Turn-Key Multifamily Short-Term
31 Gilmore Street, Providence, RI 02907
MULTI_FAMILY - Providence, RI
Property size:
2,835 SFLot size:
0.08 AcresPrice / SF:
$227/SF- Added:
- May 4, 2026
- Days on Market:
- 51
- Last Refresh:
- Jun 23 at 2:06 pm
Property Features for 31 Gilmore Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 3
- Rooms
- Bedroom 2, Bedroom 3, Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 6, Bedroom 5, Bedroom 4
- Parking
- 6
- Parking features
- Garage
- Interior features
- Attic, Plumbing (PEX), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
- Basement
- Unfinished, Full
- Appliances
- Gas Water Heater, Microwave, Oven/Range, Refrigerator
- Standard status
- Active
- Size
- 2,835 SF
- Lot size
- 0.08 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5466
Utilities
- Heating system
- Baseboard, Natural Gas
Building Details
- Year built
- 1930
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Laminate, Tile - Ceramic
- Building materials
- Vinyl Siding
Listing agent The InnoVenture Team (508) 726-3492
Listing office Century 21 Visionary Group 969 Waterman Avenue, Suite 3, East Providence, RI (401) 380-6020
Listing date May 4, 2026
MLS# 1411713
Listing URL
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.
HighLights
- 6‑bedroom, 3‑bath multifamily property built in 1930
- Currently operated as a short‑term rental with rental income reported as 6 figures
- Estimated rent roll for traditional multi‑family rentals exceeding $57k
- Recent capital improvements include installation of two new boilers, blow‑in insulation, and a new water main
- No‑maintenance PEX plumbing throughout; gas water heater; baseboard heating
- Includes garage parking; flooring with laminate and ceramic tile; vinyl siding
Overview
This well-maintained multifamily property offers flexible living and income potential with six bedrooms and three bathrooms. “The Gilmore” is currently operated as a successful short-term rental, and it can also be run as a traditional multifamily rental depending on the buyer’s strategy. The home has benefited from recent capital improvements, including the installation of two new boilers, blow-in insulation for efficiency, a new water main, and no-maintenance PEX plumbing throughout. Furnishings, linens, and all fixtures (excluding artwork) are negotiable, which can support either an operator-led continuation or a quick transition to a new use. The seller is also willing to stay onboard to help with the transitional period and provide consulting if the buyer chooses to continue short-term rental operations. If the buyer prefers, the property can also be delivered as turn-key short-term rental ready, or vacant and prepared for new residents.
Located at 31 Gilmore Street in Providence, this property is positioned for buyers seeking a live-and-invest option or an investor who values operational readiness. The existing operational systems include housekeeping, laundry services, and a dedicated handyman, supporting continuity for an operator that wants to maintain performance.
With its upgrade history, established short-term rental workflow, and income-driven configuration, the property can suit owner-occupants looking for multi-generational living while building equity, as well as traditional investors seeking a straightforward multifamily alternative.
Located at 31 Gilmore Street in Providence, this property is positioned for buyers seeking a live-and-invest option or an investor who values operational readiness. The existing operational systems include housekeeping, laundry services, and a dedicated handyman, supporting continuity for an operator that wants to maintain performance.
With its upgrade history, established short-term rental workflow, and income-driven configuration, the property can suit owner-occupants looking for multi-generational living while building equity, as well as traditional investors seeking a straightforward multifamily alternative.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.1k | $25.80 |
| − Vacancy | −$4.8k | −$1.68 |
| EGI | $68.4k | $24.12 |
| − OpEx | −$20.5k | −$7.24 |
| NOI | $47.9k | $16.89 |
2,835 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$683.9K
$598.4K – $797.9K
NOI $47,872 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$614.3K
$537.5K – $716.7K
NOI $43,000 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$948.5K
$829.9K – $1.11M
NOI $66,392 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Providence
- County
- Providence
- State
- Rhode Island
- Longitude
- -71.426938
- Latitude
- 41.812536
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Well-maintained 6-bedroom property with recent mechanical and plumbing upgrades, operating successfully as a short-term rental.
Where is this duplex located?
The property is located at 31 Gilmore Street Providence, RI.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 6‑bedroom, 3‑bath multifamily property built in 1930; Currently operated as a short‑term rental with rental income reported as 6 figures; Estimated rent roll for traditional multi‑family rentals exceeding $57k
