Updated Triplex with
For Sale
Under Contract
$782,000
38 Mitchell Street, Providence, RI 02907
Residential Income, Providence, RI
Property Size3,474 SF
Lot Size0.06 Acres
Price / SF$225.10
Days on Market38
Property Features for 38 Mitchell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 8, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 2, Basement, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 7, Bedroom 9, Bathroom 1
Parking
8
Parking features
None
Patio and Porch features
Porch
Interior features
Wall (Dry Wall), Attic, Attic Storage, Stairs, Insulation (Unknown)
Exterior features
Balcony, Porch
Basement
Full, Partially Finished, Storage Space
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator
Lot features
Sidewalks
Standard status
Active Under Contract
Size
3,474 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4331
Utilities
Heating system
Baseboard, Central, Forced Air, Natural Gas
Cooling system
Central Air, Window Unit(s)
Amenities
bonus rooms
central air
security system
basement
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Flooring type
Laminate, Vinyl
Building materials
Dry Wall, Vinyl Siding
Additional Structures
Storage
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(617) 749-7178
Listed By:
Jose Duce Rocher · License #RES.0045130
(617) 749-7178
Added: Jul 20
Changed: Aug 21
Last Checked: Aug 26 at 5:06AM
MLS# 1418161
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.
Located at 38 Mitchell Street in Providence, this 1910 triplex contains 3,474 square feet across three residential units. The property includes 9 bedrooms, bonus rooms, a large basement, and recently updated interiors. A porch and balcony add exterior living areas, while the building is finished with vinyl siding, drywall, laminate, and vinyl flooring.
The upper apartment has central air, and the lower apartments use baseboard heat. Additional building features include natural-gas service, forced-air heating, window units, a gas water heater, and a security system. Kitchen appliances include an oven/range, refrigerator, microwave, and gas water heater. The property occupies a 0.0643-acre corner lot in Providence’s 02907 ZIP code.
The upper apartment has central air, and the lower apartments use baseboard heat. Additional building features include natural-gas service, forced-air heating, window units, a gas water heater, and a security system. Kitchen appliances include an oven/range, refrigerator, microwave, and gas water heater. The property occupies a 0.0643-acre corner lot in Providence’s 02907 ZIP code.
Key Highlights
- Three‑family triplex with 3,474 square feet
- 9 bedrooms across three residential units
- Each unit has been recently updated
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
$58,662
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
7.50%
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%
$1,173,240
$1.2M
Cap Rate 7%
$838,029
$838.0K
Cap Rate 9%
$651,800
$651.8K
Market Conditions
NOI Build-Up for 3,474 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
$89.6K $25.80/SF
− Vacancy
−$5.8K −$1.68/SF
EGI
$83.8K $24.12/SF
− OpEx
−$25.1K −$7.24/SF
NOI
$58.7K $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%
$1,173,240
Cap Rate 7%
$838,029
Cap Rate 9%
$651,800
Alternative Uses
Best Use
Multifamily LT 5
$838.0K
$733.3K – $977.7K
NOI $58,662 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$752.7K
$658.7K – $878.2K
NOI $52,692 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,357 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,598
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?
Triplex - Three residential units offer bonus rooms, varied heating and cooling systems, and substantial basement storage.
Where is this triplex located?
The property is located at 38 Mitchell Street Providence, RI.
What is the asking price?
The asking price for this property is $782,000.
What are key features of this property?
This property features: Three‑family triplex with 3,474 square feet; 9 bedrooms across three residential units; Each unit has been recently updated
