Duplex with Remodeled
For Sale
$450,703
703 Manville Road, Woonsocket, RI 02895
MULTI_FAMILY - Woonsocket, RI
Property Size2,901 SF
Lot Size0.13 Acres
Price / SF$155.36
Days on Market9
Property Features for 703 Manville Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 1
Parking
3
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Wall (Paneled), Attic, Attic Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Bernon
Lot features
Out Building, Paved Driveway, Sidewalks
Standard status
Active
Size
2,901 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4208
Utilities
Sewer type
Public Sewer
Heating system
Oil, Natural Gas, Baseboard, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Laminate
Building materials
Dry Wall, Paneled, Clapboard, Wood
Listing Agency:
Alltown Real Estate Group
(401) 949-5400
Listed By:
Andy Goulet
(401) 439-5227
Added: Jul 30
Changed: Aug 4
Last Checked: Aug 7 at 8:06PM
MLS# 1419340
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-unit duplex offers an owner-occupant setup with Unit 1 on the first floor and Unit 2 on the second floor. Both units are described as having 2 bedrooms and 1 bathroom, with Unit 1 featuring a beautifully remodeled kitchen and Unit 2 providing bright living space. The property includes baseboard and forced-air heating options with natural gas and oil service noted, along with window unit air conditioning. Interior features include dry wall and paneled finishes, an attic with attic stairs, and mixed plumbing. Appliances listed include a gas water heater, oven/range, and refrigerator. Cooling is by window unit(s), and there is no parking listed.
Located at 703 Manville Road in Woonsocket, RI, the property sits on a 0.13-acre lot and is served by public sewer. The exterior includes a back deck for outdoor relaxation. The location is near Bernon Heights School and Mount Saint Charles Academy, with access described as about 1 mile to Rte 99/295, about 2 miles to the Massachusetts state line, and about 1/4 mile to the Blackstone River Bike Path & Dog Park.
Built in 1900, the home is presented as a two-family residence and is noted as not eligible for exterior FHA financing.
Located at 703 Manville Road in Woonsocket, RI, the property sits on a 0.13-acre lot and is served by public sewer. The exterior includes a back deck for outdoor relaxation. The location is near Bernon Heights School and Mount Saint Charles Academy, with access described as about 1 mile to Rte 99/295, about 2 miles to the Massachusetts state line, and about 1/4 mile to the Blackstone River Bike Path & Dog Park.
Built in 1900, the home is presented as a two-family residence and is noted as not eligible for exterior FHA financing.
Key Highlights
- 0.13‑acre lot in R‑3 zoning
- Two‑unit duplex with Unit 1 and Unit 2 layouts
- Unit 1 (1st floor): ~1,100 SF, remodeled kitchen, 2 BR, 1 BA
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
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-story duplex in R-3 zoning with two 2-bedroom, 1-bath units plus a back deck.
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: 0.13‑acre lot in R‑3 zoning; Two‑unit duplex with Unit 1 and Unit 2 layouts; Unit 1 (1st floor): ~1,100 SF, remodeled kitchen, 2 BR, 1 BA
