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 Market56
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
Listed By:
Jose Duce Rocher · License #RES.0045130
(508) 726-3492
Source:
Alpernandmesenbourg
Added: Aug 20
Changed: Oct 4
Last Checked: Oct 7 at 3:50PM
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 / Yr
$58,662
Cap Rate
7.50%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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?
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
