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Providence Two-Family Home for Sale

231 Lowell Avenue Providence, RI 02909

231 Lowell Avenue, Providence, RI, 02909

$550,000

Pending

For Sale

$550,000

Pending

MULTI_FAMILY - Providence, RI

Property Size1,920 SF

Lot Size0.11 Acres

AddedMay 6

Days on Market71

Last RefreshJul 15 at 4:06 pm

Property Features for 231 Lowell Avenue

General Information

Property type: Residential Multi Family
Property subtype: Other
Bedrooms: 4
Bathrooms: 2
Rooms: Bedroom 2, Basement, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 2
Parking: 5
Basement: Partially Finished, Full
Appliances: Gas Water Heater
Standard status: Pending
Size: 1,920 SF
Lot size: 0.11 Acres

Taxes and HOA fees

Tax Year: 2025
Tax Annual Amount: 3444

Utilities

Heating system: Natural Gas, Steam

Building Details

Year built: 1930
Number of units: 2
Flooring type: Vinyl
Building materials: Vinyl Siding

Listing agent Maria J. Depina

Listing office Keller Williams Leading Edge 28 Thurber Boulevard, Lincoln, RI

Listing date May 6, 2026

MLS# 1411992 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.

Investment Insights

Based on property information with market context.

This two-family home presents an opportunity for both owner-occupants and investors. The property includes spacious units and a partially finished basement that offers additional usable space. A long driveway complements the generous backyard, suitable for entertaining. The location provides convenient access to parks, schools, shopping, restaurants, and local amenities. The lot size is 0.1148 acres and the property size is 1920 square feet.

Key Highlights

2‑family home built in 1930
Natural gas steam heating
Vinyl siding exterior with vinyl flooring

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$49.5k	$25.80
− Vacancy	−$3.2k	−$1.68
EGI	$46.3k	$24.12
− OpEx	−$13.9k	−$7.24
NOI	$32.4k	$16.89

1,920 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$463.2K

$405.3K – $540.4K (±1% cap)

NOI $32,421 @ 7.0% cap · market cap 5.89%

Second Best

Apartment 5plus

$416.0K

$364.0K – $485.4K (±1% cap)

NOI $29,122 @ 7.0% cap · market cap 5.29%

Theoretical Best

Office A

$642.3K

$562.1K – $749.4K (±1% cap)

NOI $44,964 @ 7.0% cap · market cap 8.18%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Tax Byron Tax Preparation

Suggested Use

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