Listing Agency: eXp Realty R***@exprealty.net Show Phone

Listed By: Slocum Home Team · License #38011 Show Phone

Source: Exprealty

Added: Aug 31 Changed: Oct 6 Last Checked: Oct 16 at 12:35PM

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Investment Insights

Based on property information with market context.

This duplex, built in 1920, contains 2,080 square feet and offers two residential units with hardwood flooring throughout. Each unit includes a private patio, while basement storage adds useful space for household items and equipment. A large backyard provides additional outdoor area for the property.

Located at 16 Binford Street in Lincoln, Rhode Island, the property combines a two-unit layout with established residential improvements and outdoor amenities. The configuration includes private exterior space for each unit, basement storage, and a backyard serving the overall property.

Key Highlights

• 2,080‑square‑foot duplex built in 1920
• Two residential units, each with a private patio
• Hardwood flooring throughout the property

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,633

Cap Rate

6.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$692,660 $692.7K

Cap Rate 7%

$494,757 $494.8K

Cap Rate 9%

$384,811 $384.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,080 SF

Gross rent

$52.9K $25.44/SF

− Vacancy

−$3.4K −$1.65/SF

EGI

$49.5K $23.79/SF

− OpEx

−$14.8K −$7.14/SF

NOI

$34.6K $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 Rate 5%

$692,660

Cap Rate 7%

$494,757

Cap Rate 9%

$384,811

Alternative Uses

Best Use

Multifamily LT 5

$494.8K

$432.9K – $577.2K (±1% cap)

NOI $34,633 @ 7.0% cap · market cap 6.02%

Second Best

Apartment 5plus

$392.7K

$343.6K – $458.1K (±1% cap)

NOI $27,486 @ 7.0% cap · market cap 4.78%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Parking Lot & Garage Acupuncture Garden Center (Bike/Boat/Book/etc) Store Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

458

Businesses Nearby

Explore this area Business Placement

Demographics for 02865, RI

17,902

Population

7,079

Households

2.5

Avg Household Size

45

Median Age

48%

College-Educated

92%

High-School Grad

16.5 sq mi

ZIP Area

1,085

Density / Sq Mi

$117,042

Median Household Income

$59,949

Median Earnings

$1,206

Median Rent

$427,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit residential property with hardwood flooring, individual patios, basement storage, and a large backyard.

Where is this duplex located?

The property is located at 16 Binford St Lincoln, RI.

What is the asking price?

The asking price for this property is $575,000.

What are key features of this property?

This property features: 2,080‑square‑foot duplex built in 1920; Two residential units, each with a private patio; Hardwood flooring throughout the property