Townhouse-Style
New
For Sale
$489,000
89 Manomet Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size2,676 SF
Lot Size0.09 Acres
Price / SF$182.74
Days on Market7
Property Features for 89 Manomet Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Parking
3
Parking features
None
Interior features
Wall (Plaster), Insulation (Unknown)
Basement
Unfinished, Full
Appliances
Electric Water Heater
Subdivision
Mount Pleasant
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
off-street parking
backyard
private basement
laundry hookups
storage space
gas heat
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 #REB.0016785
(401) 354-4971
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 27 at 2:06PM
MLS# 1423796
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 townhouse-style residences within a 1987-built property. Each unit offers two bedrooms, one full bathroom, and an open main level connecting the kitchen, dining area, and living room. The upper level provides the bedrooms and bathroom, while separate basement areas add laundry hookups and storage for each residence.
Central air, natural gas heating, a new roof, vinyl siding, plaster construction, hardwood flooring, and ceramic tile are among the property’s notable features. The lot measures 0.0889 acres and includes a backyard. One unit has been freshly painted, and both residences include electric water heaters.
Central air, natural gas heating, a new roof, vinyl siding, plaster construction, hardwood flooring, and ceramic tile are among the property’s notable features. The lot measures 0.0889 acres and includes a backyard. One unit has been freshly painted, and both residences include electric water heaters.
Key Highlights
- Two‑unit duplex with 2,676 square feet of building area
- Each unit includes 2 bedrooms and 1 full bathroom
- Private basement for each unit with laundry hookups and storage
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
8.30%
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 9.24%
Second Best
Apartment 5plus
$579.8K
$507.4K – $676.5K
NOI $40,588 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$895.3K
$783.4K – $1.04M
NOI $62,669 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 combine flexible layouts with private basements, central air, and a shared backyard.
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 $489,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,676 square feet of building area; Each unit includes 2 bedrooms and 1 full bathroom; Private basement for each unit with laundry hookups and storage
