Oversized Two-Family
981 Smith Street Providence, RI 02908
New
981 Smith Street, Providence, RI, 02908
$899,900
For Sale
$899,900
MULTI_FAMILY - Providence, RI
Property Size3,080 SF
Lot Size0.12 Acres
Price / SF$292.18
Days on Market1
Property Features for 981 Smith Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Basement, Bedroom 2
- Parking
- 4
- Parking features
- None
- Interior features
- Wall (Plaster), Wall (Wood), Attic, Attic Stairs, Attic Storage, Cathedral Ceilings, Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC), Insulation (Unknown)
- Basement
- Full, Unfinished
- Appliances
- Gas Water Heater, Dishwasher, Dryer, Exhaust Fan, Oven/Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 3,080 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 4900
Utilities
- Heating system
- Natural Gas, Baseboard
Building Details
- Year built
- 1920
- Floors in Building
- 3
- Number of units
- 2
- Flooring type
- Hardwood, Marble, Carpet, Tile - Ceramic
- Building materials
- Plaster, Wood Wall(s), Vinyl Siding
- Additional Structures
- Storage
Listing Agency
Re/Max Professionals
(401) 884-6050
655 Main Street, East Greenwich, RI
Listed by
Jason Ferri · License #344781
(401) 884-6050
Added: Jul 16 Checked: Jul 16 at 5:06 pm
MLS# 1417718
Listing URL
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 oversized two-family residence offers two spacious units. Each unit includes three bedrooms and one full bathroom, along with a bonus room that can serve as a home office or additional living space. The property also provides off-street parking, and the former owner’s unit has been maintained and reflects pride of ownership.
The home is located in Providence’s Elmhurst neighborhood and is conveniently situated near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways.
With the current lease expiring soon, the property presents an opportunity for an owner-occupant or investor to adjust rental terms moving forward.
The home is located in Providence’s Elmhurst neighborhood and is conveniently situated near La Salle Academy, Providence College, shopping, restaurants, parks, and major highways.
With the current lease expiring soon, the property presents an opportunity for an owner-occupant or investor to adjust rental terms moving forward.
Key Highlights
- Oversized two‑family built in 1920 in Providence’s historic Elmhurst neighborhood
- Each unit features 3 bedrooms and 1 full bath, plus a bonus room for office or extra living space
- Off‑street parking available; parking features listed as none
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 | $79.5k | $25.80 |
| − Vacancy | −$5.2k | −$1.68 |
| EGI | $74.3k | $24.12 |
| − OpEx | −$22.3k | −$7.24 |
| NOI | $52.0k | $16.89 |
3,080 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$743.0K
$650.1K – $866.8K
NOI $52,009 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$667.4K
$584.0K – $778.6K
NOI $46,716 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$1.03M
$901.6K – $1.20M
NOI $72,130 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Oversized two-family with two 3-bedroom units, each with a bonus room and off-street parking.
Where is this duplex located?
The property is located at 981 Smith Street Providence, RI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Oversized two‑family built in 1920 in Providence’s historic Elmhurst neighborhood; Each unit features 3 bedrooms and 1 full bath, plus a bonus room for office or extra living space; Off‑street parking available; parking features listed as none
