Two-Family Residential Income
For Sale
$445,000
Pending
271 Chapel Street, Burrillville, RI 02830
Well-maintained two-family home with a vacant 2-bedroom unit, a 1-bedroom unit, and off-street parking.
Property Size1,728 SF
Days on Market54
Property Features for 271 Chapel Street
General Information
Standard status
Pending
Size
1,728 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1986
Listing Agency:
KEY Real Estate Services
(401) 661-9040
Listed By:
Team KEY
(401) 329-9722
Source:
Lockandkeyre
Added: Jul 13
Changed: Aug 31
Last Checked: Aug 28 at 12:46PM
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 KEY Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained two-family home offers two separate residential units, including a vacant 2-bedroom unit. The spacious 2-bedroom unit includes some newer flooring and direct access to a low-maintenance Trex deck. The second unit is a comfortable 1-bedroom layout and is set up to provide immediate rental income. Exterior improvements include maintenance-free vinyl siding, and the property also features a versatile outbuilding for additional storage or workshop use.
The property is located at 271 Chapel Street in Burrillville, RI 02830, with ample off-street parking available.
From a configuration standpoint, it presents an owner-occupant or investor structure with one unit available for immediate occupancy and the other unit designed for ongoing rental use.
The property is located at 271 Chapel Street in Burrillville, RI 02830, with ample off-street parking available.
From a configuration standpoint, it presents an owner-occupant or investor structure with one unit available for immediate occupancy and the other unit designed for ongoing rental use.
Key Highlights
- Two‑family home built in 1986 with a vacant 2‑bedroom unit and an occupied 1‑bedroom unit
- Vacant 2‑bedroom unit includes newer flooring and access to a low‑maintenance Trex deck
- Vinyl siding exterior with ample off‑street parking
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
$28,772
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
6.47%
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%
$575,440
$575.4K
Cap Rate 7%
$411,029
$411.0K
Cap Rate 9%
$319,689
$319.7K
Market Conditions
NOI Build-Up for 1,728 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
$44.0K $25.44/SF
− Vacancy
−$2.9K −$1.65/SF
EGI
$41.1K $23.79/SF
− OpEx
−$12.3K −$7.14/SF
NOI
$28.8K $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%
$575,440
Cap Rate 7%
$411,029
Cap Rate 9%
$319,689
Alternative Uses
Best Use
Multifamily LT 5
$411.0K
$359.7K – $479.5K
NOI $28,772 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$326.2K
$285.4K – $380.6K
NOI $22,835 @ 7.0% cap · market cap 5.13%
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
122
Businesses Nearby
Explore this area
Business Placement
Demographics for 02830, RI
6,474
Population
2,837
Households
2.3
Avg Household Size
46
Median Age
29%
College-Educated
91%
High-School Grad
20.4 sq mi
ZIP Area
317
Density / Sq Mi
$121,611
Median Household Income
$59,876
Median Earnings
$981
Median Rent
$381,200
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 two-family home with a vacant 2-bedroom unit, a 1-bedroom unit, and off-street parking.
Where is this duplex located?
The property is located at 271 Chapel Street Burrillville, RI.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Two‑family home built in 1986 with a vacant 2‑bedroom unit and an occupied 1‑bedroom unit; Vacant 2‑bedroom unit includes newer flooring and access to a low‑maintenance Trex deck; Vinyl siding exterior with ample off‑street parking
