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Providence Multifamily Investment Opportunity

513 Charles Street Providence, RI 02904

For Sale

$999,000

COMMERCIAL - Providence, RI

Property size:

3,550 SF

Lot size:

0.11 Acres

Price / SF:

$281/SF

For Sale

$999,000

COMMERCIAL - Providence, RI

Property size:

3,550 SF

Lot size:

0.11 Acres

Price / SF:

$281/SF

Added:: May 20, 2026
Days on Market:: 54
Last Refresh:: Jul 12 at 12:06 am

Property Features for 513 Charles Street

General Information

Property type: Commercial Sale
Property subtype: Other
Parking: 12
Standard status: Active
Size: 3,550 SF
Lot size: 0.11 Acres

Taxes and HOA fees

Tax Year: 2025
Tax Annual Amount: 18164

Utilities

Sewer type: Public Sewer
Heating system: Forced Air, Baseboard, Space Heater
Water source: Public

Building Details

Year built: 1900
Floors in Building: 3
Number of units: 6

Listing agent Spectrum Real Estate Consultants Team

Listing office Keller Williams Leading Edge 28 Thurber Boulevard, Lincoln, RI

Listing date May 20, 2026

MLS# 1413142

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 well-kept six-unit property, legally approved for five units, is located in the Charles neighborhood of Providence. It presents a value-add opportunity with strong current income and potential for increased returns. Month-to-month rents are currently below market value, offering an immediate opportunity to increase rental income. Basic interior renovations could further enhance the property's value. Several capital improvements have already been completed, including a roof that is two years old, mostly newer windows, multiple newer water heaters, foundation repairs, and vinyl siding. The property includes ample rear parking on a separate, buildable lot, which provides future development potential beyond the existing building. The property size is 3550 square feet, situated on a 0.11-acre lot. With its infrastructure, flexible tenancy, and multiple paths to increased returns, this property represents a compelling investment.

Key Highlights

Well‑kept 6‑unit property (legal 5 units) in Providence’s Charles neighborhood
Major capital improvements include a 2‑year‑old roof, foundation repairs, and vinyl siding
Most windows are newer, and there are multiple newer water heaters

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$104.4k	$29.40
− Vacancy	−$6.5k	−$1.82
EGI	$97.9k	$27.58
− OpEx	−$44.1k	−$12.41
NOI	$53.8k	$15.17

3,550 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$769.2K

$673.1K – $897.4K (±1% cap)

NOI $53,844 @ 7.0% cap · market cap 5.39%

Second Best

—

no second resolved use

Theoretical Best

Office A

$1.19M

$1.04M – $1.39M (±1% cap)

NOI $83,137 @ 7.0% cap · market cap 8.32%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

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For sale
Apartment buildings
RI
Providence
02904
513 Charles Street

What type of property is this?

Apartment building - Six-unit property with value-add potential and buildable lot.

Where is this apartment building located?

The property is located at 513 Charles Street Providence, RI.

What is the asking price?

The asking price for this property is $999,000.

What are key features of this property?

This property features: Well‑kept 6‑unit property (legal 5 units) in Providence’s Charles neighborhood; Major capital improvements include a 2‑year‑old roof, foundation repairs, and vinyl siding; Most windows are newer, and there are multiple newer water heaters

513 Charles Street Providence, RI 02904

COMMERCIAL - Providence, RI

Property Features for 513 Charles Street

General Information

Taxes and HOA fees

Utilities

Building Details

Investment Insights

Key Highlights

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Property Analytics

Current Use by Public Records

Suggested Use

Similar For Sale Nearby

Flexible Industrial Property with Parking

Downtown Office Work-Unit Condo

Downtown Mixed-Use Retail/Office Building

Mixed-Use Investment in Silver Lake

Three-Family Residential Income Property

Mixed-Use Building in Prime Location

Two-Family Residential Income Property

Two-Unit Residential Income Duplex

Brand-New Two-Family Residence

Three-Unit Residential Income Property

Two-Family Victorian Residence

Quadplex with Spacious Townhouse-Style Units

FAQs