Two-Unit Duplex with Back
For Sale
$450,703
703 Manville Road, Woonsocket, RI 02895
Two residential units each provide two bedrooms and one bathroom, with a remodeled kitchen in the first-floor unit.
Property Size2,901 SF
Price / SF$155.36
Days on Market9
Property Features for 703 Manville Road
General Information
Standard status
Active
Size
2,901 SF
Property subtype
Multifamily
Amenities
back deck
Building Details
Year Built
1900
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Alltown Real Estate Group
(401) 949-5400
Listed By:
Andy Goulet
Source:
Lockandkeyre
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 7 at 1:10AM
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 Alltown Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1900, this duplex contains two residential apartments, each offering approximately 1,100 square feet with two bedrooms and one bathroom. The first-floor unit includes a beautifully remodeled kitchen, while the second-floor apartment provides bright living space. The property totals 2,901 square feet and includes a rear deck for outdoor use.
Located at 703 Manville Road in Woonsocket’s Bernon neighborhood, the property is 1 mile from Route 99/295 and 2 miles from the Massachusetts state line. Bernon Heights School and Mount Saint Charles Academy are nearby, while the Blackstone River Bike Path and Dog Park are approximately 1/4 mile away. The two-unit layout may accommodate an owner-occupant seeking rental income from the second apartment.
Located at 703 Manville Road in Woonsocket’s Bernon neighborhood, the property is 1 mile from Route 99/295 and 2 miles from the Massachusetts state line. Bernon Heights School and Mount Saint Charles Academy are nearby, while the Blackstone River Bike Path and Dog Park are approximately 1/4 mile away. The two-unit layout may accommodate an owner-occupant seeking rental income from the second apartment.
Key Highlights
- Duplex with two apartments, each offering 2 bedrooms and 1 bathroom
- Approximately 1,100 sq. ft. in each unit; total property size is 2,901 sq. ft.
- First‑floor apartment features a beautifully remodeled kitchen
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
$38,335
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
8.51%
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%
$766,700
$766.7K
Cap Rate 7%
$547,643
$547.6K
Cap Rate 9%
$425,944
$425.9K
Market Conditions
NOI Build-Up for 2,901 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
$74.1K $25.56/SF
− Vacancy
−$4.4K −$1.53/SF
EGI
$69.7K $24.03/SF
− OpEx
−$31.4K −$10.81/SF
NOI
$38.3K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$766,700
Cap Rate 7%
$547,643
Cap Rate 9%
$425,944
Alternative Uses
Best Use
Multifamily LT 5
$690.0K
$603.8K – $805.1K
NOI $48,303 @ 7.0% cap · market cap 10.72%
Second Best
Apartment 5plus
$547.6K
$479.2K – $638.9K
NOI $38,335 @ 7.0% cap · market cap 8.51%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
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 each provide two bedrooms and one bathroom, with a remodeled kitchen in the first-floor unit.
Where is this duplex located?
The property is located at 703 Manville Road Woonsocket, RI.
What is the asking price?
The asking price for this property is $450,703.
What are key features of this property?
This property features: Duplex with two apartments, each offering 2 bedrooms and 1 bathroom; Approximately 1,100 sq. ft. in each unit; total property size is 2,901 sq. ft.; First‑floor apartment features a beautifully remodeled kitchen
