Four-Unit Victorian Multifamily
For Sale
$699,900
16 Academy Avenue, Providence, RI 02908
Four residences offer separate heating and electric service, along with laundry facilities in each unit.
Property Size2,748 SF
Price / SF$254.69
Days on Market11
Property Features for 16 Academy Avenue
General Information
Standard status
Active
Size
2,748 SF
Property subtype
MultiFamily
Site & Location
Neighborhood
Valley
Units
Unit Mix
1 x studio, 2 x 1BR, 1 x 5BR/1.5BA
Multifamily Units
4
Amenities
laundry facilities
Building Details
Year Built
1890
Construction
Victorian
Listing Agency:
Center Place Realty & Investm.
(401) 943-9797
Listed By:
Scott Grandfield · License #RES.0027765
(401) 255-7424
Source:
Lockandkeyre
Added: Oct 15
Changed: Oct 25
Last Checked: Oct 24 at 6:20PM
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 Center Place Realty & Investm.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1890, this 2,748-square-foot Victorian multifamily property has four residences: a studio, two one-bedroom apartments, and a five-bedroom townhouse with one full bath and one half bath. Major renovations have taken place within the past 20 years. Each unit has separate heat and electric service, as well as laundry facilities.
The property is just off Atwells Avenue and within walking distance of shopping, Federal Hill, Farm Fresh RI, and The Steel Yard. Parking is available in the lot next door.
The property is just off Atwells Avenue and within walking distance of shopping, Federal Hill, Farm Fresh RI, and The Steel Yard. Parking is available in the lot next door.
Key Highlights
- Four units: one studio, two one‑bedroom apartments, and a five‑bedroom townhouse
- Each residence has separate heat and electric service and laundry facilities
- 2,748 square feet; built in 1890
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,403
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$928,060
$928.1K
Cap Rate 7%
$662,900
$662.9K
Cap Rate 9%
$515,589
$515.6K
Market Conditions
NOI Build-Up for 2,748 SF
Gross rent
$70.9K $25.80/SF
− Vacancy
−$4.6K −$1.68/SF
EGI
$66.3K $24.12/SF
− OpEx
−$19.9K −$7.24/SF
NOI
$46.4K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$928,060
Cap Rate 7%
$662,900
Cap Rate 9%
$515,589
Alternative Uses
Best Use
Multifamily LT 5
$662.9K
$580.0K – $773.4K
NOI $46,403 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$595.4K
$521.0K – $694.7K
NOI $41,680 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$919.4K
$804.4K – $1.07M
NOI $64,355 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,603
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer separate heating and electric service, along with laundry facilities in each unit.
Where is this quadplex located?
The property is located at 16 Academy Avenue Providence, RI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four units: one studio, two one‑bedroom apartments, and a five‑bedroom townhouse; Each residence has separate heat and electric service and laundry facilities; 2,748 square feet; built in 1890
