Updated 6-Unit Apartment
For Sale
$1,250,000
39 America Street, Providence, RI 02903
Federal Hill location with access to downtown Providence, universities, major highways, dining, shopping, and public transportation.
Property Size4,900 SF
Price / SF$255.10
Days on Market10
Property Features for 39 America Street
General Information
Standard status
Active
Size
4,900 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$18,766
Amenities
3
Building Details
Year Built
1922
Listing Agency:
Coldwell Banker Realty
(401) 447-8785
Listed By:
Denise Mancini · License #REB.0013395
(401) 447-8785
Source:
Xome
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 12 at 4:01AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This updated six-unit apartment building at 39 America Street is a residential income property dating to circa 1922. The building contains 4,900 square feet and is positioned within Providence’s Federal Hill area.
The property offers access to downtown Providence, major highways, universities, dining, shopping, and public transportation. Its six-unit configuration provides a defined multifamily layout for continued residential use.
The property offers access to downtown Providence, major highways, universities, dining, shopping, and public transportation. Its six-unit configuration provides a defined multifamily layout for continued residential use.
Key Highlights
- Six‑unit apartment building with updated improvements
- 4,900 square feet of residential property
- Built circa 1922
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
$74,321
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
5.95%
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%
$1,486,420
$1.5M
Cap Rate 7%
$1,061,729
$1.1M
Cap Rate 9%
$825,789
$825.8K
Market Conditions
NOI Build-Up for 4,900 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
$144.1K $29.40/SF
− Vacancy
−$8.9K −$1.82/SF
EGI
$135.1K $27.58/SF
− OpEx
−$60.8K −$12.41/SF
NOI
$74.3K $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%
$1,486,420
Cap Rate 7%
$1,061,729
Cap Rate 9%
$825,789
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$929.0K – $1.24M
NOI $74,321 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,752 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,440
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 - Federal Hill location with access to downtown Providence, universities, major highways, dining, shopping, and public transportation.
Where is this apartment building located?
The property is located at 39 America Street Providence, RI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Six‑unit apartment building with updated improvements; 4,900 square feet of residential property; Built circa 1922
