Two-Building Apartment
For Sale
$2,975,000
134 Irving Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size8,435 SF
Lot Size0.23 Acres
Price / SF$352.70
Days on Market342
Property Features for 134 Irving Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
17
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 15, Bedroom 8, Bathroom 2, Bedroom 14, Bedroom 13, Bedroom 1, Bedroom 11, Bathroom 6, Bedroom 4, Bathroom 7, Bedroom 9, Bathroom 9, Bedroom 12, Bedroom 3, Bathroom 4, Bathroom 5, Basement, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 2, Bedroom 16, Bedroom 17, Bedroom 7, Bedroom 10, Bathroom 8, Bathroom 1
Parking
11
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Plumbing (Mixed)
Basement
Full, Storage Space, Unfinished
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Eastside Of Providence
Lot features
Corner Lot, Paved Driveway, Sidewalks
Standard status
Active
Size
8,435 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
39678
Utilities
Heating system
Oil, Steam
Amenities
private porch
deck
coin-op laundry
front porch
bonus deck
off-street parking
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Dry Wall, Plaster, Brick, Vinyl Siding
Listing Agency:
Residential Properties Ltd.
(401) 245-9600
Listed By:
Eddie Rayden
(425) 894-6344
Added: Sep 23, 2025
Changed: Aug 20
Last Checked: Aug 30 at 11:06PM
MLS# 1394971
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This R-3 residential property comprises two multifamily buildings totaling 9 units and 8,435 square feet on 0.2296 acres. The 1910-built improvements include a 6-unit brick building at 134-138 Irving Avenue, with six 2-bedroom, 1-bath apartments, plus a separate 3-unit building at 8-10 Cole Street containing two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. Individual apartments feature hardwood flooring in living areas, porches or decks, and interiors with drywall or plaster finishes. Each building has coin-operated laundry, while appliances include gas water heaters, ovens/ranges, and refrigerators.
The property is in Providence’s East Side near Wayland Square, Blackstone Boulevard, and Hope Village. Nearby destinations identified for the area include local shops and cafes, the Lippitt farmers market, India Point Park, college campuses, museums, the downtown train station, theaters, and restaurants.
The property is in Providence’s East Side near Wayland Square, Blackstone Boulevard, and Hope Village. Nearby destinations identified for the area include local shops and cafes, the Lippitt farmers market, India Point Park, college campuses, museums, the downtown train station, theaters, and restaurants.
Key Highlights
- 9‑unit multifamily property totaling 8,435 square feet
- Two separate buildings at 134‑138 Irving Avenue and 8‑10 Cole Street
- 6‑unit brick building with six 2‑bedroom, 1‑bath apartments
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
$127,938
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
4.30%
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%
$2,558,760
$2.6M
Cap Rate 7%
$1,827,686
$1.8M
Cap Rate 9%
$1,421,533
$1.4M
Market Conditions
NOI Build-Up for 8,435 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
$248.0K $29.40/SF
− Vacancy
−$15.4K −$1.82/SF
EGI
$232.6K $27.58/SF
− OpEx
−$104.7K −$12.41/SF
NOI
$127.9K $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%
$2,558,760
Cap Rate 7%
$1,827,686
Cap Rate 9%
$1,421,533
Alternative Uses
Best Use
Apartment 5plus
$1.83M
$1.60M – $2.13M
NOI $127,938 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.82M
$2.47M – $3.29M
NOI $197,538 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
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 - Nine-unit residential income property with updated interiors, hardwood flooring, and coin-operated laundry in each building.
Where is this apartment building located?
The property is located at 134 Irving Avenue Providence, RI.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: 9‑unit multifamily property totaling 8,435 square feet; Two separate buildings at 134‑138 Irving Avenue and 8‑10 Cole Street; 6‑unit brick building with six 2‑bedroom, 1‑bath apartments
