Duplex with Detached
New
For Sale
$650,000
904 Newport Avenue, Pawtucket, RI 02861
Two three-bedroom units feature separate utilities, gas heat, enclosed porches, and hardwood flooring in most rooms.
Property Size2,756 SF
Price / SF$235.85
Days on Market6
Property Features for 904 Newport Avenue
General Information
Standard status
Active
Size
2,756 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Amenities
enclosed porches
hardwood floors
Thermopane windows
basement storage
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
World Net Real Estate Group
(401) 732-1722
Listed By:
Marisa ALMON
Source:
Lockandkeyre
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 11 at 5:59AM
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 World Net Real Estate Group
Investment Insights
Based on property information with market context.
This two-family property contains 2,756 square feet across two 1,378-square-foot units. Each residence includes three bedrooms, a dining room with kitchen, a living room, and enclosed porches. Hardwood flooring is present in most rooms, while thermopane windows and basement storage add practical features. Gas heat and separate utilities serve the units individually.
The property includes a detached 2-car garage, rear yard, and ample off-street parking. Located on Newport Avenue in Pawtucket, the property offers access to I-95, the MBTA Commuter Rail Station, Slater Park, shopping, schools, support services, and downtown Pawtucket. Boston and Providence are identified as convenient commuting destinations. Built in 1900, the property can accommodate both rental and owner-occupant use as a duplex.
The property includes a detached 2-car garage, rear yard, and ample off-street parking. Located on Newport Avenue in Pawtucket, the property offers access to I-95, the MBTA Commuter Rail Station, Slater Park, shopping, schools, support services, and downtown Pawtucket. Boston and Providence are identified as convenient commuting destinations. Built in 1900, the property can accommodate both rental and owner-occupant use as a duplex.
Key Highlights
- Two 1,378‑square‑foot units totaling 2,756 square feet
- Each unit offers 3 bedrooms, dining room/kitchen, living room, and enclosed porches
- Gas heat with separate utilities for each unit
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
$45,889
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
7.06%
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%
$917,780
$917.8K
Cap Rate 7%
$655,557
$655.6K
Cap Rate 9%
$509,878
$509.9K
Market Conditions
NOI Build-Up for 2,756 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
$70.1K $25.44/SF
− Vacancy
−$4.6K −$1.65/SF
EGI
$65.6K $23.79/SF
− OpEx
−$19.7K −$7.14/SF
NOI
$45.9K $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%
$917,780
Cap Rate 7%
$655,557
Cap Rate 9%
$509,878
Alternative Uses
Best Use
Multifamily LT 5
$655.6K
$573.6K – $764.8K
NOI $45,889 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$520.3K
$455.2K – $607.0K
NOI $36,419 @ 7.0% cap · market cap 5.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
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 three-bedroom units feature separate utilities, gas heat, enclosed porches, and hardwood flooring in most rooms.
Where is this duplex located?
The property is located at 904 Newport Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two 1,378‑square‑foot units totaling 2,756 square feet; Each unit offers 3 bedrooms, dining room/kitchen, living room, and enclosed porches; Gas heat with separate utilities for each unit
