Turnkey 7-Unit Multifamily
For Sale
$999,000
23 Whitehall, Providence, RI 02909
Turnkey 7-unit property with a detached cottage, professionally managed operations, and tenant-paid utilities.
Property Size4,589 SF
Price / SF$217.69
Days on Market136
Property Features for 23 Whitehall
General Information
Standard status
Active
Size
4,589 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
R3
Net Operating Income
$111,552
Additional Details
Business Included
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$12,324
Building Details
Building Size
4,589 SF
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Pailin Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 29
Changed: Sep 10
Last Checked: Sep 10 at 6:41AM
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 Pailin Realty
Investment Insights
Based on property information with market context.
This turnkey 7-unit multifamily compound includes a 6-unit main building with six one-bedroom, one-bath apartments, plus a detached cottage of approximately 989 SF featuring two bedrooms and one bath. The main building uses gas baseboard heat, while the detached cottage is heated with electric baseboard heat. Ownership has completed major capital improvements, including upgraded boilers and hot water systems, reducing near-term capex needs. The property is professionally managed, and tenants pay utilities, supporting an efficient and predictable expense structure. Off-street parking is also included.
The property is located at 23 Whitehall in Providence, RI 02909. Current gross income is $98,448, with a pro forma of $111,600, reflecting below-market rents and the opportunity to increase income through rent growth.
The overall configuration provides consistent in-place rental operations across the 6 units plus the detached cottage, with management and utility structure already in place for ongoing day-to-day performance.
The property is located at 23 Whitehall in Providence, RI 02909. Current gross income is $98,448, with a pro forma of $111,600, reflecting below-market rents and the opportunity to increase income through rent growth.
The overall configuration provides consistent in-place rental operations across the 6 units plus the detached cottage, with management and utility structure already in place for ongoing day-to-day performance.
Key Highlights
- 7‑unit compound with a 6‑unit main building plus a detached ~989 SF cottage
- Main building: (6) 1‑bed, 1‑bath units with gas baseboard heat
- Detached cottage: 2‑bed, 1‑bath layout with electric baseboard heat (~989 SF)
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
$69,603
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
6.97%
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%
$1,392,060
$1.4M
Cap Rate 7%
$994,329
$994.3K
Cap Rate 9%
$773,367
$773.4K
Market Conditions
NOI Build-Up for 4,589 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
$134.9K $29.40/SF
− Vacancy
−$8.4K −$1.82/SF
EGI
$126.6K $27.58/SF
− OpEx
−$56.9K −$12.41/SF
NOI
$69.6K $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%
$1,392,060
Cap Rate 7%
$994,329
Cap Rate 9%
$773,367
Alternative Uses
Best Use
Apartment 5plus
$994.3K
$870.0K – $1.16M
NOI $69,603 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,469 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
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 - Turnkey 7-unit property with a detached cottage, professionally managed operations, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 23 Whitehall Providence, RI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 7‑unit compound with a 6‑unit main building plus a detached ~989 SF cottage; Main building: (6) 1‑bed, 1‑bath units with gas baseboard heat; Detached cottage: 2‑bed, 1‑bath layout with electric baseboard heat (~989 SF)
