Townhouse-Style
For Sale
$489,900
89 Manomet Street, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,676 SF
Lot Size0.09 Acres
Price / SF$183.07
Days on Market9
Property Features for 89 Manomet Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4, Basement
Parking
3
Parking features
None
Interior features
Wall (Plaster), Insulation (Unknown)
Basement
Full, Unfinished
Appliances
Electric Water Heater
Standard status
Active
Size
2,676 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6525
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Amenities
central air conditioning
gas heat
off-street parking
spacious backyard
Building Details
Year built
1987
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Plaster, Vinyl Siding
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
(401) 354-4971
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 26 at 8:06AM
MLS# 1420947
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.
Located at 89 Manomet Street in Providence, this 2,676-square-foot duplex contains two front-to-back residences with townhouse-style layouts. Each unit includes two bedrooms and one full bathroom, with an open main level that connects the kitchen, dining area, and living room. Bedrooms and the full bath are positioned on the upper floor, while a basement provides additional space.
The property occupies 0.0889 acres and was built in 1987. Improvements include natural-gas heating, central air conditioning, plaster interiors, vinyl siding, hardwood and ceramic tile flooring, and an electric water heater. A newly installed roof and spacious backyard are also included. The configuration supports an owner-occupant arrangement with one residence available for rental income, or use as a two-unit residential income property.
The property occupies 0.0889 acres and was built in 1987. Improvements include natural-gas heating, central air conditioning, plaster interiors, vinyl siding, hardwood and ceramic tile flooring, and an electric water heater. A newly installed roof and spacious backyard are also included. The configuration supports an owner-occupant arrangement with one residence available for rental income, or use as a two-unit residential income property.
Key Highlights
- 2,676 SF duplex with two separate residences
- Each unit offers 2 bedrooms and 1 full bathroom
- Front‑to‑back townhouse‑style layout with basement space
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 separate residences combine flexible occupancy with rental income potential in a front-to-back configuration.
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: 2,676 SF duplex with two separate residences; Each unit offers 2 bedrooms and 1 full bathroom; Front‑to‑back townhouse‑style layout with basement space
