East Side Multifamily Investment
124 Pitman, Providence, RI 02906
For Sale
$799,900
Pending
Multifamily property near Wayland Square and Fox Point.
Property Size2,868 SF
Days on Market253
Property Features for 124 Pitman
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Amenities
Circuit Breakers
Common Area
Forced Air Heating
Building Details
Year Built
Listing Agency:
RESIDENTIAL PROPERTIES LTD.
(401) 274-6740
Listed By:
STEPHEN GASKIN · License RI RES.0048283
(508) 991-0151
Source:
Corcoran
Added: Mar 5
Changed: Aug 8
Last Checked: Sep 14 at 10:05AM
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.
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$43,500
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
$582,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Providence, RI
Properties on Market for Apartment buildings in Providence
Vacancy Rate% for Multifamily in Northeast region
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.
