4-Unit
For Sale
$649,900
53 Fairmount Avenue, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,340 SF
Lot Size0.07 Acres
Price / SF$277.74
Days on Market50
Property Features for 53 Fairmount Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Basement, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking
8
Parking features
None
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Cap)
Basement
Storage Space, Full, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Pleasant
Lot features
Paved Driveway, Paved
Standard status
Active
Size
2,340 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
8478
Utilities
Heating system
Natural Gas, Central
Building Details
Year built
1920
Floors in Building
3
Number of units
4
Flooring type
Laminate, Tile - Ceramic, Vinyl
Building materials
Plaster, Aluminum Siding, Vinyl Siding
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kerri Gemma
(401) 480-4983
Added: Jul 8
Changed: Aug 20
Last Checked: Aug 26 at 8:06AM
MLS# 1417240
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 4-unit quadplex contains a balanced mix of two one-bedroom apartments and two three-bedroom apartments within 2,340 square feet. The property was built in 1920 and includes a basement, four bathrooms, natural gas central heating, and a combination of plaster, aluminum siding, and vinyl siding.
Interior finishes include laminate, ceramic tile, and vinyl flooring. Apartment appliances include gas water heaters, oven/ranges, and refrigerators. The property occupies a 0.07-acre lot in Providence, Rhode Island.
Interior finishes include laminate, ceramic tile, and vinyl flooring. Apartment appliances include gas water heaters, oven/ranges, and refrigerators. The property occupies a 0.07-acre lot in Providence, Rhode Island.
Key Highlights
- 4‑unit property with two 1‑bedroom and two 3‑bedroom apartments
- 2,340 square feet of property size
- Built in 1920 on a 0.07‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,513
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$790,260
$790.3K
Cap Rate 7%
$564,471
$564.5K
Cap Rate 9%
$439,033
$439.0K
Market Conditions
NOI Build-Up for 2,340 SF
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.
Gross rent
$60.4K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.4K $24.12/SF
− OpEx
−$16.9K −$7.24/SF
NOI
$39.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$790,260
Cap Rate 7%
$564,471
Cap Rate 9%
$439,033
Alternative Uses
Best Use
Multifamily LT 5
$564.5K
$493.9K – $658.6K
NOI $39,513 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$507.0K
$443.7K – $591.5K
NOI $35,492 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$782.9K
$685.0K – $913.3K
NOI $54,800 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,163
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two one-bedroom and two three-bedroom apartments create a varied unit mix.
Where is this quadplex located?
The property is located at 53 Fairmount Avenue Providence, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 4‑unit property with two 1‑bedroom and two 3‑bedroom apartments; 2,340 square feet of property size; Built in 1920 on a 0.07‑acre lot
