Two-Family Home with Detached
For Sale
$499,900
Pending
94 Francis Avenue, Pawtucket, RI 02860
Up-and-down duplex with separate utilities, in-building laundry, solar panels, and flexible basement space.
Property Size1,590 SF
Days on Market71
Property Features for 94 Francis Avenue
General Information
Standard status
Pending
Size
1,590 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
in-building laundry
solar panels
front porch
paved driveway
detached 1-car garage
patio
backyard
workshop area
office/flex space
Building Details
Building Size
1,590 SF
Year Built
1930
Stories
2
Listing Agency:
Engel & Volkers Oceanside
(401) 244-8355
Listed By:
The DiSpirito Team
Source:
Dawnmarano.kw
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 31 at 12:36PM
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 Engel & Volkers Oceanside
Investment Insights
Based on property information with market context.
This 1930 two-family property features an up-and-down arrangement with separate gas and electric utilities. The first-floor residence includes gas cooking, steam heat, and comfortable living areas. Upstairs, the second unit offers gas cooking, a clawfoot tub with shower, and three mini-split systems for heating and cooling. Double-pane Pella replacement windows and vinyl siding are also in place.
The full basement adds laundry facilities, utility areas, a workshop, office or flex space, and substantial storage. Solar panels help reduce electric costs, while the exterior provides a fully fenced lot, front porch, paved driveway, detached one-car garage, patio, and backyard. The property is near shopping, dining, schools, transit, I-95, Downtown Pawtucket, and Providence.
The full basement adds laundry facilities, utility areas, a workshop, office or flex space, and substantial storage. Solar panels help reduce electric costs, while the exterior provides a fully fenced lot, front porch, paved driveway, detached one-car garage, patio, and backyard. The property is near shopping, dining, schools, transit, I-95, Downtown Pawtucket, and Providence.
Key Highlights
- Two‑family up‑and‑down layout with separate gas and electric utilities
- Second‑floor unit includes three mini‑split systems and a clawfoot tub with shower
- Full basement with laundry, workshop, office/flex area, utility space, 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
$26,474
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
5.30%
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%
$529,480
$529.5K
Cap Rate 7%
$378,200
$378.2K
Cap Rate 9%
$294,156
$294.2K
Market Conditions
NOI Build-Up for 1,590 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
$40.4K $25.44/SF
− Vacancy
−$2.6K −$1.65/SF
EGI
$37.8K $23.79/SF
− OpEx
−$11.3K −$7.14/SF
NOI
$26.5K $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%
$529,480
Cap Rate 7%
$378,200
Cap Rate 9%
$294,156
Alternative Uses
Best Use
Multifamily LT 5
$378.2K
$330.9K – $441.2K
NOI $26,474 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$300.2K
$262.6K – $350.2K
NOI $21,011 @ 7.0% cap · market cap 4.20%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
742
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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 - Up-and-down duplex with separate utilities, in-building laundry, solar panels, and flexible basement space.
Where is this duplex located?
The property is located at 94 Francis Avenue Pawtucket, RI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑family up‑and‑down layout with separate gas and electric utilities; Second‑floor unit includes three mini‑split systems and a clawfoot tub with shower; Full basement with laundry, workshop, office/flex area, utility space, and storage
