Renovated Historic Apartment
New
For Sale
$2,950,000
215 Broadway, Providence, RI 02903
Commercial/Business,Commercial Sale, Providence, RI
Property Size7,600 SF
Lot Size0.21 Acres
Price / SF$388.16
Days on Market4
Property Features for 215 Broadway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-P
Rooms
Basement
Parking
12
Interior features
Ceiling Height (7 to 9 Ft), Ceiling Height (9 to 12 Ft)
Basement
Full
Subdivision
Broadway West Side
Lot features
Local Historic District, Urban
Standard status
Active
Size
7,600 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
36500
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Amenities
dedicated common laundry facilities
secure bicycle storage
Building Details
Year built
1887
Building materials
Frame
Listing Agency:
Broadway Real Estate Group
(401) 354-7969
Listed By:
Doug Jeffrey
(401) 255-5530
Added: Aug 24
Last Checked: Aug 27 at 8:06AM
MLS# 1421248
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 7,600-square-foot apartment building occupies a 0.2076-acre site and contains ten residential units with studio, one-, two-, and three-bedroom layouts. Originally built in 1887, the Second Empire mansion retains paneled walls, marble fireplaces, parquet flooring, and crystal chandeliers alongside renovated kitchens and designer baths.
Building improvements include electrical and HVAC upgrades, a new fire alarm system, and full sprinkler coverage. Residents also have access to shared laundry facilities and secure bicycle storage. The property is zoned R-P and is located at 215 Broadway in Providence, Rhode Island.
Building improvements include electrical and HVAC upgrades, a new fire alarm system, and full sprinkler coverage. Residents also have access to shared laundry facilities and secure bicycle storage. The property is zoned R-P and is located at 215 Broadway in Providence, Rhode Island.
Key Highlights
- Ten residential units with studio, one-, two-, and three‑bedroom layouts
- 7,600 square feet on a 0.2076‑acre site
- 1887 Second Empire mansion with 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
Multi-tenant
Tenancy
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 - Ten residential units combine preserved architectural details with upgraded kitchens, baths, mechanical systems, and resident amenities.
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: Ten residential units with studio, one-, two-, and three‑bedroom layouts; 7,600 square feet on a 0.2076‑acre site; 1887 Second Empire mansion with paneled walls, marble fireplaces, parquet flooring, and crystal chandeliers
