Renovated Two-Family
For Sale
$800,000
31 Greenville Avenue, Johnston, RI 02919
Two residential levels each offer three bedrooms and a fully equipped kitchen.
Property Size2,495 SF
Price / SF$320.64
Days on Market10
Property Features for 31 Greenville Avenue
General Information
Standard status
Active
Size
2,495 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Albert Realty Inc., REALTORS
(401) 944-3377
Listed By:
Scaralia Group
Source:
Lockandkeyre
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 1:08PM
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 Albert Realty Inc., REALTORS
Investment Insights
Based on property information with market context.
This 2,495-square-foot duplex, built in 1900, has undergone a complete renovation. Each floor includes three bedrooms and a kitchen equipped for everyday use. The first level adds a primary suite with a private full bathroom, creating a distinct owner-occupant arrangement within the two-family layout.
Located at 31 Greenville Avenue in Johnston, Rhode Island, the property is near shopping, dining, schools, and other everyday amenities. The two-unit configuration supports living in one residence while renting the other, subject to applicable requirements.
Located at 31 Greenville Avenue in Johnston, Rhode Island, the property is near shopping, dining, schools, and other everyday amenities. The two-unit configuration supports living in one residence while renting the other, subject to applicable requirements.
Key Highlights
- 2,495‑square‑foot duplex with a complete renovation
- Two‑family layout with 3 bedrooms on each floor
- First‑floor primary suite with a full bath
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
Property Profile
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
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 - Two residential levels each offer three bedrooms and a fully equipped kitchen.
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: 2,495‑square‑foot duplex with a complete renovation; Two‑family layout with 3 bedrooms on each floor; First‑floor primary suite with a full bath
