11-Unit Apartment
For Sale
$1,750,000
122 Benefit Street, Providence, RI 02903
Basement laundry and dedicated off-street parking serve the building’s residential layout.
Property Size5,970 SF
Lot Size0.09 Acres
Price / SF$293.13
Days on Market136
Property Features for 122 Benefit Street
General Information
Standard status
Active
Size
5,970 SF
Total Parking Spaces
5
Lot size
0.09 Acres
Property subtype
Commercial
Lease Term
[]
Site & Location
Neighborhood
College Hill
Highway Access
Yes
Units
Unit Mix
3 x 1BR/1BA, 8 x Studio
Multifamily Units
11
Amenities
laundry
Building Details
Year Built
1900
Listing Agency:
Horvath & Tremblay
Listed By:
Sean McHale · License #RES.0049296
(401) 600-4224
Source:
Teridegnan
Added: Jun 12
Changed: Oct 25
Last Checked: Oct 24 at 10:00PM
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 Horvath & Tremblay
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Investment Insights
Based on property information with market context.
This 11-unit apartment property includes eight studio apartments and three one-bedroom, one-bathroom apartments. The building dates to 1900 and contains 2,916 square feet of gross living area within 5,970 square feet of gross area. The 0.09-acre parcel includes five off-street parking spaces, and laundry systems are located in the basement.
The property is on Benefit Street in Providence’s College Hill neighborhood, with Brown University, the Rhode Island School of Design, downtown, dining, parks, and the Providence River waterfront nearby. Interstate 95, Interstate 195, and Route 6 provide regional connections, including routes toward Boston and southeastern Massachusetts.
The property is on Benefit Street in Providence’s College Hill neighborhood, with Brown University, the Rhode Island School of Design, downtown, dining, parks, and the Providence River waterfront nearby. Interstate 95, Interstate 195, and Route 6 provide regional connections, including routes toward Boston and southeastern Massachusetts.
Key Highlights
- 11 apartments: 8 studios and 3 one‑bedroom/one‑bathroom units
- 2,916 square feet of gross living area within 5,970 square feet of gross area
- 1900 construction on a 0.09‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$90,550
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,811,000
$1.8M
Cap Rate 7%
$1,293,571
$1.3M
Cap Rate 9%
$1,006,111
$1.0M
Market Conditions
NOI Build-Up for 5,970 SF
Gross rent
$175.5K $29.40/SF
− Vacancy
−$10.9K −$1.82/SF
EGI
$164.6K $27.58/SF
− OpEx
−$74.1K −$12.41/SF
NOI
$90.5K $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 Rate 5%
$1,811,000
Cap Rate 7%
$1,293,571
Cap Rate 9%
$1,006,111
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,550 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $139,810 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
11
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,602
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
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
Frequently Asked Questions
What type of property is this?
Apartment building - Basement laundry and dedicated off-street parking serve the building’s residential layout.
Where is this apartment building located?
The property is located at 122 Benefit 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: 11 apartments: 8 studios and 3 one‑bedroom/one‑bathroom units; 2,916 square feet of gross living area within 5,970 square feet of gross area; 1900 construction on a 0.09‑acre parcel
