Townhouse-Style
For Sale
$489,900
89 Manomet Street, Providence, RI 02908
Two-level units combine open living areas, private bedrooms, central air, and off-street parking.
Property Size2,676 SF
Price / SF$183.07
Days on Market8
Property Features for 89 Manomet Street
General Information
Standard status
Active
Size
2,676 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
gas heat
central air conditioning
ample off-street parking
spacious backyard
Building Details
Year Built
1987
Listing Agency:
RE/MAX Properties
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
Source:
Lockandkeyre
Added: Aug 18
Changed: Aug 24
Last Checked: Aug 25 at 6:59AM
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 RE/MAX Properties
Investment Insights
Based on property information with market context.
This front-to-back duplex contains two townhouse-style residences, each with 2 bedrooms and 1 full bathroom. Both layouts place the kitchen, dining area, and living room together on the main floor, while the upper level contains two bedrooms and a full bathroom. The property was built in 1987 and includes gas heat, central air conditioning, and a newly installed roof.
Additional property features include ample off-street parking and a spacious backyard. Located at 89-91 Manomet Street in Providence, Rhode Island, the duplex offers two separately configured residential units within one income-producing property.
Additional property features include ample off-street parking and a spacious backyard. Located at 89-91 Manomet Street in Providence, Rhode Island, the duplex offers two separately configured residential units within one income-producing property.
Key Highlights
- Two townhouse‑style units, each with 2 bedrooms and 1 full bathroom
- Open‑concept kitchen, dining, and living areas on the main level of each unit
- Gas heat and central air conditioning
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
$40,588
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
8.28%
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%
$811,760
$811.8K
Cap Rate 7%
$579,829
$579.8K
Cap Rate 9%
$450,978
$451.0K
Market Conditions
NOI Build-Up for 2,676 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
$78.7K $29.40/SF
− Vacancy
−$4.9K −$1.82/SF
EGI
$73.8K $27.58/SF
− OpEx
−$33.2K −$12.41/SF
NOI
$40.6K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$811,760
Cap Rate 7%
$579,829
Cap Rate 9%
$450,978
Alternative Uses
Best Use
Multifamily LT 5
$645.5K
$564.8K – $753.1K
NOI $45,187 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$579.8K
$507.4K – $676.5K
NOI $40,588 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$895.3K
$783.4K – $1.04M
NOI $62,669 @ 7.0% cap · market cap 12.79%
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
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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-level units combine open living areas, private bedrooms, central air, and off-street parking.
Where is this duplex located?
The property is located at 89 Manomet Street Providence, RI.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Two townhouse‑style units, each with 2 bedrooms and 1 full bathroom; Open‑concept kitchen, dining, and living areas on the main level of each unit; Gas heat and central air conditioning
