Six-Unit Apartment Building with
For Sale
$975,000
Pending
17 Ledge Street Providence, Providence, RI 02904
Six-unit building with 13 bedrooms, updated interiors, energy-efficient heating, and parking for 15+ vehicles.
Property Size5,688 SF
Days on Market65
Property Features for 17 Ledge Street Providence
General Information
Standard status
Pending
Size
5,688 SF
Total Parking Spaces
15
Additional Details
Multifamily Units
6
Building Details
Year Built
1870
Listing Agency:
(508) 501-1443
Listed By:
Debra Viveiros
(508) 501-1443
Source:
Milestonerealtyinc
Added: Jun 4
Changed: Jul 10
Last Checked: Aug 7 at 12:54AM
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 Debra Viveiros
Investment Insights
Based on property information with market context.
This for-sale six-unit apartment building totals 13 bedrooms across six residential units. The property is described as well maintained and updated, with an energy-efficient heating system already in place to support day-to-day operating efficiency. The site includes an oversized lot and ample off-street parking, accommodating 15+ vehicles.
The building is centrally located in Providence, with convenient access to restaurants, shopping, public transportation, and major amenities. The combination of a residential layout and parking on an oversized lot can be particularly attractive for tenants who want both access and convenience.
For buyers looking for a straightforward multifamily asset, the unit mix provides a multi-door structure with a clear bedroom count across the building. The updated condition and energy-efficient heating are practical attributes for an operator, while the parking capacity on-site helps reduce reliance on street parking for residents. With its established configuration and convenient access to daily needs, the property may fit buyers seeking a well-suited residential income building for long-term ownership.
The building is centrally located in Providence, with convenient access to restaurants, shopping, public transportation, and major amenities. The combination of a residential layout and parking on an oversized lot can be particularly attractive for tenants who want both access and convenience.
For buyers looking for a straightforward multifamily asset, the unit mix provides a multi-door structure with a clear bedroom count across the building. The updated condition and energy-efficient heating are practical attributes for an operator, while the parking capacity on-site helps reduce reliance on street parking for residents. With its established configuration and convenient access to daily needs, the property may fit buyers seeking a well-suited residential income building for long-term ownership.
Key Highlights
- Six‑unit multi‑family property with 13 bedrooms total
- Updated interiors and well‑maintained building (per provided remarks)
- Energy‑efficient heating system in place
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
$86,273
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
8.85%
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%
$1,725,460
$1.7M
Cap Rate 7%
$1,232,471
$1.2M
Cap Rate 9%
$958,589
$958.6K
Market Conditions
NOI Build-Up for 5,688 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
$167.2K $29.40/SF
− Vacancy
−$10.4K −$1.82/SF
EGI
$156.9K $27.58/SF
− OpEx
−$70.6K −$12.41/SF
NOI
$86.3K $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%
$1,725,460
Cap Rate 7%
$1,232,471
Cap Rate 9%
$958,589
Alternative Uses
Best Use
Apartment 5plus
$1.23M
$1.08M – $1.44M
NOI $86,273 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.67M – $2.22M
NOI $133,206 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 02904, RI
31,542
Population
14,483
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
6,066
Density / Sq Mi
$64,637
Median Household Income
$47,040
Median Earnings
$1,217
Median Rent
$302,200
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 - Six-unit building with 13 bedrooms, updated interiors, energy-efficient heating, and parking for 15+ vehicles.
Where is this apartment building located?
The property is located at 17 Ledge Street Providence Providence, RI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six‑unit multi‑family property with 13 bedrooms total; Updated interiors and well‑maintained building (per provided remarks); Energy‑efficient heating system in place
