Two-Unit Duplex with
For Sale
$849,900
981 Smith St, Providence, RI 02908
Two residential units include bonus rooms and off-street parking.
Property Size3,080 SF
Price / SF$275.94
Days on Market47
Property Features for 981 Smith St
General Information
Standard status
Active
Size
3,080 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Mount Pleasant
Highway Access
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
RE/MAX Professionals
Listed By:
Jason Ferri · License #344781
(401) 952-0447
Source:
Alpernandmesenbourg
Added: Sep 10
Changed: Oct 25
Last Checked: Oct 7 at 2:29PM
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 RE/MAX Professionals
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Investment Insights
Based on property information with market context.
Built in 1920, this 3,080-square-foot duplex contains two residential units with a matching layout. Each unit offers three bedrooms, one full bathroom, and a bonus room that can serve as office or additional living space. Off-street parking is included, and one unit has been well maintained. A current lease is nearing expiration.
The property is located in Providence’s historic Elmhurst neighborhood near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways. Its two-unit configuration supports both owner-occupancy and rental use, subject to applicable requirements and lease terms.
The property is located in Providence’s historic Elmhurst neighborhood near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways. Its two-unit configuration supports both owner-occupancy and rental use, subject to applicable requirements and lease terms.
Key Highlights
- Two‑unit duplex with 3,080 square feet
- Each unit has 3 bedrooms and 1 full bath
- Bonus room included in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,009
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,040,180
$1.0M
Cap Rate 7%
$742,986
$743.0K
Cap Rate 9%
$577,878
$577.9K
Market Conditions
NOI Build-Up for 3,080 SF
Gross rent
$79.5K $25.80/SF
− Vacancy
−$5.2K −$1.68/SF
EGI
$74.3K $24.12/SF
− OpEx
−$22.3K −$7.24/SF
NOI
$52.0K $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%
$1,040,180
Cap Rate 7%
$742,986
Cap Rate 9%
$577,878
Alternative Uses
Best Use
Multifamily LT 5
$743.0K
$650.1K – $866.8K
NOI $52,009 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$667.4K
$584.0K – $778.6K
NOI $46,716 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.03M
$901.6K – $1.20M
NOI $72,130 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
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 - Two residential units include bonus rooms and off-street parking.
Where is this duplex located?
The property is located at 981 Smith St Providence, RI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two‑unit duplex with 3,080 square feet; Each unit has 3 bedrooms and 1 full bath; Bonus room included in both units
