Duplex with Short-Term Rental
For Sale
Under Contract
$589,900
31 Gilmore Street, Providence, RI 02907
MULTI_FAMILY - Providence, RI
Property Size2,835 SF
Lot Size0.08 Acres
Price / SF$208.08
Days on Market100
Property Features for 31 Gilmore Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 1, Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 6, Bathroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Parking
6
Parking features
None
Interior features
Attic, Plumbing (PEX), Insulation (Ceiling), Insulation (Floors), Insulation (Walls)
Basement
Full, Unfinished
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator
Lot features
Fenced, Sidewalks
Standard status
Active Under Contract
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
Tile - Ceramic, Laminate
Building materials
Vinyl Siding
Listing Agency:
Century 21 Visionary Group · Century 21 Real Estate
(401) 380-6020
Listed By:
The InnoVenture Team
(401) 380-6020
Added: May 4
Changed: Aug 4
Last Checked: Aug 11 at 11:06PM
MLS# 1411713
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.
Investment Insights
Based on property information with market context.
Duplex property known as “The Gilmore,” currently operated as a short term rental. The home offers six bedrooms and three bathrooms, with interior features including attic space and insulation in ceilings, floors, and walls. Plumbing is PEX throughout, and the kitchen appliances include a gas water heater, microwave, oven/range, and refrigerator. Heating is provided by natural gas with baseboard units.
Recent capital improvements include the installation of two new boilers, blow-in insulation for efficiency, and a new water main. The property can also be operated as a traditional multi-family rental, and the seller indicates it may be delivered either as a turn-key short term rental or vacant and ready for new owners and tenants. Furnishings, linens, and all fixtures (excluding artwork) are negotiable.
With established operational systems in place for short term rental use, including housekeeping, laundry services, and a dedicated handyman, this duplex is set up to support continued operations if desired. Parking is listed as none.
Recent capital improvements include the installation of two new boilers, blow-in insulation for efficiency, and a new water main. The property can also be operated as a traditional multi-family rental, and the seller indicates it may be delivered either as a turn-key short term rental or vacant and ready for new owners and tenants. Furnishings, linens, and all fixtures (excluding artwork) are negotiable.
With established operational systems in place for short term rental use, including housekeeping, laundry services, and a dedicated handyman, this duplex is set up to support continued operations if desired. Parking is listed as none.
Key Highlights
- 6 bedrooms and 3 bathrooms with attic space and multi‑area insulation
- Short term rental operating setup with housekeeping, laundry services, and dedicated handyman
- Two new boilers, blow‑in insulation, and new water main
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
$47,872
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
8.12%
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%
$957,440
$957.4K
Cap Rate 7%
$683,886
$683.9K
Cap Rate 9%
$531,911
$531.9K
Market Conditions
NOI Build-Up for 2,835 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
$73.1K $25.80/SF
− Vacancy
−$4.8K −$1.68/SF
EGI
$68.4K $24.12/SF
− OpEx
−$20.5K −$7.24/SF
NOI
$47.9K $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 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%
$957,440
Cap Rate 7%
$683,886
Cap Rate 9%
$531,911
Alternative Uses
Best Use
Multifamily LT 5
$683.9K
$598.4K – $797.9K
NOI $47,872 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$614.3K
$537.5K – $716.7K
NOI $43,000 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$948.5K
$829.9K – $1.11M
NOI $66,392 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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 - Duplex home built in 1930 with six bedrooms, three baths, and recent capital improvements for efficiency and modern plumbing.
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 $589,900.
What are key features of this property?
This property features: 6 bedrooms and 3 bathrooms with attic space and multi‑area insulation; Short term rental operating setup with housekeeping, laundry services, and dedicated handyman; Two new boilers, blow‑in insulation, and new water main
