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    East Providence Two-Family Home Title is generated by Realmo AI

    21 Washburn Avenue, East Providence, RI 02916

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    For Sale
    $625,000

    MULTI_FAMILY - East Providence, RI

    Property size:
    2,295 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $272/SF
    Added:
    May 20, 2026
    Days on Market:
    3
    Last Refresh:
    May 22 at 2:06 pm

    Property Features for 21 Washburn Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R3
    Bedrooms
    5
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 3, Bedroom 2, Basement
    Parking
    4
    Parking features
    Garage
    Patio and Porch features
    Deck
    Exterior features
    Deck
    Basement
    Unfinished, Full
    Appliances
    Gas Water Heater, Dishwasher, Dryer, Microwave, Oven/Range, Refrigerator, Washer
    Standard status
    Active
    Size
    2,295 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7541

    Utilities

    Heating system
    Natural Gas, Forced Air

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Tile - Ceramic, Hardwood, Vinyl
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Michelle Savastano

    Listing agent Michelle Savastano License #REB.0016954

    Listing office Broadway Real Estate Group 335 Broadway, Providence, RI

    Listing date May 20, 2026

    MLS# 1413120 Listing URL

    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.

    HighLights

    • Unit 1 delivered vacant: Immediate occupancy or rental income.
    • Two‑family home: Ideal for owner‑occupancy or investment.
    • Updated kitchens: Stainless steel appliances and granite countertops.
    • Gleaming hardwood floors throughout both units.
    • Fenced‑in backyard and off‑street parking.
    • Convenient Rumford location: Close to shopping, dining, and highways.

    Overview

    This is a well-maintained two-family home located in the Rumford neighborhood of East Providence. The property features two spacious, sun-filled units. Both units include classic double parlors, eat-in kitchens equipped with stainless steel appliances and granite countertops, and hardwood flooring throughout. Recent upgrades provide modern comfort while preserving the home's original charm. The property includes a fenced-in backyard and off-street parking. Shared laundry facilities are located in the basement. The property, situated on a 0.11-acre lot, is suitable for both owner-occupants and investors. Unit 1 will be delivered vacant at closing, offering immediate occupancy or rental opportunities. The property is conveniently located near shopping, dining, highways, and other amenities in Rumford. The property size is 2295 square feet. The zoning is R3.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $424.6K
    NOI $38,213 @ 9.00% cap · cautious / downside scenario
    Moderate
    $545.9K
    NOI $38,213 @ 7.00% cap · market / base-case scenario
    Aggressive
    $764.3K
    NOI $38,213 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $58.4k $25.44
    − Vacancy −$3.8k −$1.65
    EGI $54.6k $23.79
    − OpEx −$16.4k −$7.14
    NOI $38.2k $16.65
    2,295 SF · lease $25.44/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $545.9K
    $477.7K – $636.9K (±1% cap)
    NOI $38,213 @ 7.0% cap · market cap 6.11%
    Second Best
    Apartment 5plus
    $433.2K
    $379.1K – $505.5K (±1% cap)
    NOI $30,327 @ 7.0% cap · market cap 4.85%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    East Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.359122
    Latitude
    41.837931

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    FAQs

    What type of property is this?
    Duplex - Well-maintained two-family home in Rumford neighborhood, East Providence.
    Where is this duplex located?
    The property is located at 21 Washburn Avenue East Providence, RI.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: Unit 1 delivered vacant: Immediate occupancy or rental income.; Two‑family home: Ideal for owner‑occupancy or investment.; Updated kitchens: Stainless steel appliances and granite countertops.
    (401) 255-5530
    We can help!
    Listing Contact
    Michelle Savastano
    Real Estate License ID: REB.0016954
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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