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    Fox Point Multifamily Investment Opportunity Title is generated by Realmo AI

    45 E George Street, Providence, RI 02906

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    For Sale
    $769,900

    MULTI_FAMILY - Providence, RI

    Type:Apartment
    Property size:
    2,550 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $301/SF
    Added:
    Feb 16, 2026
    Days on Market:
    106
    Last Refresh:
    Jun 2 at 9:06 pm

    Property Features for 45 E George Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    02
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Basement, Bedroom 4
    Parking
    4
    Parking features
    Garage
    Interior features
    Wall (Plaster), Plumbing (Copper), Plumbing (Mixed), Plumbing (PVC)
    Basement
    Unfinished, Full
    Appliances
    Gas Water Heater, Dryer, Oven/Range, Refrigerator, Washer
    Standard status
    Active
    Size
    2,550 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    11074

    Utilities

    Heating system
    Natural Gas, Baseboard

    Building Details

    Year built
    1930
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Hardwood, Pine
    Building materials
    Plaster, Vinyl Siding

    We can help!

    Listing Contact
    Ed Kazarian

    Listing agent Ed Kazarian

    Listing office Patriot Realty, Inc. 105 Medway Street, Greenville, RI

    Listing date Feb 16, 2026

    MLS# 1404970 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.

    HighLights

    • Rare opportunity to own a multi‑family property in Fox Point.
    • Abundant parking available.
    • Close proximity to Brown University, Wayland Square, Ives St restaurants and shops, and the riverfront.
    • Low maintenance building with spacious 1275sf apartments.
    • Each apartment features living and dining rooms, a kitchen with pantry, and 3 bedrooms.
    • Option to purchase adjacent multi‑family properties (MLS# 1404969 and MLS#1405055) as a portfolio.

    Overview

    This is a rare opportunity for investors and owner occupants to own a multifamily property in Fox Point. The low-maintenance building offers two spacious 1275 square feet apartments, each featuring living and dining rooms, a kitchen with a pantry, and three bedrooms. The property is located near Brown University, Wayland Square, Ives St restaurants and shops, the riverfront, and a path. The lot size is 0.1148 acres. The property is one of three adjacent multi-family properties. The seller prefers to sell this property with MLS# 1404969 but would consider a stand alone sale. MLS#1405055 is also adjacent and could be part of this portfolio. The property offers abundant parking. The property is zoned 02.

    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 $65.8k $25.80
    − Vacancy −$4.3k −$1.68
    EGI $61.5k $24.12
    − OpEx −$18.5k −$7.24
    NOI $43.1k $16.89
    2,550 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $615.1K
    $538.3K – $717.7K (±1% cap)
    NOI $43,060 @ 7.0% cap · market cap 5.59%
    Second Best
    Apartment 5plus
    $552.5K
    $483.5K – $644.6K (±1% cap)
    NOI $38,677 @ 7.0% cap · market cap 5.02%
    Theoretical Best
    Office A
    $853.1K
    $746.5K – $995.3K (±1% cap)
    NOI $59,718 @ 7.0% cap · market cap 7.76%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Horace Mann Building College MEC Music Services Tutoring Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare 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
    -71.39184
    Latitude
    41.825531

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    FAQs

    What type of property is this?
    Duplex - Three adjacent multifamily properties near Brown University, Wayland Square.
    Where is this duplex located?
    The property is located at 45 E George Street Providence, RI.
    What is the asking price?
    The asking price for this property is $769,900.
    What are key features of this property?
    This property features: Rare opportunity to own a multi‑family property in Fox Point.; Abundant parking available.; Close proximity to Brown University, Wayland Square, Ives St restaurants and shops, and the riverfront.
    (401) 578-7898
    We can help!
    Listing Contact
    Ed Kazarian
    Request Owner's contact information
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    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
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