Renovated Historic Apartment
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 Market51
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 · License #REC.0016109
(401) 255-5530
Added: Aug 24
Last Checked: Oct 13 at 10:06AM
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 / 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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Open Analytics
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
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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 - 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
