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 Market49
Property Features for 215 Broadway
General Information
Standard status
Active
Size
7,600 SF
Additional Details
Road Access
Yes
Sprinkler System
Yes
Multifamily Units
10
Amenities
common laundry facilities
secure bicycle storage
Building Details
Year Built
1887
Buildings
1
Construction
Second Empire
Listing Agency:
Broadway Real Estate Group
Listed By:
Doug Jeffrey · License #REC.0016109
(401) 255-5530
Source:
Alpernandmesenbourg
Added: Aug 26
Changed: Oct 6
Last Checked: Oct 7 at 4:58PM
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 / Yr
$115,273
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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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 - 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
