Multifamily Property with Adjoining
For Sale
$690,000
98 Wadsworth Street, Providence, RI 02907
Package includes an adjoining lot with access to transportation, hospitals, universities, shopping, dining, and parks.
Property Size2,424 SF
Price / SF$284.65
Days on Market17
Property Features for 98 Wadsworth Street
General Information
Standard status
Active
Size
2,424 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1912
Listing Agency:
Century 21 Visionary Group
(401) 996-5755
Listed By:
Emmanuel Correa · License #46071
Source:
Lavonnelopes
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 29 at 8:27PM
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 Visionary Group
Investment Insights
Based on property information with market context.
Located at 98 Wadsworth Street in Providence, this multifamily property contains 2,424 square feet and was built in 1912. The offering includes the adjoining lot, with both parcels conveyed together as one package.
The property provides access to Downtown Providence, I-95, Route 10, public transportation, hospitals, universities, shopping, dining, and parks. Federal Hill, the Jewelry District, and Providence Place are also nearby. Any change in use, unit expansion, or development involving the additional land remains subject to zoning requirements, municipal approvals, and applicable permits.
The property provides access to Downtown Providence, I-95, Route 10, public transportation, hospitals, universities, shopping, dining, and parks. Federal Hill, the Jewelry District, and Providence Place are also nearby. Any change in use, unit expansion, or development involving the additional land remains subject to zoning requirements, municipal approvals, and applicable permits.
Key Highlights
- 2,424‑square‑foot multifamily property
- Built in 1912
- Adjoining lot included in the sale package
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
$36,766
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
5.33%
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%
$735,320
$735.3K
Cap Rate 7%
$525,229
$525.2K
Cap Rate 9%
$408,511
$408.5K
Market Conditions
NOI Build-Up for 2,424 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
$71.3K $29.40/SF
− Vacancy
−$4.4K −$1.82/SF
EGI
$66.8K $27.58/SF
− OpEx
−$30.1K −$12.41/SF
NOI
$36.8K $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%
$735,320
Cap Rate 7%
$525,229
Cap Rate 9%
$408,511
Alternative Uses
Best Use
Apartment 5plus
$525.2K
$459.6K – $612.8K
NOI $36,766 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$811.0K
$709.6K – $946.1K
NOI $56,767 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,063
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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?
Multifamily property - Package includes an adjoining lot with access to transportation, hospitals, universities, shopping, dining, and parks.
Where is this multifamily property located?
The property is located at 98 Wadsworth Street Providence, RI.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 2,424‑square‑foot multifamily property; Built in 1912; Adjoining lot included in the sale package
