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    Value-Add Multifamily with Buildable Lot Title is generated by Realmo AI

    513 Charles Street Providence, Providence, RI 02904

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    New
    For Sale
    $999,000

    Six-unit property with newer roof, windows, and rear parking on an additional buildable lot.

    Property size:
    3,550 SF
    Price / SF:
    $281/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 1:47 am

    Property Features for 513 Charles Street Providence

    General Information

    Standard status
    Active
    Size
    3,550 SF

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Kim Goodby

    Listing agent Kim Goodby

    Listing office

    Listing date Jun 4, 2026

    Source Milestonerealtyinc

    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

    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
    • Ample rear parking available on a separate, buildable lot
    • Property has month‑to‑month rents listed as below‑market, with stated upside for increased rents
    • Basic interior renovations are mentioned as a value‑add potential

    Overview

    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.

    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 (±1% cap)
    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 (±1% cap)
    NOI $83,137 @ 7.0% cap · market cap 8.32%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare 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
    -71.4195985
    Latitude
    41.8487931

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    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
    (508) 501-1443
    We can help!
    Listing Contact
    Kim Goodby
    Learn More
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    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
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