Updated Victorian Duplex with Flex
For Sale
$854,900
97 Jenkins St, Providence, RI 02906
Two residential units and adaptable third-floor space support owner-occupant or investment use.
Property Size2,190 SF
Price / SF$390.37
Days on Market13
Property Features for 97 Jenkins St
General Information
Standard status
Active
Size
2,190 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
private yard
brick patio
garden area
Building Details
Year Built
1900
Construction
Victorian
Listing Agency:
Century 21 Limitless
Listed By:
Omar Valerio · License #RES.0044011
(508) 726-3492
Source:
Alpernandmesenbourg
Added: Sep 15
Changed: Sep 23
Last Checked: Sep 26 at 11:18AM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
Built in 1900, this 2,190-square-foot Victorian duplex includes two residential units and a versatile third-floor flex area. Recent improvements include a new roof, modern appliances, and updated fixtures, while original architectural character remains part of the property’s presentation. The configuration supports owner occupancy with rental income or continued use as an investment property.
Outdoor space includes a private yard, brick patio, and garden area. The property is located at 97 Jenkins St in Providence’s East Side, with Brown, RISD, Miriam Hospital, and Whole Foods described as minutes away. Parks, shops, and cafes are also nearby, adding to the surrounding residential and institutional context.
Outdoor space includes a private yard, brick patio, and garden area. The property is located at 97 Jenkins St in Providence’s East Side, with Brown, RISD, Miriam Hospital, and Whole Foods described as minutes away. Parks, shops, and cafes are also nearby, adding to the surrounding residential and institutional context.
Key Highlights
- Two‑unit Victorian property with third‑floor flex space
- 2,190 square feet built in 1900
- New roof, modern appliances, and updated fixtures
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
$36,981
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
4.33%
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%
$739,620
$739.6K
Cap Rate 7%
$528,300
$528.3K
Cap Rate 9%
$410,900
$410.9K
Market Conditions
NOI Build-Up for 2,190 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
$56.5K $25.80/SF
− Vacancy
−$3.7K −$1.68/SF
EGI
$52.8K $24.12/SF
− OpEx
−$15.8K −$7.24/SF
NOI
$37.0K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /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%
$739,620
Cap Rate 7%
$528,300
Cap Rate 9%
$410,900
Alternative Uses
Best Use
Multifamily LT 5
$528.3K
$462.3K – $616.4K
NOI $36,981 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$474.5K
$415.2K – $553.6K
NOI $33,217 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$732.7K
$641.1K – $854.8K
NOI $51,287 @ 7.0% cap · market cap 6.00%
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
1,688
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 and adaptable third-floor space support owner-occupant or investment use.
Where is this duplex located?
The property is located at 97 Jenkins St Providence, RI.
What is the asking price?
The asking price for this property is $854,900.
What are key features of this property?
This property features: Two‑unit Victorian property with third‑floor flex space; 2,190 square feet built in 1900; New roof, modern appliances, and updated fixtures
