Six-Bedroom Duplex with
For Sale
Under Contract
$589,900
31 Gilmore Street, Providence, RI 02907
Residential Income, Providence, RI
Property Size2,835 SF
Lot Size0.08 Acres
Price / SF$208.08
Days on Market115
Property Features for 31 Gilmore Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Basement, Bedroom 1, Bathroom 2
Parking
6
Parking features
None
Interior features
Attic, Plumbing (PEX), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Basement
Unfinished, Full
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator
Lot features
Fenced, Sidewalks
Standard status
Active Under Contract
Size
2,835 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5466
Utilities
Heating system
Baseboard, Natural Gas
Building Details
Year built
1930
Floors in Building
3
Number of units
2
Flooring type
Laminate, Tile - Ceramic
Building materials
Vinyl Siding
Listing Agency:
Century 21 Visionary Group · Century 21 Real Estate
(401) 380-6020
Listed By:
The InnoVenture Team
(401) 380-6020
Added: May 4
Changed: Aug 25
Last Checked: Aug 26 at 5:06AM
MLS# 1411713
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 2,835-square-foot duplex was built in 1930 and includes six bedrooms, three bathrooms, an attic, basement, laminate and ceramic tile flooring, and vinyl siding. The property is currently operated as a short-term rental and can also be used as a traditional multifamily rental or owner-occupied residence. Its 0.08-acre parcel includes no designated parking.
Recent improvements include two new boilers, blow-in insulation, a new water main, and PEX plumbing throughout. Interior features include ceiling, floor, and wall insulation, while appliances include a gas water heater, microwave, oven/range, and refrigerator. Furnishings, linens, and fixtures are negotiable, excluding artwork. Existing housekeeping, laundry, and handyman services support continued short-term rental operations, and the seller is willing to assist with the transition and provide consulting.
Recent improvements include two new boilers, blow-in insulation, a new water main, and PEX plumbing throughout. Interior features include ceiling, floor, and wall insulation, while appliances include a gas water heater, microwave, oven/range, and refrigerator. Furnishings, linens, and fixtures are negotiable, excluding artwork. Existing housekeeping, laundry, and handyman services support continued short-term rental operations, and the seller is willing to assist with the transition and provide consulting.
Key Highlights
- 2,835‑square‑foot duplex with 6 bedrooms and 3 bathrooms
- Currently operated as a short‑term rental
- Two new boilers, blow‑in insulation, and a new water main
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
$47,872
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
8.12%
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%
$957,440
$957.4K
Cap Rate 7%
$683,886
$683.9K
Cap Rate 9%
$531,911
$531.9K
Market Conditions
NOI Build-Up for 2,835 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
$73.1K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$68.4K $24.12/SF
− OpEx
−$20.5K −$7.24/SF
NOI
$47.9K $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%
$957,440
Cap Rate 7%
$683,886
Cap Rate 9%
$531,911
Alternative Uses
Best Use
Multifamily LT 5
$683.9K
$598.4K – $797.9K
NOI $47,872 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$614.3K
$537.5K – $716.7K
NOI $43,000 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$948.5K
$829.9K – $1.11M
NOI $66,392 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,219
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 currently configured for short-term rental use with updated plumbing, insulation, and heating systems.
Where is this duplex located?
The property is located at 31 Gilmore Street Providence, RI.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 2,835‑square‑foot duplex with 6 bedrooms and 3 bathrooms; Currently operated as a short‑term rental; Two new boilers, blow‑in insulation, and a new water main
