Three-Unit Multifamily
38 Mitchell Street Providence, RI 02907
New
38 Mitchell Street, Providence, RI, 02907
$782,000
For Sale
$782,000
MULTI_FAMILY - Providence, RI
Property Size3,474 SF
Lot Size0.06 Acres
Price / SF$225.10
Days on Market3
Property Features for 38 Mitchell Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 9
- Bathrooms
- 3
- Rooms
- Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 9, Bedroom 6, Bedroom 3, Basement, Bedroom 1, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 3, Bathroom 2
- Parking
- 8
- Parking features
- None
- Patio and Porch features
- Porch
- Interior features
- Wall (Dry Wall), Attic, Attic Storage, Stairs, Insulation (Unknown)
- Exterior features
- Balcony, Porch
- Basement
- Partially Finished, Storage Space, Full
- Appliances
- Gas Water Heater, Microwave, Oven/Range, Refrigerator
- Standard status
- Active
- Size
- 3,474 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 4331
Utilities
- Heating system
- Baseboard, Central, Forced Air, Natural Gas
- Cooling system
- Window Unit(s), Central Air
Building Details
- Year built
- 1910
- Floors in Building
- 3
- Number of units
- 3
- Flooring type
- Vinyl, Laminate
- Building materials
- Dry Wall, Vinyl Siding
- Additional Structures
- Storage
Listing agency
Century 21 Limitless
(617) 749-7178
Listed by
Jose Duce Rocher · License #RES.0045130
(508) 726-3492
Added: Jul 20 Checked: Jul 22 at 2:06AM
MLS# 1418161
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 three-unit multifamily property is located on a corner lot and configured as a residential income building with nine bedrooms and 3.5 bathrooms across the three units. The units include bonus rooms, and the property is described as having recently updated units intended for low-maintenance operation. The upper unit features central air, while the lower units are heated with baseboard systems.
A large basement is included for storage. The property also offers both on-street and off-street parking and has a security system. The listing notes the asset is turnkey and available with immediate income potential.
ForSale at 38 Mitchell Street in Providence, Rhode Island (02907), this building is presented as easy to show, with an appointment recommended for tours.
A large basement is included for storage. The property also offers both on-street and off-street parking and has a security system. The listing notes the asset is turnkey and available with immediate income potential.
ForSale at 38 Mitchell Street in Providence, Rhode Island (02907), this building is presented as easy to show, with an appointment recommended for tours.
Key Highlights
- 3‑family property at 38 Mitchell St in Providence’s Elmwood neighborhood on a corner lot
- Total layout includes 9 bedrooms and 3.5 bathrooms across the three units
- Each unit includes updates for low‑maintenance living; upper unit has central air and lower units have baseboard heating
Local 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 | $89.6k | $25.80 |
| − Vacancy | −$5.8k | −$1.68 |
| EGI | $83.8k | $24.12 |
| − OpEx | −$25.1k | −$7.24 |
| NOI | $58.7k | $16.89 |
3,474 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-family corner-lot building with recently updated units, central air on the upper unit, and parking for tenants.
Where is this triplex located?
The property is located at 38 Mitchell Street 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: 3‑family property at 38 Mitchell St in Providence’s Elmwood neighborhood on a corner lot; Total layout includes 9 bedrooms and 3.5 bathrooms across the three units; Each unit includes updates for low‑maintenance living; upper unit has central air and lower units have baseboard heating
