Renovated 6-Unit Apartment
For Sale
$1,500,000
41 America Street, Providence, RI 02903
Fully renovated multifamily property with equipped units and in-unit laundry appliances near downtown Providence.
Property Size4,050 SF
Price / SF$370.37
Days on Market9
Property Features for 41 America Street
General Information
Standard status
Active
Size
4,050 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$21,203
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 11 at 4:47AM
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 6-unit apartment building contains 4,050 square feet and was originally built in 1922. The property has undergone a full renovation, with each apartment furnished with a range, refrigerator, microwave, dishwasher, and washer/dryer combination unit. Those in-unit features support a ready-to-occupy residential configuration.
The property is located near Atwells Avenue, downtown Providence, major highways, and universities. Its six-unit layout and renovated condition provide a clearly defined multifamily asset in an established Providence setting.
The property is located near Atwells Avenue, downtown Providence, major highways, and universities. Its six-unit layout and renovated condition provide a clearly defined multifamily asset in an established Providence setting.
Key Highlights
- Six‑unit apartment building with 4,050 square feet
- Fully renovated multifamily property
- Each unit includes a range, refrigerator, microwave, and dishwasher
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
$61,428
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
4.10%
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%
$1,228,560
$1.2M
Cap Rate 7%
$877,543
$877.5K
Cap Rate 9%
$682,533
$682.5K
Market Conditions
NOI Build-Up for 4,050 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
$119.1K $29.40/SF
− Vacancy
−$7.4K −$1.82/SF
EGI
$111.7K $27.58/SF
− OpEx
−$50.3K −$12.41/SF
NOI
$61.4K $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%
$1,228,560
Cap Rate 7%
$877,543
Cap Rate 9%
$682,533
Alternative Uses
Best Use
Apartment 5plus
$877.5K
$767.9K – $1.02M
NOI $61,428 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.19M – $1.58M
NOI $94,846 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Fully renovated multifamily property with equipped units and in-unit laundry appliances near downtown Providence.
Where is this apartment building located?
The property is located at 41 America Street Providence, RI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Six‑unit apartment building with 4,050 square feet; Fully renovated multifamily property; Each unit includes a range, refrigerator, microwave, and dishwasher
