Turnkey 7-Unit Multifamily
23 Whitehall Providence, RI 02909
23 Whitehall, Providence, RI, 02909
$999,000
For Sale
$999,000
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 Market90
Property Features for 23 Whitehall
General Information
- Standard status
- Active
- Size
- 4,589 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
BOND BROKERAGE
Listed by
Donald Martone
(413) 584-2900
Source
Mapleandmainrealty
Added: Apr 23 Updated: Jul 20 at 5:05PM Checked: Jul 20 at 5:05PM
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 BOND BROKERAGE
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)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.9k | $29.40 |
| − Vacancy | −$8.4k | −$1.82 |
| EGI | $126.6k | $27.58 |
| − OpEx | −$56.9k | −$12.41 |
| NOI | $69.6k | $15.17 |
4,589 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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)
