Updated Two-Family
New
For Sale
$549,900
117 Chestnut Street, Lincoln, RI 02838
Residential Income, Lincoln, RI
Property Size1,872 SF
Lot Size0.25 Acres
Price / SF$293.75
Days on Market2
Property Features for 117 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL9
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3, Basement, Bathroom 2, Bedroom 2
Parking
12
Parking features
None
Patio and Porch features
Porch
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Ceiling), Insulation (Unknown), Insulation (Walls)
Exterior features
Porch
Basement
Full, Unfinished, Storage Space
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Manville
Lot features
Corner Lot, Fenced, Paved Driveway
Standard status
Active
Size
1,872 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4577
Utilities
Heating system
Electric (Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Plaster, Other Siding
Listing Agency:
Williams & Stuart Real Estate
(401) 942-0200
Listed By:
Renee Raymond
(401) 527-1251
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 12:06PM
MLS# 1421954
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 1,872-square-foot duplex contains two residential units on a 0.25-acre lot. Both units received updates between 2019 and 2020 and include bright living areas, generously sized rooms, and large bathrooms. The first-floor unit is vacant, providing immediate flexibility for occupancy or leasing. Interior features include plaster walls, mixed plumbing, ceiling and wall insulation, carpet and vinyl flooring, and baseboard and electric heating. The property also includes a porch, natural-gas water heating, an oven/range, and a refrigerator.
Located in Lincoln, Rhode Island, the property is served by public water and carries RL9 zoning. The exterior includes a backyard, while the foundation skirting is being repainted. Lead certification is underway.
Located in Lincoln, Rhode Island, the property is served by public water and carries RL9 zoning. The exterior includes a backyard, while the foundation skirting is being repainted. Lead certification is underway.
Key Highlights
- Two‑unit duplex with 1,872 square feet of property size
- 0.25‑acre lot in Lincoln, RI
- Both units updated between 2019 and 2020
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 - Two-unit property with a vacant first-floor residence, recent updates, porch, and public water service.
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 property size; 0.25‑acre lot in Lincoln, RI; Both units updated between 2019 and 2020
