Four-Unit Property with Walk-Up
For Sale
Under Contract
$975,000
45 Forest Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size3,666 SF
Lot Size0.14 Acres
Price / SF$265.96
Days on Market55
Property Features for 45 Forest Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 5, Bathroom 4, Basement, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 3
Parking
5
Parking features
None
Interior features
Wall (Plaster), Attic, Attic Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Unfinished, Full
Subdivision
Mount Hope
Standard status
Active Under Contract
Size
3,666 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16860
Utilities
Heating system
Natural Gas
Amenities
laundry in basement
off-street parking
walk-up attic
widow's walk
Building Details
Year built
1910
Floors in Building
3
Number of units
4
Flooring type
Hardwood
Building materials
Plaster, Clapboard, Wood
Listing Agency:
Re/Max River's Edge · RE/MAX International
(401) 245-2000
Listed By:
Brooke Buckett · License #RES.0045279
(401) 523-8596
Added: Aug 13
Changed: Sep 17
Last Checked: Oct 6 at 7:06AM
MLS# 1419233
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.
Built in 1910, this 3,666-square-foot quadplex contains four residential units: three one-bedroom apartments and one two-bedroom apartment. The interiors include tall ceilings, hardwood flooring, replacement windows, original woodwork, and abundant natural light. Each unit has separate natural-gas heating and hot-water systems. Basement laundry, a walk-up attic, and additional attic storage add functional space, while the attic leads to a widow’s walk. Any future expansion would be subject to approvals.
The property is located at 45 Forest Street in Providence’s Mount Hope neighborhood, near Hope Street’s cafes, restaurants, and shops. Blackstone Boulevard, Brown University, downtown Providence, and major highways are also nearby, with access extending throughout Rhode Island and toward Boston.
The property is located at 45 Forest Street in Providence’s Mount Hope neighborhood, near Hope Street’s cafes, restaurants, and shops. Blackstone Boulevard, Brown University, downtown Providence, and major highways are also nearby, with access extending throughout Rhode Island and toward Boston.
Key Highlights
- Four‑unit configuration with three one‑bedroom units and one two‑bedroom unit
- 3,666 square feet on a 0.14‑acre lot
- Built in 1910 with replacement windows, hardwood floors, and original woodwork
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,904
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,238,080
$1.2M
Cap Rate 7%
$884,343
$884.3K
Cap Rate 9%
$687,822
$687.8K
Market Conditions
NOI Build-Up for 3,666 SF
Gross rent
$94.6K $25.80/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$88.4K $24.12/SF
− OpEx
−$26.5K −$7.24/SF
NOI
$61.9K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,238,080
Cap Rate 7%
$884,343
Cap Rate 9%
$687,822
Alternative Uses
Best Use
Multifamily LT 5
$884.3K
$773.8K – $1.03M
NOI $61,904 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$794.3K
$695.1K – $926.7K
NOI $55,604 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,853 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,251
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
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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?
Quadplex - Historic wood-frame quadplex with varied unit layouts, original detailing, and convenient access to neighborhood retail and Providence institutions.
Where is this quadplex located?
The property is located at 45 Forest Street Providence, RI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four‑unit configuration with three one‑bedroom units and one two‑bedroom unit; 3,666 square feet on a 0.14‑acre lot; Built in 1910 with replacement windows, hardwood floors, and original woodwork
