Two-Unit Income
New
For Sale
$549,900
31 Sibley Street, Providence, RI 02907
Two-family duplex with separate utilities and wood flooring, offering unit flexibility for updates and customization.
Property Size2,654 SF
Price / SF$207.20
Days on Market7
Property Features for 31 Sibley Street
General Information
Standard status
Active
Size
2,654 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Steve Eccleston
Source:
Lockandkeyre
Added: Jul 24
Changed: Jul 27
Last Checked: Jul 30 at 6:15AM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
This two-unit duplex provides a value-add layout with separate utilities. The first unit features 3 bedrooms and 1 bathroom, while the second unit spans two floors with up to 7 bedrooms and 2 bathrooms. Interior finishes include granite countertops in the kitchens, tile bathrooms, and hardwood and other types of wood flooring. The property is described as ready to be refreshed for its next chapter.
Located in Providence with convenient access to downtown, area highways, shopping, and restaurants. The setting supports both investment-focused ownership and owner-occupant use as a project property.
With a flexible configuration across two distinct units, the home offers room to modernize and tailor finishes while maintaining separate utility service for each unit.
Located in Providence with convenient access to downtown, area highways, shopping, and restaurants. The setting supports both investment-focused ownership and owner-occupant use as a project property.
With a flexible configuration across two distinct units, the home offers room to modernize and tailor finishes while maintaining separate utility service for each unit.
Key Highlights
- Two‑family duplex built in 1920 with separate utilities
- First unit features 3 bedrooms and 1 bathroom
- Second unit spans two floors with up to 7 bedrooms and 2 bathrooms
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 | $68.5k | $25.80 |
| − Vacancy | −$4.5k | −$1.68 |
| EGI | $64.0k | $24.12 |
| − OpEx | −$19.2k | −$7.24 |
| NOI | $44.8k | $16.89 |
2,654 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$640.2K
$560.2K – $746.9K
NOI $44,816 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$575.1K
$503.2K – $670.9K
NOI $40,254 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$887.9K
$776.9K – $1.04M
NOI $62,154 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
839
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 - Two-family duplex with separate utilities and wood flooring, offering unit flexibility for updates and customization.
Where is this duplex located?
The property is located at 31 Sibley Street Providence, RI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Two‑family duplex built in 1920 with separate utilities; First unit features 3 bedrooms and 1 bathroom; Second unit spans two floors with up to 7 bedrooms and 2 bathrooms
