North Providence Multifamily Investment
For Sale
$1,999,900
1 Greystone, North Providence, RI 02911
Eleven-unit multifamily property in prime North Providence location.
Property Size9,498 SF
Lot Size0.43 Acres
Price / SF$210.56
Days on Market151
Property Features for 1 Greystone
General Information
Standard status
Active
Size
9,498 SF
Lot size
0.43 Acres
Property subtype
Commercial
Amenities
Baseboard Heating
Common Area
Building Details
Year Built
1920
Listing Agency:
REMAX REVOLUTION
(401) 921-5011
Listed By:
MICHAEL ALVES · License #REC.0016995
Source:
Corcoran
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 6:25AM
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
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 = 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
$125,512
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
6.28%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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.
