North Providence Multifamily Investment
1 Greystone, North Providence, RI 02911
For Sale
$1,999,900
Eleven-unit multifamily property in prime North Providence location.
Property Size9,498 SF
Lot Size0.43 Acres
Price / SF$210.56
Days on Market246
Property Features for 1 Greystone
General Information
Standard status
Size
Lot size
Property subtype
Amenities
Baseboard Heating
Common Area
Building Details
Year Built
Listing Agency:
REMAX REVOLUTION
(401) 921-5011
Listed By:
MICHAEL ALVES · License RI REB.0014141
(401) 523-9555
Source:
Corcoran
Added: Mar 12
Changed: Aug 8
Last Checked: May 28 at 7:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REMAX REVOLUTION
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Investment Insights
Based on property information with market context.
This offering presents an eleven-unit multifamily investment opportunity in North Providence, near Centredale, with convenient access to Route 44 and I-295, and proximity to the new Amazon distribution center. The property consists of two buildings: 1 Greystone Street, a nine-unit multifamily building with a mix of one- and three-bedroom units, and 2-4 Greystone Street, a duplex featuring two three-bedroom, one-bath units. 1 Greystone Street includes assigned on-site parking and coin-operated laundry in the basement. Several units have been recently upgraded and are achieving market rents. One unit in the duplex has been fully renovated with modern upgrades. The property offers consistent cash flow and value-add potential through future unit upgrades and rent growth. The property size is 9498 square feet.
Key Highlights
- Consistent cash flow from day one.
- Prime North Providence location near Centredale with convenient access to Route 44 and I‑295.
- 11 Units: Featuring a 9‑unit multifamily building and a duplex.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,512
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,510,240
$2.5M
Cap Rate 7%
$1,793,029
$1.8M
Cap Rate 9%
$1,394,578
$1.4M
Market Conditions
NOI Build-Up for 9,498 SF
Gross rent
$242.8K $25.56/SF
− Vacancy
−$14.6K −$1.53/SF
EGI
$228.2K $24.03/SF
− OpEx
−$102.7K −$10.81/SF
NOI
$125.5K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,510,240
Cap Rate 7%
$1,793,029
Cap Rate 9%
$1,394,578
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,512 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.26M
$1.98M – $2.64M
NOI $158,146 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
652
Businesses Nearby
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Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Providence County, RI
Properties on Market for Apartment buildings in Providence County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Eleven-unit multifamily property in prime North Providence location.
Where is this apartment building located?
The property is located at 1 Greystone North Providence, RI.
What is the asking price?
The asking price for this property is $1,999,900.
What are key features of this property?
This property features: Consistent cash flow from day one.; Prime North Providence location near Centredale with convenient access to Route 44 and I‑295.; 11 Units: Featuring a 9‑unit multifamily building and a duplex.
