Renovated 16-Unit Apartment
461 Elmwood Avenue, Providence, RI 02907
For Sale
$2,599,999
The building combines several apartment layouts with updated gas, electrical, and hot-water systems.
Property Size13,216 SF
Price / SF$196.73
Days on Market12
Property Features for 461 Elmwood Avenue
General Information
Standard status
Size
Property subtype
Net Operating Income
Financials
Cap Rate
Gross Income
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Year Built
Year Renovated
Listing Agency:
The Greene Realty Group
Listed By:
Derek Greene · License #REB.0016396
(888) 278-5840
Source:
Lockandkeyre
Added: Oct 27
Changed: Nov 6
Last Checked: Nov 6 at 10:41AM
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 The Greene Realty Group
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Investment Insights
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This 16-unit apartment property offers a mix of five three-bedroom, one-bath units, three two-bedroom, one-bath units, five one-bedroom, one-bath units, and three studios with one bath each. The 13,216-square-foot building was renovated in 2024, with interior and exterior work, gas line replacement, electrical upgrades, new hot-water heaters, and cosmetic improvements. Lead certificates are in place, and the property is fully registered.
Built in 1930, the apartment building is located at 461 Elmwood Avenue in Providence, Rhode Island.
Built in 1930, the apartment building is located at 461 Elmwood Avenue in Providence, Rhode Island.
Key Highlights
- 16 residential units across four layouts: five 3‑bedroom, three 2‑bedroom, five 1‑bedroom, and three studio apartments
- 13,216 square feet; built in 1930
- Renovated inside and out in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$200,453
Cap Rate
7.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,009,060
$4.0M
Cap Rate 7%
$2,863,614
$2.9M
Cap Rate 9%
$2,227,256
$2.2M
Market Conditions
NOI Build-Up for 13,216 SF
Gross rent
$388.6K $29.40/SF
− Vacancy
−$24.1K −$1.82/SF
EGI
$364.5K $27.58/SF
− OpEx
−$164.0K −$12.41/SF
NOI
$200.5K $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 Rate 5%
$4,009,060
Cap Rate 7%
$2,863,614
Cap Rate 9%
$2,227,256
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.51M – $3.34M
NOI $200,453 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,503 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,146
Businesses Nearby
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Business Placement
Demographics for 02907, RI
29,827
Population
11,474
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
2.2 sq mi
ZIP Area
13,558
Density / Sq Mi
$49,564
Median Household Income
$32,619
Median Earnings
$1,136
Median Rent
$311,600
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Providence, RI
Properties on Market for Apartment buildings in Providence
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The building combines several apartment layouts with updated gas, electrical, and hot-water systems.
Where is this apartment building located?
The property is located at 461 Elmwood Avenue Providence, RI.
What is the asking price?
The asking price for this property is $2,599,999.
What are key features of this property?
This property features: 16 residential units across four layouts: five 3‑bedroom, three 2‑bedroom, five 1‑bedroom, and three studio apartments; 13,216 square feet; built in 1930; Renovated inside and out in 2024
