East Side Multifamily Investment
For Sale
$799,900
Pending
124 Pitman, Providence, RI 02906
Multifamily property near Wayland Square and Fox Point.
Property Size2,868 SF
Days on Market160
Property Features for 124 Pitman
General Information
Standard status
Pending
Size
2,868 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,758
Amenities
Circuit Breakers
Common Area
Forced Air Heating
Building Details
Year Built
1900
Listing Agency:
RESIDENTIAL PROPERTIES LTD.
(401) 274-6740
Listed By:
STEPHEN GASKIN · License #RES.0048283
Source:
Corcoran
Added: Mar 5
Changed: Aug 8
Last Checked: Apr 5 at 10:15PM
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.
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$43,500
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
5.44%
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%
$870,000
$870.0K
Cap Rate 7%
$621,429
$621.4K
Cap Rate 9%
$483,333
$483.3K
Market Conditions
NOI Build-Up for 2,868 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
$84.3K $29.40/SF
− Vacancy
−$5.2K −$1.82/SF
EGI
$79.1K $27.58/SF
− OpEx
−$35.6K −$12.41/SF
NOI
$43.5K $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 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%
$870,000
Cap Rate 7%
$621,429
Cap Rate 9%
$483,333
Alternative Uses
Best Use
Apartment 5plus
$621.4K
$543.8K – $725.0K
NOI $43,500 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$959.5K
$839.6K – $1.12M
NOI $67,165 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,885
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 - 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 $799,900.
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.
