Renovated 4-Unit Multifamily
For Sale
$1,750,000
118 Pitman Street, Providence, RI 02906
Four finished apartments feature central air, in-unit laundry, and separate tenant-paid utilities.
Property Size3,793 SF
Price / SF$461.38
Days on Market8
Property Features for 118 Pitman Street
General Information
Standard status
Active
Size
3,793 SF
Property subtype
MultiFamily
Building Details
Year Built
1890
Listing Agency:
RI Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0018125
(401) 465-0417
Source:
Lockandkeyre
Added: Sep 29
Changed: Oct 4
Last Checked: Oct 5 at 6:57PM
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 RI Real Estate Services
Investment Insights
Based on property information with market context.
This 3,793-square-foot, four-unit multifamily property was renovated three years ago and dates to 1890. The apartments have tiled bathrooms, granite and stainless steel kitchens, laminate flooring, central air, and in-unit laundry. Building improvements include updated mechanical, electrical, and plumbing systems, along with new windows and a roof. Utilities are separately paid by tenants, and off-street parking is available.
Situated in Wayland Square in Providence, the property is fully occupied. Its exterior is described as maintenance-free.
Situated in Wayland Square in Providence, the property is fully occupied. Its exterior is described as maintenance-free.
Key Highlights
- Four residential units in 3,793 square feet
- Renovated 3 years ago; year built 1890
- Apartments include central air and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,049
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,280,980
$1.3M
Cap Rate 7%
$914,986
$915.0K
Cap Rate 9%
$711,656
$711.7K
Market Conditions
NOI Build-Up for 3,793 SF
Gross rent
$97.9K $25.80/SF
− Vacancy
−$6.4K −$1.68/SF
EGI
$91.5K $24.12/SF
− OpEx
−$27.4K −$7.24/SF
NOI
$64.0K $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 Rate 5%
$1,280,980
Cap Rate 7%
$914,986
Cap Rate 9%
$711,656
Alternative Uses
Best Use
Multifamily LT 5
$915.0K
$800.6K – $1.07M
NOI $64,049 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$821.9K
$719.1K – $958.8K
NOI $57,530 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,828 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,185
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four finished apartments feature central air, in-unit laundry, and separate tenant-paid utilities.
Where is this quadplex located?
The property is located at 118 Pitman Street Providence, RI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four residential units in 3,793 square feet; Renovated 3 years ago; year built 1890; Apartments include central air and in‑unit laundry
