Building Details

Year built 1933

Floors in Building 2

Number of units 2

Listing Agency: RE/MAX Town & Country · RE/MAX International Show Phone

Listed By: A. Ranger Curran · License #011491NH Show Phone

Added: Oct 3 Changed: Oct 4 Last Checked: Oct 5 at 3:06PM

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MLS# 73586273

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Investment Insights

Based on property information with market context.

This 1,872-square-foot duplex dates to 1933 and contains two residences, each with two bedrooms. The second-floor unit has a long-term tenant. On the first floor, the kitchen has granite countertops and LVP flooring, and the bathroom has been updated. Other improvements include new electrical service, updated plumbing, newer gas hot water tanks, replacement windows, added insulation, and vinyl siding.

The property occupies a corner lot of 0.23 acres, with more than 10,000 square feet of land. It is zoned RL9 and located in Lincoln, Rhode Island.

Key Highlights

• Two residences, each with two bedrooms
• 1,872‑square‑foot building constructed in 1933
• Long‑term tenant in the second‑floor unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,170

Cap Rate

5.58%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $31,170 @ 7.0% cap · market cap 5.58%

Second Best

Apartment 5plus

$353.4K

$309.2K – $412.3K (±1% cap)

NOI $24,738 @ 7.0% cap · market cap 4.43%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency Pharmacy Building Supply HVAC Service

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

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

229

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Each residence has two bedrooms, with an existing tenant in the upper-floor unit.

Where is this duplex located?

The property is located at 209 River Road Lincoln, RI.

What is the asking price?

The asking price for this property is $559,000.

What are key features of this property?

This property features: Two residences, each with two bedrooms; 1,872‑square‑foot building constructed in 1933; Long‑term tenant in the second‑floor unit