Five-Bedroom Duplex with Adjoining
For Sale
$690,000
98 Wadsworth Street, Providence, RI 02907
Residential Income, Providence, RI
Property Size2,424 SF
Lot Size0.08 Acres
Price / SF$284.65
Days on Market20
Property Features for 98 Wadsworth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Basement, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 1
Parking
10
Parking features
None
Basement
Finished, Full
Appliances
Electric Water Heater
Standard status
Active
Size
2,424 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3583
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1912
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Listing Agency:
Century 21 Visionary Group · Century 21 Real Estate
(401) 380-6020
Listed By:
Emmanuel Correa · License #46071
(401) 996-5755
Added: Aug 12
Changed: Aug 23
Last Checked: Aug 31 at 9:06AM
MLS# 1420001
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 2,424-square-foot duplex was built in 1912 and includes five bedrooms, two bathrooms, and a basement. Interior features include hardwood flooring, vinyl siding, electric baseboard heat, and an electric water heater. The property has no parking listed.
The sale includes the adjoining lot and must be completed as a package. The property offers convenient 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 additional units, future development, or changes in use require confirmation through zoning review, approvals, and applicable permits.
The sale includes the adjoining lot and must be completed as a package. The property offers convenient 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 additional units, future development, or changes in use require confirmation through zoning review, approvals, and applicable permits.
Key Highlights
- 2,424‑square‑foot duplex with five bedrooms and two bathrooms
- 0.08‑acre lot size with adjoining lot included in the sale
- Built in 1912 with a basement and hardwood 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
$40,932
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
5.93%
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%
$818,640
$818.6K
Cap Rate 7%
$584,743
$584.7K
Cap Rate 9%
$454,800
$454.8K
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
$62.5K $25.80/SF
− Vacancy
−$4.1K −$1.68/SF
EGI
$58.5K $24.12/SF
− OpEx
−$17.5K −$7.24/SF
NOI
$40.9K $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%
$818,640
Cap Rate 7%
$584,743
Cap Rate 9%
$454,800
Alternative Uses
Best Use
Multifamily LT 5
$584.7K
$511.7K – $682.2K
NOI $40,932 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$525.2K
$459.6K – $612.8K
NOI $36,766 @ 7.0% cap · market cap 5.33%
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
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?
Duplex - Multifamily property near downtown, transportation, hospitals, universities, shopping, dining, and parks.
Where is this duplex 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 duplex with five bedrooms and two bathrooms; 0.08‑acre lot size with adjoining lot included in the sale; Built in 1912 with a basement and hardwood flooring
