily property offered with an adjoining lot and convenient access to Providence destinations.
Where is this duplex located?
The property is located at 98 Wadsworth Street Providence, RI.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Duplex with 2,424 square feet, five bedrooms, two bathrooms, and a basement; Sale includes the adjoining lot as part of a required package; 1912 construction with vinyl siding and hardwood flooring
