Two-Family Duplex With Separate
For Sale
$549,900
Pending
31 Sibley Street, Providence, RI 02907
Residential Income, Providence, RI
Property Size2,654 SF
Lot Size0.07 Acres
Days on Market50
Property Features for 31 Sibley Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 10, Bedroom 7, Bedroom 9, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 3, Basement, Bedroom 2, Bedroom 6, Bedroom 8
Parking
2
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Copper), Plumbing (Mixed), Insulation (Walls)
Basement
Storage Space, Unfinished, Full
Subdivision
Reservoir Triangle
Lot features
Paved
Standard status
Pending
Size
2,654 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3936
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Plaster, Vinyl Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Steve Eccleston · License #RES.0032050
(401) 487-2100
Added: Jul 24
Changed: Sep 5
Last Checked: Sep 11 at 3:06PM
MLS# 1418802
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 2,654-square-foot duplex contains two residential units with distinct layouts. The first unit includes three bedrooms and one bathroom. The second occupies two floors and provides up to seven bedrooms and two bathrooms. Separate utility services support each unit, while interior details include granite kitchen counters, ceramic tile bathrooms, and hardwood and other wood flooring. The property also has a basement, forced-air heating fueled by natural gas, and vinyl siding. It was built in 1920 and does not include on-site parking.
The home is located in Providence near downtown, highways, shopping, and restaurants. Its 0.07-acre lot and two-unit configuration provide a defined residential income property format within the city.
The home is located in Providence near downtown, highways, shopping, and restaurants. Its 0.07-acre lot and two-unit configuration provide a defined residential income property format within the city.
Key Highlights
- Two‑unit duplex with 2,654 square feet of property size
- First unit has 3 bedrooms and 1 bathroom
- Second unit spans 2 floors with up to 7 bedrooms and 2 bathrooms
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
$44,816
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
8.15%
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%
$896,320
$896.3K
Cap Rate 7%
$640,229
$640.2K
Cap Rate 9%
$497,956
$498.0K
Market Conditions
NOI Build-Up for 2,654 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
$68.5K $25.80/SF
− Vacancy
−$4.5K −$1.68/SF
EGI
$64.0K $24.12/SF
− OpEx
−$19.2K −$7.24/SF
NOI
$44.8K $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%
$896,320
Cap Rate 7%
$640,229
Cap Rate 9%
$497,956
Alternative Uses
Best Use
Multifamily LT 5
$640.2K
$560.2K – $746.9K
NOI $44,816 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$575.1K
$503.2K – $670.9K
NOI $40,254 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$887.9K
$776.9K – $1.04M
NOI $62,154 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
839
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two residential units feature separate utilities and a mix of hardwood and tile flooring.
Where is this duplex located?
The property is located at 31 Sibley Street Providence, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,654 square feet of property size; First unit has 3 bedrooms and 1 bathroom; Second unit spans 2 floors with up to 7 bedrooms and 2 bathrooms
