14-Unit Apartment
New
For Sale
$2,750,000
191 Dexter Street, Providence, RI 02907
Commercial/Business,Commercial Sale, Providence, RI
Property Size10,623 SF
Lot Size0.32 Acres
Price / SF$258.87
Days on Market2
Property Features for 191 Dexter Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3
Parking
18
Subdivision
West End/ Armory District
Lot features
Free Standing
Standard status
Active
Size
10,623 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
37067
Utilities
Heating system
Baseboard
Building Details
Year built
1900
Floors in Building
3
Building materials
Frame
Listing Agency:
Westcott Properties
Listed By:
Joy Riley · License #3100765
(401) 421-5300
Added: Sep 21
Last Checked: Sep 22 at 3:06AM
MLS# 1421663
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 Providence multifamily portfolio includes four frame buildings containing 14 apartments, with a mix of seven one-bedroom, six two-bedroom, and one four-bedroom units. The properties provide 23 bedrooms and 15 bathrooms, with individual metering for heat, hot water, and electric. Baseboard heating serves the buildings, which date to 1900. Lead certificates are on file for every unit, and floor plans plus 3D walkthroughs are available for most apartments.
The assemblage occupies two contiguous R-3 lots totaling 13,776 square feet at 191 Dexter Street in Providence's West End/Armory area, near Westminster Street and Cranston Street. A two-car garage complements the off-street parking, with one dedicated space assigned to each apartment. The portfolio is offered at a 6.0% cap rate based on current income.
The assemblage occupies two contiguous R-3 lots totaling 13,776 square feet at 191 Dexter Street in Providence's West End/Armory area, near Westminster Street and Cranston Street. A two-car garage complements the off-street parking, with one dedicated space assigned to each apartment. The portfolio is offered at a 6.0% cap rate based on current income.
Key Highlights
- 14 apartments across four 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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-building residential portfolio with separately metered utilities, assigned parking, and a two-car garage.
Where is this apartment building located?
The property is located at 191 Dexter Street 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 apartments across four buildings; Unit mix includes seven one‑bedroom, six two‑bedroom, and one four‑bedroom apartments; 23 bedrooms and 15 bathrooms in total
