Renovated 10-Unit Apartment
For Sale
$2,950,000
215 Broadway, Providence, RI 02903
Historic character is paired with updated kitchens, baths, and building systems.
Property Size7,600 SF
Price / SF$388.16
Days on Market9
Property Features for 215 Broadway
General Information
Standard status
Active
Size
7,600 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Sprinkler System
Yes
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$36,500
Amenities
common laundry facilities
secure bicycle storage
12 Parking Spaces.
Building Details
Year Built
1887
Buildings
1
Construction
Second Empire
Listing Agency:
Broadway Real Estate Group
(401) 255-5530
Listed By:
Douglas Jeffrey
(401) 255-5530
Source:
Xome
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 6:38AM
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 Broadway Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1887, this 7,600-square-foot apartment property occupies a prominent position on Broadway in Providence’s West Side. The mansion has been converted into 10 residential units spanning studio through three-bedroom layouts. Original architectural elements include paneled walls, marble fireplaces, parquet floors, and crystal chandeliers, while renovated interiors add contemporary kitchens and designer bathrooms.
Building improvements include upgraded electrical and HVAC systems, a new fire alarm, and full sprinkler coverage. Residents also have access to shared laundry facilities and secure bicycle storage. The property combines preserved Second Empire design with updated infrastructure and an established residential income profile.
Building improvements include upgraded electrical and HVAC systems, a new fire alarm, and full sprinkler coverage. Residents also have access to shared laundry facilities and secure bicycle storage. The property combines preserved Second Empire design with updated infrastructure and an established residential income profile.
Key Highlights
- 10 residential units with studio, one-, two-, and three‑bedroom layouts
- 7,600‑square‑foot apartment property built in 1887
- Original paneled walls, marble fireplaces, parquet flooring, and crystal chandeliers
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
$115,273
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
3.91%
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%
$2,305,460
$2.3M
Cap Rate 7%
$1,646,757
$1.6M
Cap Rate 9%
$1,280,811
$1.3M
Market Conditions
NOI Build-Up for 7,600 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
$223.4K $29.40/SF
− Vacancy
−$13.9K −$1.82/SF
EGI
$209.6K $27.58/SF
− OpEx
−$94.3K −$12.41/SF
NOI
$115.3K $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%
$2,305,460
Cap Rate 7%
$1,646,757
Cap Rate 9%
$1,280,811
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,273 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.54M
$2.22M – $2.97M
NOI $177,983 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,097
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
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 - Historic character is paired with updated kitchens, baths, and building systems.
Where is this apartment building located?
The property is located at 215 Broadway Providence, RI.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 10 residential units with studio, one-, two-, and three‑bedroom layouts; 7,600‑square‑foot apartment property built in 1887; Original paneled walls, marble fireplaces, parquet flooring, and crystal chandeliers
