Side-by-Side Duplex with Finished
New
For Sale
$559,000
89 Columbia Avenue, Pawtucket, RI 02860
Two residential units offer flexible living areas, hardwood floors, tile finishes, and a modified garage for additional use.
Property Size1,832 SF
Price / SF$305.13
Days on Market6
Property Features for 89 Columbia Avenue
General Information
Standard status
Active
Size
1,832 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Building Details
Year Built
1959
Listing Agency:
Peter M. Scotti & Assoc.,Inc.
Listed By:
Rachel Wills · License #37982
(401) 421-8888
Source:
Foreverhomesrealestate
Added: Sep 22
Last Checked: Sep 26 at 4:15AM
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 Peter M. Scotti & Assoc.,Inc.
Investment Insights
Based on property information with market context.
This side-by-side duplex includes 1,832 square feet of property area, hardwood flooring, tile finishes, and multiple expanded living spaces. A finished 1,560 sq. ft. basement adds substantial room for flexible residential use, while the modified garage can support a home studio, guest suite, or extended-family arrangement. The layout also accommodates home office and multigenerational living needs.
Located at 89 Columbia Avenue in Pawtucket, the property provides access to Downtown Providence and the Interstate. Boston is approximately 40 minutes away, and local amenities are nearby. Built in 1959, the duplex offers a combination of established construction and adaptable interior space.
Located at 89 Columbia Avenue in Pawtucket, the property provides access to Downtown Providence and the Interstate. Boston is approximately 40 minutes away, and local amenities are nearby. Built in 1959, the duplex offers a combination of established construction and adaptable interior space.
Key Highlights
- Side‑by‑side duplex at 89 Columbia Avenue, Pawtucket, RI 02860
- 1,560 sq. ft. finished basement
- 1,832 square feet of property area
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
$30,504
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
5.46%
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%
$610,080
$610.1K
Cap Rate 7%
$435,771
$435.8K
Cap Rate 9%
$338,933
$338.9K
Market Conditions
NOI Build-Up for 1,832 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
$46.6K $25.44/SF
− Vacancy
−$3.0K −$1.65/SF
EGI
$43.6K $23.79/SF
− OpEx
−$13.1K −$7.14/SF
NOI
$30.5K $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%
$610,080
Cap Rate 7%
$435,771
Cap Rate 9%
$338,933
Alternative Uses
Best Use
Multifamily LT 5
$435.8K
$381.3K – $508.4K
NOI $30,504 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$345.8K
$302.6K – $403.5K
NOI $24,209 @ 7.0% cap · market cap 4.33%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
648
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer flexible living areas, hardwood floors, tile finishes, and a modified garage for additional use.
Where is this duplex located?
The property is located at 89 Columbia Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Side‑by‑side duplex at 89 Columbia Avenue, Pawtucket, RI 02860; 1,560 sq. ft. finished basement; 1,832 square feet of property area
