Renovated Two-Family
For Sale
$800,000
31 Greenville Avenue, Johnston, RI 02919
Residential Income, Johnston, RI
Property Size2,495 SF
Lot Size0.18 Acres
Price / SF$320.64
Days on Market23
Property Features for 31 Greenville Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B@
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 2, Basement
Parking features
None
Interior features
Wall (Dry Wall), Attic, Plumbing (Mixed), Insulation (Cap), Insulation (Ceiling), Insulation (Walls)
Basement
Full, Partially Finished, Storage Space
Appliances
Electric Water Heater, Gas Water Heater, Dishwasher, Exhaust Fan, Range Hood
Subdivision
Greenville
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
2,495 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3122
Utilities
Heating system
Forced Air, Electric (Heating), Natural Gas
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Laminate
Building materials
Dry Wall, Vinyl Siding
Listing Agency:
Albert Realty Inc., Realtors
(401) 944-3377
Listed By:
Scaralia Group
(401) 464-6464
Added: Aug 20
Changed: Sep 11
Last Checked: Sep 11 at 3:06AM
MLS# 1419419
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.
This two-family duplex at 31 Greenville Avenue offers 2,495 square feet on a 0.18-acre lot. Built in 1900 and substantially renovated, the property provides three bedrooms on each floor, with the first level including a primary suite and full bathroom. Both kitchens are equipped with a dishwasher, range hood, and water-heating systems, while central air and forced-air heating serve the residence. Interior finishes include laminate and ceramic tile flooring, drywall, and vinyl siding.
The property is located in Johnston near shopping, dining, schools, and everyday services. Zoning is identified as B@. There is no on-site parking listed, and the home includes a basement and attic for additional interior utility.
The property is located in Johnston near shopping, dining, schools, and everyday services. Zoning is identified as B@. There is no on-site parking listed, and the home includes a basement and attic for additional interior utility.
Key Highlights
- Two‑family duplex with 2,495 square feet on a 0.18‑acre lot
- Three bedrooms on each floor; first floor includes a primary suite and full bath
- Renovated property with central air and forced‑air heating
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
$41,543
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
5.19%
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%
$830,860
$830.9K
Cap Rate 7%
$593,471
$593.5K
Cap Rate 9%
$461,589
$461.6K
Market Conditions
NOI Build-Up for 2,495 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
$63.5K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.3K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.5K $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%
$830,860
Cap Rate 7%
$593,471
Cap Rate 9%
$461,589
Alternative Uses
Best Use
Multifamily LT 5
$593.5K
$519.3K – $692.4K
NOI $41,543 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,970 @ 7.0% cap · market cap 4.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit residence with equipped kitchens, central air, and a first-floor primary suite with private bath.
Where is this duplex located?
The property is located at 31 Greenville Avenue Johnston, RI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two‑family duplex with 2,495 square feet on a 0.18‑acre lot; Three bedrooms on each floor; first floor includes a primary suite and full bath; Renovated property with central air and forced‑air heating
