Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    East Side Multifamily Investment Property Title is generated by Realmo AI

    124 Pitman, Providence, RI 02906

    View on Map
    Claim this Listing
    For Sale
    $925,000

    Multifamily property near Wayland Square and Fox Point.

    Type:Commercial
    Property size:
    2,868 SF
    Price / SF:
    $322/SF
    Added:
    Mar 5, 2026
    Days on Market:
    93
    Last Refresh:
    Apr 5 at 10:15 pm

    Property Features for 124 Pitman

    General Information

    Standard status
    Active
    Size
    2,868 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    STEPHEN GASKIN

    Listing agent STEPHEN GASKIN License #RES.0048283

    Listing office RESIDENTIAL PROPERTIES LTD.

    Listing date Mar 5, 2026

    Source Corcoran

    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 RESIDENTIAL PROPERTIES LTD.

    HighLights

    • Highly desirable East Side location between Wayland Square and Fox Point.
    • Multi‑family property with strong rental appeal and owner‑occupant flexibility.
    • Unit mix of two 1‑bedroom and three studio apartments, each with one bath.
    • Immediate access to cafes, restaurants, parks, and Blackstone Boulevard.
    • Close proximity to Brown University, RISD, Downtown Providence, and the train to Boston.
    • Potential for improvement to enhance returns with mostly month‑to‑month tenants.

    Overview

    This multifamily property is located on the East Side, between Wayland Square and Fox Point. The historic home contains two one-bedroom apartments and three studio residences, each with one bath. The property's size is 2868 square feet. It is located near cafes, restaurants, parks, and Blackstone Boulevard, and is in close proximity to Brown University, RISD, Downtown Providence, and the train to Boston. The property is currently occupied by mostly month-to-month tenants, and there is potential for improvement to enhance overall returns. This property is located in a walkable setting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.388
    Latitude
    41.827

    Nearby Similar for Sale

    • $340,000
      900 SF

      Established Bar with Liquor License

      Thriving business in downtown Providence with a coveted liquor license.
      65 Weybosset Street, Providence, RI 02903
      View Details
    • $645,000
      3,274 SF

      Elmwood Avenue Commercial Investment Opportunity

      Four-unit commercial property in historic Elmwood with strong rental income.
      640 Elmwood Avenue, Providence, RI 02907
      View Details
    • $340,000
      900 SF

      Downtown Providence Condo Unit For Sale

      900 SF condo unit in a vibrant downtown location.
      65 Weybosset Street, Providence, RI 02903
      View Details
    • $1,009,900
      3,083 SF

      Two-Family Home with Porches

      Charming two-unit property with private entrances, wood-burning fireplaces, and shared outdoor space for flexible income use.
      78 Grotto Avenue, Providence, RI 02906
      View Details
    • $889,900
      4,500 SF

      Mixed-Use Retail and Townhome Property

      Extensively renovated building combines two first-floor storefronts with two side-by-side townhouse-style apartments.
      248 Hawkins Street, Providence, RI 02904
      View Details
    • $939,900
      3,400 SF

      Two-Family Townhouse-Style Home

      Distinct entrances and multi-level layout offer flexible living options near Brown University and Moses Brown School.
      341 LLoyd Avenue, Providence, RI 02906
      View Details
    • $999,000
      3,550 SF

      Providence Multifamily Investment Opportunity

      Six-unit property with value-add potential and buildable lot.
      513 Charles Street, Providence, RI 02904
      View Details
    • $569,900
      2,877 SF

      Well-Maintained Triplex in Providence

      Three-family property in Providence, ideal for investors or owner-occupants.
      685 Charles Street, Providence, RI 02904
      View Details
    • $599,900
      4,122 SF

      Two-Unit Residential Income Property

      Well-maintained Providence duplex offers two separate 3-bedroom units with storage in an unfinished basement.
      44 Veto Street, Providence, RI 02908
      View Details
    • $699,900
      3,780 SF

      New Construction Two-Family Home

      New construction two-family in Providence's North End.
      14 Raphael Avenue, Providence, RI 02904
      View Details
    • $645,000
      2,835 SF

      Turn-Key Multifamily Short-Term Rental

      Well-maintained 6-bedroom property with recent mechanical and plumbing upgrades, operating successfully as a short-term rental.
      31 Gilmore Street, Providence, RI 02907
      View Details
    • $625,000
      4,696 SF

      Elmhurst/PC Area Multi-Family Home

      Well-maintained 3-family home in desirable Providence location.
      72 Academy Avenue, Providence, RI 02908
      View Details

    FAQs

    What type of property is this?
    Apartment building - Multifamily property near Wayland Square and Fox Point.
    Where is this apartment building located?
    The property is located at 124 Pitman Providence, RI.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: Highly desirable East Side location between Wayland Square and Fox Point.; Multi‑family property with strong rental appeal and owner‑occupant flexibility.; Unit mix of two 1‑bedroom and three studio apartments, each with one bath.
    (401) 274-6740
    We can help!
    Listing Contact
    STEPHEN GASKIN
    Real Estate License ID: RES.0048283
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    124 Pitman, Providence, RI 02906
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!