14-Unit Apartment Building
New
For Sale
$2,750,000
191-199 Dexter, Providence, RI 02907
Four-building residential portfolio with separately metered utilities, dedicated parking, and lead certificates for every unit.
Property Size10,623 SF
Lot Size0.32 Acres
Price / SF$258.87
Days on Market5
Property Features for 191-199 Dexter
General Information
Standard status
Active
Size
10,623 SF
Lot size
0.32 Acres
Zoning
R3
Units
Unit Mix
7 x 1BR, 6 x 2BR, 1 x 4BR
Multifamily Units
14
Parking per Unit
1
Additional Details
Cap Rate
6%
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$37,067
Building Details
Building Size
10,623 SF
Year Built
1900
Buildings
4
Listing Agency:
Westcott Properties
Listed By:
Joy Riley · License #3100765
(401) 421-5300
Source:
413realestate
Added: Sep 22
Last Checked: Sep 26 at 4:32AM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This apartment portfolio includes four buildings containing 14 units, with a mix of seven one-bedroom, six two-bedroom, and one four-bedroom residences. The properties provide 23 bedrooms and 15 bathrooms overall. Each apartment has separate metering for heat, hot water, and electricity, while a two-car garage and one assigned off-street parking space per unit support resident parking. Lead certificates are on file for all units.
The assemblage comprises two contiguous R-3 lots totaling 13,776 square feet at 191-199 Dexter in Providence’s West End/Armory neighborhood. The location is off Westminster Street and near Cranston Street. Built in 1900, the portfolio currently reflects a 6.0% cap rate based on current income.
The assemblage comprises two contiguous R-3 lots totaling 13,776 square feet at 191-199 Dexter in Providence’s West End/Armory neighborhood. The location is off Westminster Street and near Cranston Street. Built in 1900, the portfolio currently reflects a 6.0% cap rate based on current income.
Key Highlights
- 14 units across four apartment buildings
- Unit mix includes seven one‑bedroom, six two‑bedroom, and one four‑bedroom apartments
- 23 bedrooms and 15 bathrooms in total
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
$161,124
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
5.86%
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%
$3,222,480
$3.2M
Cap Rate 7%
$2,301,771
$2.3M
Cap Rate 9%
$1,790,267
$1.8M
Market Conditions
NOI Build-Up for 10,623 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
$312.3K $29.40/SF
− Vacancy
−$19.4K −$1.82/SF
EGI
$293.0K $27.58/SF
− OpEx
−$131.8K −$12.41/SF
NOI
$161.1K $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%
$3,222,480
Cap Rate 7%
$2,301,771
Cap Rate 9%
$1,790,267
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.01M – $2.69M
NOI $161,124 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.55M
$3.11M – $4.15M
NOI $248,778 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,862
Businesses Nearby
Explore this area
Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
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 - Four-building residential portfolio with separately metered utilities, dedicated parking, and lead certificates for every unit.
Where is this apartment building located?
The property is located at 191-199 Dexter Providence, RI.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 14 units across four apartment buildings; Unit mix includes seven one‑bedroom, six two‑bedroom, and one four‑bedroom apartments; 23 bedrooms and 15 bathrooms in total
