Brick 8-Unit Apartment
For Sale
$2,650,000
100 Bowen Street, Providence, RI 02906
Commercial/Business,Commercial Sale, Providence, RI
Property Size7,800 SF
Lot Size0.11 Acres
Price / SF$339.74
Days on Market167
Property Features for 100 Bowen Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
4
Security features
Security Lighting
Interior features
Ceiling Height (7 to 9 Ft), Ceiling Height (9 to 12 Ft)
Subdivision
East Side - Prospect Park
Lot features
Sidewalks, Park, Urban
Standard status
Active
Size
7,800 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
36420
Utilities
Sewer type
Public Sewer
Heating system
Central, Baseboard, Zoned
Cooling system
Window Unit(s)
Amenities
common laundry room
hardwood floors
floor to ceiling windows
fireplaces
tile bathrooms
private front yard cobble stone patio
gas heat
Building Details
Year built
1900
Floors in Building
4
Number of units
8
Building materials
Brick, Masonry
Listing Agency:
Bruce Allen, Realtors
(401) 944-2477
Listed By:
Donald Coletti
(401) 640-4687
Added: Mar 16
Changed: Aug 28
Last Checked: Aug 29 at 7:06PM
MLS# 1406037
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.
Located at 100 Bowen Street at the Bowen and Congdon Streets corner, this brick apartment property contains 8 units across 4 floors and forms part of a 16-unit row building. The 7,800-square-foot structure was built in 1900 and includes four two-bedroom apartments and four one-bedroom apartments. Interior features include hardwood flooring, tile bathrooms, floor-to-ceiling windows in some residences, and 8 fireplaces.
The property sits opposite Prospect Park in Providence’s East Side. Site improvements include a private 30-foot front yard cobblestone patio and off-street parking for 4 cars. A common laundry room serves the building. Heating includes gas service with central, zoned, and baseboard systems, while cooling is provided by window units. The property is connected to public sewer.
The property sits opposite Prospect Park in Providence’s East Side. Site improvements include a private 30-foot front yard cobblestone patio and off-street parking for 4 cars. A common laundry room serves the building. Heating includes gas service with central, zoned, and baseboard systems, while cooling is provided by window units. The property is connected to public sewer.
Key Highlights
- 8 units across 4 floors in a brick building built in 1900
- Four 2‑bedroom units and four 1‑bedroom units
- 7,800 square feet on a 0.1079‑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
$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
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,595
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 - East Side property with a balanced one- and two-bedroom mix, shared laundry, and off-street parking.
Where is this apartment building located?
The property is located at 100 Bowen Street 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 units across 4 floors in a brick building built in 1900; Four 2‑bedroom units and four 1‑bedroom units; 7,800 square feet on a 0.1079‑acre lot
