Duplex with Three-Story
New
For Sale
$375,000
Pending
18 Stone Street, Providence, RI 02904
One apartment is ready for occupancy, while the other requires full renovation.
Property Size1,437 SF
Days on Market6
Property Features for 18 Stone Street
General Information
Standard status
Pending
Size
1,437 SF
Property subtype
MultiFamily
Property Condition
Severity
Major Repairs Needed
Evidence
both floors of unit 2 in need of full renovations
Units
Unit Mix
1 x 1BR, 1 x 4BR
Multifamily Units
2
Building Details
Year Built
1890
Buildings
1
Stories
3
Listing Agency:
RE/MAX River's Edge
(401) 245-2000
Listed By:
David Silva · License #RES.0044604
(401) 640-3309
Source:
Lockandkeyre
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 9:37AM
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 RE/MAX River's Edge
Investment Insights
Based on property information with market context.
This duplex, built in 1890, contains two apartments. The first-floor unit has one bedroom and 616 square feet. The second unit spans the upper two floors: its second-floor portion has one bedroom, one bathroom and 616 square feet, while the third-floor portion adds three bedrooms, one bathroom and 205 square feet. The first-floor apartment is ready for use; both levels of the upper unit require full renovation.
The property is being sold as-is and is subject to court approval. The source indicates that most loan types will not qualify.
The property is being sold as-is and is subject to court approval. The source indicates that most loan types will not qualify.
Key Highlights
- Two‑unit property built in 1890
- First‑floor unit: 1 bedroom and 616 square feet
- Upper unit spans the second and third floors; both levels need full renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,265
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$485,300
$485.3K
Cap Rate 7%
$346,643
$346.6K
Cap Rate 9%
$269,611
$269.6K
Market Conditions
NOI Build-Up for 1,437 SF
Gross rent
$37.1K $25.80/SF
− Vacancy
−$2.4K −$1.68/SF
EGI
$34.7K $24.12/SF
− OpEx
−$10.4K −$7.24/SF
NOI
$24.3K $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 Rate 5%
$485,300
Cap Rate 7%
$346,643
Cap Rate 9%
$269,611
Alternative Uses
Best Use
Multifamily LT 5
$346.6K
$303.3K – $404.4K
NOI $24,265 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$311.4K
$272.5K – $363.3K
NOI $21,796 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$480.8K
$420.7K – $560.9K
NOI $33,653 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,089
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - One apartment is ready for occupancy, while the other requires full renovation.
Where is this duplex located?
The property is located at 18 Stone Street Providence, RI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit property built in 1890; First‑floor unit: 1 bedroom and 616 square feet; Upper unit spans the second and third floors; both levels need full renovation
