Duplex with In-Unit
For Sale
$719,999
89 Knowles St, Providence, RI 02906
Two residential units feature flexible layouts, spacious kitchens, and laundry within each unit.
Property Size3,899 SF
Price / SF$184.66
Days on Market9
Property Features for 89 Knowles St
General Information
Standard status
Active
Size
3,899 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1900
Buildings
1
Listing Agency:
William Raveis Inspire
(401) 751-8100
Listed By:
Mariana Freitas Novo
Source:
Alpernandmesenbourg
Added: Aug 21
Changed: Aug 27
Last Checked: Aug 28 at 12:59PM
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 William Raveis Inspire
Investment Insights
Based on property information with market context.
This two-family property at 89 Knowles St in Providence includes two residential units with a combined 5/6 bedrooms, 3 full bathrooms, and 2 half bathrooms. Each unit has generous living areas, high ceilings, a kitchen, and in-unit laundry. The layouts also accommodate adaptable room configurations for bedrooms, office space, or guest use. The home was built in 1900 and includes lead certificates for both units.
The property is located on Providence’s East Side, near universities, shopping, dining, parks, and public transportation. Its two-unit configuration and varied interior spaces support multiple residential occupancy arrangements while retaining practical day-to-day features.
The property is located on Providence’s East Side, near universities, shopping, dining, parks, and public transportation. Its two-unit configuration and varied interior spaces support multiple residential occupancy arrangements while retaining practical day-to-day features.
Key Highlights
- Two‑family property with 5/6 bedrooms across two units
- 3 full bathrooms and 2 half bathrooms
- In‑unit laundry provided in both units
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
$65,839
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
9.14%
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%
$1,316,780
$1.3M
Cap Rate 7%
$940,557
$940.6K
Cap Rate 9%
$731,544
$731.5K
Market Conditions
NOI Build-Up for 3,899 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
$100.6K $25.80/SF
− Vacancy
−$6.5K −$1.68/SF
EGI
$94.1K $24.12/SF
− OpEx
−$28.2K −$7.24/SF
NOI
$65.8K $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%
$1,316,780
Cap Rate 7%
$940,557
Cap Rate 9%
$731,544
Alternative Uses
Best Use
Multifamily LT 5
$940.6K
$823.0K – $1.10M
NOI $65,839 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$844.8K
$739.2K – $985.6K
NOI $59,138 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,310 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,656
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 feature flexible layouts, spacious kitchens, and laundry within each unit.
Where is this duplex located?
The property is located at 89 Knowles St Providence, RI.
What is the asking price?
The asking price for this property is $719,999.
What are key features of this property?
This property features: Two‑family property with 5/6 bedrooms across two units; 3 full bathrooms and 2 half bathrooms; In‑unit laundry provided in both units
