Two-Unit Duplex with Bonus
New
For Sale
$449,000
38 Wildwood Avenue, Providence, RI 02907
Each residence has separate utilities and its own gas boiler for independent household operation.
Property Size2,189 SF
Price / SF$205.12
Days on Market4
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Property Features for 38 Wildwood Avenue
General Information
Standard status
Active
Size
2,189 SF
Property subtype
MultiFamily
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Amenities
private backyard
cement patio
full basement
bonus space
Building Details
Year Built
1920
Listing Agency:
Start Realty
(401) 380-7000
Listed By:
Crystal D'Agostino · License #REB.0016758
(401) 714-2588
Source:
Lockandkeyre
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 15 at 2:20AM
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 Start Realty
Investment Insights
Based on property information with market context.
This 2,189-square-foot duplex, built in 1920, contains a one-bedroom first-floor residence and a three-bedroom unit above. Both have double parlors and original moldings; the upper residence also has an updated kitchen with an island and access to the third floor for storage. Separate utilities and individual gas boilers serve the two units. A full basement provides additional storage, while a cement patio opens to a private backyard.
A former detached two-car garage has been converted to bonus space. Returning it to garage use or pursuing an accessory dwelling unit would require applicable zoning compliance and approvals. The property is in Providence’s Reservoir Triangle area, near shopping, public transportation, hospitals, and major routes.
A former detached two-car garage has been converted to bonus space. Returning it to garage use or pursuing an accessory dwelling unit would require applicable zoning compliance and approvals. The property is in Providence’s Reservoir Triangle area, near shopping, public transportation, hospitals, and major routes.
Key Highlights
- 2,189‑square‑foot duplex built in 1920
- First‑floor one‑bedroom unit and upper‑level three‑bedroom unit
- Separate utilities and an individual gas boiler for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,964
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$739,280
$739.3K
Cap Rate 7%
$528,057
$528.1K
Cap Rate 9%
$410,711
$410.7K
Market Conditions
NOI Build-Up for 2,189 SF
Gross rent
$56.5K $25.80/SF
− Vacancy
−$3.7K −$1.68/SF
EGI
$52.8K $24.12/SF
− OpEx
−$15.8K −$7.24/SF
NOI
$37.0K $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%
$739,280
Cap Rate 7%
$528,057
Cap Rate 9%
$410,711
Alternative Uses
Best Use
Multifamily LT 5
$528.1K
$462.1K – $616.1K
NOI $36,964 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$474.3K
$415.0K – $553.4K
NOI $33,202 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$732.3K
$640.8K – $854.4K
NOI $51,264 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
799
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
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has separate utilities and its own gas boiler for independent household operation.
Where is this duplex located?
The property is located at 38 Wildwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,189‑square‑foot duplex built in 1920; First‑floor one‑bedroom unit and upper‑level three‑bedroom unit; Separate utilities and an individual gas boiler for each unit
