Two-Family Home with Fenced
For Sale
$579,900
228 Woonasquatucket Avenue, North Providence, RI 02911
Residential Income, North Providence, RI
Property Size1,816 SF
Lot Size0.08 Acres
Price / SF$319.33
Days on Market129
Property Features for 228 Woonasquatucket Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 6, Basement, Bedroom 4
Parking
2
Parking features
None
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Attic, Plumbing (Copper), Insulation (Unknown)
Exterior features
Porch
Basement
Storage Space, Unfinished, Full
Appliances
Electric Water Heater, Dishwasher, Dryer, Microwave, Oven/Range
Lot features
Fenced
Standard status
Active
Size
1,816 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6148
Utilities
Heating system
Forced Air, Natural Gas
Amenities
fully fenced-in yard
Building Details
Year built
1900
Number of units
2
Flooring type
Carpet, Tile - Ceramic, Hardwood
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Sd Realty Associates
(401) 585-5791
Listed By:
Kim Caparrelli
(401) 536-3290
Added: Apr 28
Changed: Aug 30
Last Checked: Sep 3 at 12:06AM
MLS# 1411143
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 residence contains 1,816 square feet arranged across two units, each with three bedrooms, one full bathroom, an eat-in kitchen, and a living area. The property includes a basement, porch, fenced yard, and a mix of hardwood, carpet, and ceramic tile flooring. Construction features vinyl siding, drywall, copper plumbing, forced-air natural gas heat, and an electric water heater. Appliances include a dishwasher, dryer, microwave, and oven/range.
Built in 1900, the home is located at 228 Woonasquatucket Avenue in North Providence, RI 02911. Its setting provides access to shopping, restaurants, schools, and major highways. The 0.08-acre parcel has no designated parking feature, while the enclosed yard adds usable outdoor space for residents.
Built in 1900, the home is located at 228 Woonasquatucket Avenue in North Providence, RI 02911. Its setting provides access to shopping, restaurants, schools, and major highways. The 0.08-acre parcel has no designated parking feature, while the enclosed yard adds usable outdoor space for residents.
Key Highlights
- Two‑unit property with 3 bedrooms and 1 full bathroom in each unit
- 1,816 square feet on a 0.08‑acre parcel
- Both units include eat‑in kitchens and living areas
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
$30,237
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
5.21%
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%
$604,740
$604.7K
Cap Rate 7%
$431,957
$432.0K
Cap Rate 9%
$335,967
$336.0K
Market Conditions
NOI Build-Up for 1,816 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
$46.2K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$43.2K $23.79/SF
− OpEx
−$13.0K −$7.14/SF
NOI
$30.2K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$604,740
Cap Rate 7%
$431,957
Cap Rate 9%
$335,967
Alternative Uses
Best Use
Multifamily LT 5
$432.0K
$378.0K – $504.0K
NOI $30,237 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$342.8K
$300.0K – $400.0K
NOI $23,998 @ 7.0% cap · market cap 4.14%
Theoretical Best
—
—
same as Best Use
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
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
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 flexible living arrangements with separate kitchens, shared outdoor space, and convenient Providence County access.
Where is this duplex located?
The property is located at 228 Woonasquatucket Avenue North Providence, RI.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Two‑unit property with 3 bedrooms and 1 full bathroom in each unit; 1,816 square feet on a 0.08‑acre parcel; Both units include eat‑in kitchens and living areas
