Brick Apartment Building with
For Sale
$2,650,000
100 Bowen #8 units, Providence, RI 02906
Historic multifamily property with a varied unit mix, private outdoor space, parking, and shared laundry facilities.
Property Size7,800 SF
Price / SF$339.74
Days on Market171
Property Features for 100 Bowen #8 units
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$36,420
Amenities
Central air
Laundry Room
Baseboard Heating
Central Heating
Circuit Breakers
Common Area
Hot Water Heating
Individual Heating
Window Units Cooling
Zoned Heating
Building Details
Year Built
1900
Listing Agency:
BRUCE ALLEN, REALTORS
(401) 944-2477
Listed By:
DONALD COLETTI
Source:
Corcoran
Added: Mar 16
Changed: Aug 31
Last Checked: Sep 1 at 8:37PM
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 BRUCE ALLEN, REALTORS
Investment Insights
Based on property information with market context.
This four-story brick apartment property contains 8 units within a larger 16-unit row building and offers 7,800 square feet of space. The configuration includes 4 two-bedroom apartments and 4 one-bedroom apartments, with hardwood flooring, tile bathrooms, gas heat, and a common laundry room. Eight fireplaces are distributed among the units, and some apartments feature floor-to-ceiling windows.
The property occupies the corner of Bowen and Congdon Streets in Providence’s East Side, opposite Prospect Park. A private 30' front yard with a cobblestone patio provides outdoor space, while off-street parking accommodates 4 cars. Built in 1900, the building combines historic construction with a practical multifamily layout.
The property occupies the corner of Bowen and Congdon Streets in Providence’s East Side, opposite Prospect Park. A private 30' front yard with a cobblestone patio provides outdoor space, while off-street parking accommodates 4 cars. Built in 1900, the building combines historic construction with a practical multifamily layout.
Key Highlights
- 8‑unit apartment property with 7,800 square feet across 4 floors
- Unit mix includes 4 two‑bedroom units and 4 one‑bedroom units
- 8 fireplaces, hardwood floors, tile bathrooms, and gas heat
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
$118,306
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
4.46%
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%
$2,366,120
$2.4M
Cap Rate 7%
$1,690,086
$1.7M
Cap Rate 9%
$1,314,511
$1.3M
Market Conditions
NOI Build-Up for 7,800 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
$229.3K $29.40/SF
− Vacancy
−$14.2K −$1.82/SF
EGI
$215.1K $27.58/SF
− OpEx
−$96.8K −$12.41/SF
NOI
$118.3K $15.17/SF
Area
Providence, RI
Vacancy
6.20%
Lease Rate
$29.40 /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%
$2,366,120
Cap Rate 7%
$1,690,086
Cap Rate 9%
$1,314,511
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,306 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,667 @ 7.0% cap · market cap 6.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
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 - Historic multifamily property with a varied unit mix, private outdoor space, parking, and shared laundry facilities.
Where is this apartment building located?
The property is located at 100 Bowen #8 units Providence, RI.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 8‑unit apartment property with 7,800 square feet across 4 floors; Unit mix includes 4 two‑bedroom units and 4 one‑bedroom units; 8 fireplaces, hardwood floors, tile bathrooms, and gas heat
