Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    37 Pembroke Ave Providence, RI 02908

    Sponsored
    For Sale
    Under Contract
    $650,000

    MULTI_FAMILY - Providence, RI

    Lot size:
    0.09 Acres
    Days on Market:
    10
    Last Refresh:
    Feb 25 at 4:06 pm

    Property Features for 37 Pembroke Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    02
    Rooms
    Bedroom 7, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 4, Basement, Bedroom 6, Bedroom 5, Bedroom 3, Bathroom 1
    Bedrooms
    8
    Bathrooms
    3
    Parking
    6
    Interior features
    Attic Stairs
    Lot size
    0.09 Acres

    Utilities

    Heating system
    Baseboard, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    3
    Number of units
    3
    Flooring type
    Laminate, Hardwood
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Ed Kazarian

    Patriot Realty RI (401) 578-7898

    Listing agent Ed Kazarian

    Listing date Feb 16, 2026

    MLS# 1402587 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.

    Learn more

    Property Insight Report

    Overview

    Elmhurst Area Multi-Family Investment

    This multi-family property, located in the Elmhurst area of Providence, Rhode Island, is currently leased to college students. The property contains three units within its 3600+ square feet. Its location near colleges, downtown, and hospitals makes it an ideal investment opportunity. The property also offers off-street parking. The exterior requires low maintenance, and the interior has multiple updates. It could also serve as an owner-occupier opportunity, where the owner lives in one unit and collects rent from the other two.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.430573
    Latitude
    41.837579

    Nearby Similar for Sale

    • $525,000
      2,400 SF

      Established Bar/Lounge in Providence

      Thriving bar/lounge with equipment, supplies, and parking.
      727 Cranston St, Providence, RI 02907
      View Details
    • $350,000
      900 SF

      Downtown Providence Condo Unit

      Prime 900 SF condo unit in downtown Providence.
      65 Weybosset St, Providence, RI 02903
      View Details
    • $350,000
      900 SF

      Established Bar with Liquor License

      Thriving bar business with liquor license in downtown Providence.
      65 Weybosset St, Providence, RI 02903
      View Details
    • New
      $489,000
      0.07 Acres

      Mixed-Use Property Near Highways

      Three-unit mixed-use property with conversion potential near highways.
      559 Branch Ave, Providence, RI 02904
      View Details
    • $299,000
      Pending

      Updated Office Condo in Providence

      Move-in-ready office condo in Providence's desirable Corliss Landing.
      555 S Water St, Providence, RI 02903
      View Details
    • $175,000
      450 SF

      Downtown Providence Commercial Condo For Sale

      Commercial condo in downtown Providence with basement storage, ready for retail.
      65 Weybosset St, Providence, RI 02903
      View Details
    • Contact for pricing
      2,520 SF

      East Side Office Space

      Office space available in a highly accessible East Side location.
      155 Elmgrove Ave, Providence, RI 02906
      View Details
    • $1,300,000
      0.38 Acres

      High-Traffic Commercial Property, Providence

      Prime location ideal for automotive-related businesses.
      1160 Westminster St, Providence, RI 02909
      View Details
    • $499,900
      Pending

      Providence Multi-Family Investment Opportunity

      Multi-family home in Providence, RI with modern construction and parking.
      9 Gage St, Providence, RI 02909
      View Details
    • Contact for pricing
      0.21 Acres

      Versatile Commercial Space, Providence

      Adaptable commercial space suitable for various business uses.
      944 Manton Ave, Providence, RI 02909
      View Details
    • $79,000

      Storefront on Westminster Street

      Storefront suitable for various businesses with basement storage included.
      130 Westminster St, Providence, RI 02903
      View Details
    • Contact for pricing
      0.08 Acres

      Versatile Commercial Space, Providence

      Commercial space with high visibility and strong traffic exposure.
      962 Manton Ave, Providence, RI 02909
      View Details

    FAQs

    What type of property is this?
    Triplex - Three-unit property near Providence College, ideal for investors or owner-occupiers.
    Where is this triplex located?
    The property is located at 37 Pembroke Ave Providence, RI.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: - Prime location near colleges, downtown, and hospitals.; - 3-unit property with potential for rental income.; - Large 3600+ sq ft building.
    (401) 578-7898
    Request Owner's contact information
    37 Pembroke Ave Providence, RI 02908
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    37 Pembroke Ave
    Providence, RI 02908
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    37 Pembroke Ave Providence, RI 02908
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ed Kazarian
    (401) 578-7898
    Learn more
    Google sign-in failed. Please try again or use another login method.