Westminster Street Multifamily Investment
For Sale
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1582 Westminster Street, Providence, RI 02909
Well-maintained 9-unit multifamily property in Providence's high-demand West Side.
Property Size6,926 SF
Price / SF$263.50
Days on Market173
Property Features for 1582 Westminster Street
General Information
Standard status
Active
Size
6,926 SF
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$130,110
Building Details
Year Built
1900
Units
9
Tenancy
Single
Listing Agency:
MG Commercial
(401) 474-4879
Listed By:
Leeds Mitchell · License #REB 0019529
Source:
Crexi
Added: Feb 20
Changed: Aug 9
Last Checked: Aug 11 at 2:20PM
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 MG Commercial
Investment Insights
Based on property information with market context.
The property at 1582 Westminster Street is a well-maintained multifamily building featuring nine units. The unit mix includes three 2-bedroom units and six 1-bedroom units. Located on Providence’s West Side, the property benefits from its position in a high-demand area experiencing steady reinvestment and population growth. The property includes ample off-street parking with garage space. On-site laundry facilities are available for tenant convenience. The location provides strong transit access, walkable amenities, and quick connections to downtown and I-95, supporting sustained tenant demand and stable occupancy. Nearby renovated multifamily buildings and local retail and services reinforce a resilient rental market. The property is professionally operated and consistently maintained, presenting an easy-to-manage, stable, income-producing asset positioned to benefit from ongoing neighborhood growth. The property size is 6926 square feet.
Key Highlights
- Stable, income‑producing asset in Providence's high‑demand West Side.
- Rare off‑street parking with garage space.
- Attractive mix of (3) 2‑bedroom and (6) 1‑bedroom units.
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
$105,050
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
5.76%
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%
$2,101,000
$2.1M
Cap Rate 7%
$1,500,714
$1.5M
Cap Rate 9%
$1,167,222
$1.2M
Market Conditions
NOI Build-Up for 6,926 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
$203.6K $29.40/SF
− Vacancy
−$12.6K −$1.82/SF
EGI
$191.0K $27.58/SF
− OpEx
−$85.9K −$12.41/SF
NOI
$105.0K $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%
$2,101,000
Cap Rate 7%
$1,500,714
Cap Rate 9%
$1,167,222
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $105,050 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.70M
NOI $162,199 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 - Well-maintained 9-unit multifamily property in Providence's high-demand West Side.
Where is this apartment building located?
The property is located at 1582 Westminster Street Providence, RI.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: Stable, income‑producing asset in Providence's high‑demand West Side.; Rare off‑street parking with garage space.; Attractive mix of (3) 2‑bedroom and (6) 1‑bedroom units.
