Two-Unit Duplex with
New
For Sale
$549,900
117 Chestnut Street, Lincoln, RI 02838
Well-maintained residential income property with a vacant first-floor unit, energy-efficiency improvements, and substantial off-street parking.
Property Size1,872 SF
Price / SF$293.75
Days on Market3
Property Features for 117 Chestnut Street
General Information
Standard status
Active
Size
1,872 SF
Total Parking Spaces
12
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
backyard
Building Details
Year Built
1880
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Renee Raymond · License #RES.0047403
(401) 527-1251
Source:
Lockandkeyre
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 9:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Williams & Stuart Real Estate
Investment Insights
Based on property information with market context.
Built in 1880, this 1,872-square-foot duplex contains two residential units with spacious layouts, bright living areas, generously sized rooms, and large bathrooms. The first-floor unit is vacant and can accommodate owner occupancy or a new rental arrangement. Both units have been insulated through RISE, supporting improved energy efficiency. Foundation skirting is being repainted, and lead certification is underway.
The property is located at 117 Chestnut Street in Lincoln, Rhode Island. Exterior features include a large backyard and off-street parking for up to 12 cars, providing useful outdoor space and substantial vehicle capacity for a two-unit property.
The property is located at 117 Chestnut Street in Lincoln, Rhode Island. Exterior features include a large backyard and off-street parking for up to 12 cars, providing useful outdoor space and substantial vehicle capacity for a two-unit property.
Key Highlights
- Two‑unit duplex with 1,872 square feet of total property size
- First‑floor unit is vacant for owner occupancy or rental use
- Both units insulated through RISE for improved energy efficiency
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
$31,170
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
5.67%
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%
$623,400
$623.4K
Cap Rate 7%
$445,286
$445.3K
Cap Rate 9%
$346,333
$346.3K
Market Conditions
NOI Build-Up for 1,872 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
$47.6K $25.44/SF
− Vacancy
−$3.1K −$1.65/SF
EGI
$44.5K $23.79/SF
− OpEx
−$13.4K −$7.14/SF
NOI
$31.2K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /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%
$623,400
Cap Rate 7%
$445,286
Cap Rate 9%
$346,333
Alternative Uses
Best Use
Multifamily LT 5
$445.3K
$389.6K – $519.5K
NOI $31,170 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$353.4K
$309.2K – $412.3K
NOI $24,738 @ 7.0% cap · market cap 4.50%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Explore this area
Business Placement
Demographics for 02838, RI
3,801
Population
1,546
Households
2.5
Avg Household Size
38
Median Age
49%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
2,715
Density / Sq Mi
$82,075
Median Household Income
$51,989
Median Earnings
$1,311
Median Rent
$327,500
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 - Well-maintained residential income property with a vacant first-floor unit, energy-efficiency improvements, and substantial off-street parking.
Where is this duplex located?
The property is located at 117 Chestnut Street Lincoln, 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 1,872 square feet of total property size; First‑floor unit is vacant for owner occupancy or rental use; Both units insulated through RISE for improved energy efficiency
