Four-Unit Property with Studio
New
For Sale
$1,025,000
211 Carpenter Street, Providence, RI 02903
The updated third-floor apartment can be delivered vacant, with downtown and I-95 access nearby.
Property Size3,700 SF
Price / SF$277.03
Days on Market6
Property Features for 211 Carpenter Street
General Information
Standard status
Active
Size
3,700 SF
Property subtype
MultiFamily
Property Condition
Severity
Repairs Needed
Evidence
minor cosmetic updates
Units
Unit Mix
3 x 2BR/1BA, 1 x studio
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
fireplaces
Building Details
Year Built
1900
Listing Agency:
Compass
(401) 274-1644
Listed By:
The Blackstone Team
(401) 646-0023
Source:
Lockandkeyre
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 10:52AM
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 Compass
Investment Insights
Based on property information with market context.
This 3,700-square-foot property comprises a legal three-family building and a studio ADU converted from a two-car garage. The three-family units each have two bedrooms and one bathroom. The first and second floors share a layout with 1,220 square feet of living area apiece, including living rooms, dining rooms, and spacious kitchens. Marble mantelpieces frame two fireplaces in each unit. The third-floor apartment has been updated and may be vacant at closing. Building improvements include updated systems, vinyl siding, newer windows, and a newer roof; the property dates to 1900.
The West Side setting provides proximity to restaurants, coffee shops, and bars, with access to downtown Providence and I-95.
The West Side setting provides proximity to restaurants, coffee shops, and bars, with access to downtown Providence and I-95.
Key Highlights
- Three‑family building plus a studio ADU converted from a two‑car garage
- 3,700 square feet; built in 1900
- First- and second‑floor layouts each provide 1,220 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,479
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,249,580
$1.2M
Cap Rate 7%
$892,557
$892.6K
Cap Rate 9%
$694,211
$694.2K
Market Conditions
NOI Build-Up for 3,700 SF
Gross rent
$95.5K $25.80/SF
− Vacancy
−$6.2K −$1.68/SF
EGI
$89.3K $24.12/SF
− OpEx
−$26.8K −$7.24/SF
NOI
$62.5K $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%
$1,249,580
Cap Rate 7%
$892,557
Cap Rate 9%
$694,211
Alternative Uses
Best Use
Multifamily LT 5
$892.6K
$781.0K – $1.04M
NOI $62,479 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$801.7K
$701.5K – $935.3K
NOI $56,120 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,650 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,736
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
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?
Quadplex - The updated third-floor apartment can be delivered vacant, with downtown and I-95 access nearby.
Where is this quadplex located?
The property is located at 211 Carpenter Street Providence, RI.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Three‑family building plus a studio ADU converted from a two‑car garage; 3,700 square feet; built in 1900; First- and second‑floor layouts each provide 1,220 square feet
