Updated
For Sale
$782,000
38 Mitchell St, Providence, RI 02907
Three residential units offer refreshed interiors, basement storage, and a mix of central air and baseboard heating.
Property Size3,474 SF
Price / SF$225.10
Days on Market11
Property Features for 38 Mitchell St
General Information
Standard status
Active
Size
3,474 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
central air
security system
basement
off-street parking
Building Details
Year Built
1910
Listing Agency:
Century 21 Limitless
(508) 726-3492
Listed By:
Jose Duce Rocher · License #RES.0045130
Source:
Alpernandmesenbourg
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 9:25PM
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 Century 21 Limitless
Investment Insights
Based on property information with market context.
Built in 1910, this three-unit residential property contains 3,474 square feet with a total of 9 bedrooms and 3.5 bathrooms. Each apartment has been updated, while the upper residence includes central air and the two lower residences use baseboard heat. A full basement adds storage capacity, and a security system is included.
The property occupies a corner lot at 38 Mitchell St in Providence’s Elmwood neighborhood. Parking is available both on the street and on the property, providing practical access for residents and visitors. The three-family layout, refreshed interiors, and varied mechanical features create a clearly defined multifamily configuration.
The property occupies a corner lot at 38 Mitchell St in Providence’s Elmwood neighborhood. Parking is available both on the street and on the property, providing practical access for residents and visitors. The three-family layout, refreshed interiors, and varied mechanical features create a clearly defined multifamily configuration.
Key Highlights
- Three‑family property with 9 bedrooms and 3.5 bathrooms
- 3,474 square feet on a corner lot
- Each unit has been recently updated
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
$58,662
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
7.50%
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%
$1,173,240
$1.2M
Cap Rate 7%
$838,029
$838.0K
Cap Rate 9%
$651,800
$651.8K
Market Conditions
NOI Build-Up for 3,474 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
$89.6K $25.80/SF
− Vacancy
−$5.8K −$1.68/SF
EGI
$83.8K $24.12/SF
− OpEx
−$25.1K −$7.24/SF
NOI
$58.7K $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%
$1,173,240
Cap Rate 7%
$838,029
Cap Rate 9%
$651,800
Alternative Uses
Best Use
Multifamily LT 5
$838.0K
$733.3K – $977.7K
NOI $58,662 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$752.7K
$658.7K – $878.2K
NOI $52,692 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,357 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,598
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?
Triplex - Three residential units offer refreshed interiors, basement storage, and a mix of central air and baseboard heating.
Where is this triplex located?
The property is located at 38 Mitchell St Providence, RI.
What is the asking price?
The asking price for this property is $782,000.
What are key features of this property?
This property features: Three‑family property with 9 bedrooms and 3.5 bathrooms; 3,474 square feet on a corner lot; Each unit has been recently updated
