Value-Add Multifamily with Buildable
513 Charles Street Providence Providence, RI 02904
513 Charles Street Providence, Providence, RI, 02904
$999,000
For Sale
$999,000
Six-unit property with newer roof, windows, and rear parking on an additional buildable lot.
Property Size3,550 SF
Price / SF$281.41
Days on Market48
Property Features for 513 Charles Street Providence
General Information
- Standard status
- Active
- Size
- 3,550 SF
Building Details
- Year Built
- 1900
Listing agency
(508) 501-1443
Listed by
Kim Goodby
(508) 501-1443
Source
Milestonerealtyinc
Added: Jun 4 Updated: Jul 10 at 1:48PM Checked: Jul 15 at 2:13PM
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 Kim Goodby
Investment Insights
Based on property information with market context.
Well-kept multifamily property arranged as a 6-unit building, noted as a legal 5-unit configuration, offering a value-add framework for an owner-operator or investor. The seller highlights several major capital items already completed, including a roof installed about two years ago, majority newer windows, multiple newer water heaters, foundation repairs, and vinyl siding. The interior is described as having a need for basic renovations, supporting additional improvements after acquisition.
Located in Providence’s Charles neighborhood at 513 Charles Street, the property is presented with ample rear parking. That parking area is on a separate, buildable lot, which the remarks identify as a potential path for future development beyond the existing multifamily asset.
The current operating setup is described as flexible, with month-to-month rents characterized as below-market in the offering materials. For buyers seeking both near-term rent optimization through interior refreshes and longer-horizon optionality tied to the additional buildable lot, the combination of already-addressed major systems and development-capable outdoor space provides multiple avenues to improve the property over time.
Located in Providence’s Charles neighborhood at 513 Charles Street, the property is presented with ample rear parking. That parking area is on a separate, buildable lot, which the remarks identify as a potential path for future development beyond the existing multifamily asset.
The current operating setup is described as flexible, with month-to-month rents characterized as below-market in the offering materials. For buyers seeking both near-term rent optimization through interior refreshes and longer-horizon optionality tied to the additional buildable lot, the combination of already-addressed major systems and development-capable outdoor space provides multiple avenues to improve the property over time.
Key Highlights
- Well‑kept Providence 6‑unit property (legal 5) on Charles Street, built in 1900
- Recent major updates include a 2‑year‑old roof, majority newer windows, and multiple newer water heaters
- Foundation repairs and vinyl siding reported as completed major capital improvements
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.4k | $29.40 |
| − Vacancy | −$6.5k | −$1.82 |
| EGI | $97.9k | $27.58 |
| − OpEx | −$44.1k | −$12.41 |
| NOI | $53.8k | $15.17 |
3,550 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$769.2K
$673.1K – $897.4K
NOI $53,844 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,137 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six-unit property with newer roof, windows, and rear parking on an additional buildable lot.
Where is this apartment building located?
The property is located at 513 Charles Street Providence Providence, RI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Well‑kept Providence 6‑unit property (legal 5) on Charles Street, built in 1900; Recent major updates include a 2‑year‑old roof, majority newer windows, and multiple newer water heaters; Foundation repairs and vinyl siding reported as completed major capital improvements
