Multifamily Residence with Updated
31 Gilmore Street, Providence, RI 02907
MULTI_FAMILY - Providence, RI
Property size:
2,835 SFLot size:
0.08 AcresPrice / SF:
$225/SF- Added:
- May 4, 2026
- Days on Market:
- 55
- Last Refresh:
- Jun 27 at 3:06 pm
Property Features for 31 Gilmore Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 3
- Rooms
- Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 3, Bathroom 1, Basement, Bathroom 2, Bedroom 6, Bedroom 2
- Parking
- 6
- Parking features
- Garage
- Interior features
- Attic, Plumbing (PEX), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
- Basement
- Full, Unfinished
- Appliances
- Gas Water Heater, Microwave, Oven/Range, Refrigerator
- Standard status
- Active
- Size
- 2,835 SF
- Lot size
- 0.08 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5466
Utilities
- Heating system
- Natural Gas, Baseboard
Building Details
- Year built
- 1930
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Laminate, Tile - Ceramic
- Building materials
- Vinyl Siding
Listing agent The InnoVenture Team (508) 726-3492
Listing office Century 21 Visionary Group 969 Waterman Avenue, Suite 3, East Providence, RI (401) 380-6020
Listing date May 4, 2026
MLS# 1411713
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
- 6‑bedroom, 3‑bath multifamily property (year built 1930) currently operated as a successful short‑term rental.
- Short‑term rental income reported as generating 6‑figure rental income.
- Estimated rent roll exceeds $57k if operated as a traditional multi‑family rental.
- Recent capital improvements: two new boilers, blow‑in insulation, new water main, and no‑maintenance PEX plumbing throughout.
- Natural gas heating with baseboard heat; insulation in ceilings, floors, and walls.
- Garage parking; laminate and ceramic tile flooring; kitchen appliances include gas water heater, microwave, oven/range, and refrigerator.
Overview
This well-maintained multifamily residence offers 6 bedrooms and 3 bathrooms, currently operated as a short-term rental under “The Gilmore.” The property also has the flexibility to be operated as a traditional multi-family rental. Recent capital improvements include the installation of two new boilers, blow-in insulation for efficiency, a new water main, and no-maintenance PEX plumbing throughout. Furnishings, linens, and all fixtures (excluding artwork) are negotiable, and the seller is willing to support the transition with consulting if the buyer continues short-term operations.
Located at 31 Gilmore Street in Providence, Rhode Island (02907), the property is sized at 2,835 square feet on an 0.08-acre lot. Existing operational systems are already in place, including housekeeping, laundry services, and a dedicated handyman, supporting continued short-term rental operations.
For an owner-occupant or investor, the current short-term rental setup provides an operator-ready option, with an alternative path as a traditional rental property. The seller can accommodate delivery either as a turn-key short-term rental or as vacant possession for the buyer’s next use, depending on how you plan to operate the building.
Located at 31 Gilmore Street in Providence, Rhode Island (02907), the property is sized at 2,835 square feet on an 0.08-acre lot. Existing operational systems are already in place, including housekeeping, laundry services, and a dedicated handyman, supporting continued short-term rental operations.
For an owner-occupant or investor, the current short-term rental setup provides an operator-ready option, with an alternative path as a traditional rental property. The seller can accommodate delivery either as a turn-key short-term rental or as vacant possession for the buyer’s next use, depending on how you plan to operate the building.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.1k | $25.80 |
| − Vacancy | −$4.8k | −$1.68 |
| EGI | $68.4k | $24.12 |
| − OpEx | −$20.5k | −$7.24 |
| NOI | $47.9k | $16.89 |
2,835 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$683.9K
$598.4K – $797.9K
NOI $47,872 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$614.3K
$537.5K – $716.7K
NOI $43,000 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$948.5K
$829.9K – $1.11M
NOI $66,392 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Location Insight
- Map
- Local Demand
- City
- Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.426938
- Latitude
- 41.812536
Nearby Similar for Sale
FAQs
What type of property is this?
Short term rental property - Well-maintained 6-bed, 3-bath multifamily that currently operates as a short-term rental with recent capital improvements.
Where is this short term rental property located?
The property is located at 31 Gilmore Street Providence, RI.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 6‑bedroom, 3‑bath multifamily property (year built 1930) currently operated as a successful short‑term rental.; Short‑term rental income reported as generating 6‑figure rental income.; Estimated rent roll exceeds $57k if operated as a traditional multi‑family rental.
