Four-Unit Multifamily
31 Chapin Avenue, Providence, RI 02909
For Sale
New
$950,000
Residential Income, Providence, RI
Property Size4,021 SF
Lot Size0.12 Acres
Price / SF$236.26
Days on Market3
Property Features for 31 Chapin Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Interior features
Basement
Appliances
Subdivision
Lot features
Standard status
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Listing Agency:
Residential Properties Ltd
(401) 457-3400
Listed By:
Jane Driver · License RI REB.0016979
(401) 641-3723
Added: Nov 10
Changed: Nov 11
Last Checked: Nov 12 at 10:06PM
MLS# 1428285
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.
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Investment Insights
Based on property information with market context.
Built in 1870, this four-unit multifamily property contains 4,021 square feet on a 0.1217-acre lot. The apartments are one-bedroom units with hardwood floors and high ceilings. A finished third floor includes an additional full bathroom and may be converted into living space. The exterior has been freshly painted, and the building includes a tankless water heater, natural gas baseboard heat, and window-unit cooling.
Located at 31 Chapin Avenue in Providence, the property is in the Armory District. The lot measures more than 5,000 square feet and has space for a garden or patio. The building’s clapboard exterior and mix of hardwood and pine flooring are additional physical features.
Located at 31 Chapin Avenue in Providence, the property is in the Armory District. The lot measures more than 5,000 square feet and has space for a garden or patio. The building’s clapboard exterior and mix of hardwood and pine flooring are additional physical features.
Key Highlights
- Four‑unit property with four one‑bedroom apartments
- 4,021 square feet of building area
- 0.1217‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,899
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,357,980
$1.4M
Cap Rate 7%
$969,986
$970.0K
Cap Rate 9%
$754,433
$754.4K
Market Conditions
NOI Build-Up for 4,021 SF
Gross rent
$103.7K $25.80/SF
− Vacancy
−$6.7K −$1.68/SF
EGI
$97.0K $24.12/SF
− OpEx
−$29.1K −$7.24/SF
NOI
$67.9K $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%
$1,357,980
Cap Rate 7%
$969,986
Cap Rate 9%
$754,433
Alternative Uses
Best Use
Multifamily LT 5
$970.0K
$848.7K – $1.13M
NOI $67,899 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$871.3K
$762.4K – $1.02M
NOI $60,988 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,167 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,801
Businesses Nearby
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Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Providence, RI
Properties on Market for Quadplexes in Providence
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Each apartment has one bedroom, with an additional finished upper level and full bath.
Where is this quadplex located?
The property is located at 31 Chapin Avenue Providence, RI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four‑unit property with four one‑bedroom apartments; 4,021 square feet of building area; 0.1217‑acre lot
