Updated Duplex with Third-Floor Flex
New
For Sale
$860,000
97 Jenkins Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size2,190 SF
Lot Size0.07 Acres
Price / SF$392.69
Days on Market2
Property Features for 97 Jenkins Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Parking
2
Parking features
None
Interior features
Wall (Plaster)
Basement
Unfinished, Full
Standard status
Active
Size
2,190 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4374
Utilities
Heating system
Baseboard, Natural Gas, Electric (Heating)
Amenities
private yard with brick patio and garden area
Building Details
Year built
1900
Number of units
2
Flooring type
Hardwood, Vinyl
Building materials
Plaster, Wood
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Omar Valerio · License #RES.0044011
(401) 688-8315
Added: Aug 25
Changed: Aug 26
Last Checked: Aug 26 at 6:06AM
MLS# 1421542
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.
This 2,190-square-foot duplex occupies a 0.0689-acre parcel and retains the character of a 1900 Victorian residence. The property contains two residential units along with a spacious third-floor flex area, creating additional room within the existing configuration. Hardwood and vinyl flooring, plaster interior walls, wood and plaster construction, and a mix of natural gas, baseboard, and electric heating are among the existing features. Recent improvements include a new roof, modern appliances, and updated fixtures.
The property is located on Jenkins Street in Providence’s East Side, with Brown, RISD, Miriam Hospital, and Whole Foods described as minutes away. The exterior includes a private yard with a brick patio and garden area. A rental history is also associated with the property.
The property is located on Jenkins Street in Providence’s East Side, with Brown, RISD, Miriam Hospital, and Whole Foods described as minutes away. The exterior includes a private yard with a brick patio and garden area. A rental history is also associated with the property.
Key Highlights
- 2,190 SF duplex on a 0.0689‑acre parcel
- Two residential units plus spacious third‑floor flex space
- 1900 Victorian residence with hardwood and vinyl flooring
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
4.30%
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%
$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 4.30%
Second Best
Apartment 5plus
$474.5K
$415.2K – $553.6K
NOI $33,217 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$732.7K
$641.1K – $854.8K
NOI $51,287 @ 7.0% cap · market cap 5.96%
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
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
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-unit layout includes adaptable upper-level space and a private outdoor area.
Where is this duplex located?
The property is located at 97 Jenkins Street Providence, RI.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: 2,190 SF duplex on a 0.0689‑acre parcel; Two residential units plus spacious third‑floor flex space; 1900 Victorian residence with hardwood and vinyl flooring
