4-Unit Quadplex with Central
New
For Sale
$1,750,000
118 Pitman Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size3,793 SF
Lot Size0.11 Acres
Price / SF$461.38
Days on Market7
Property Features for 118 Pitman Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 7, Bedroom 6, Bathroom 1, Bedroom 7, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 2, Bathroom 6, Basement, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 5
Parking
4
Parking features
None
Window features
Skylight(s), Insulated Windows
Patio and Porch features
Porch
Interior features
Plumbing (Mixed), Insulation (Unknown)
Exterior features
Porch
Basement
Full, Unfinished, Storage Space
Appliances
Dishwasher, Dryer, Microwave, Oven, Range, Refrigerator, Washer, Gas Water Heater
Subdivision
Wayland Square / East Side
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
3,793 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14630
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Heat Pump (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1890
Floors in Building
3
Number of units
4
Flooring type
Tile - Ceramic, Laminate
Building materials
Vinyl Siding
Listing Agency:
Ri Real Estate Services
(401) 885-5400
Listed By:
Michael Russo · License #REB.0018125
(401) 465-0417
Added: Sep 29
Changed: Oct 2
Last Checked: Oct 5 at 5:06PM
MLS# 1424664
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.
This 3,793-square-foot quadplex contains four occupied residences and underwent a comprehensive renovation 3 years ago. Interior finishes include ceramic tile and laminate flooring, tiled bathrooms, and kitchens equipped with granite counters and stainless steel appliances. Central air, in-unit laundry, and updated mechanical, electrical, and plumbing systems serve the units. The exterior has vinyl siding and a porch.
Located in Providence’s Wayland Square area, the property occupies a 0.1148-acre lot. Each residence has separate tenant-paid utilities.
Located in Providence’s Wayland Square area, the property occupies a 0.1148-acre lot. Each residence has separate tenant-paid utilities.
Key Highlights
- Four occupied residential units
- 3,793 square feet on a 0.1148‑acre lot
- Renovated 3 years ago, with updated mechanical, electrical, and plumbing systems
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
Lease Details
4
Residential units
100%
Occupancy
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
Check the figures for this property
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 - All four residences are occupied and feature 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 occupied residential units; 3,793 square feet on a 0.1148‑acre lot; Renovated 3 years ago, with updated mechanical, electrical, and plumbing systems
