16-Unit Apartment
New
For Sale
$2,599,999
461 Elmwood Avenue, Providence, RI 02907
Residential Income, Providence, RI
Property Size13,216 SF
Lot Size0.13 Acres
Price / SF$196.73
Days on Market2
Property Features for 461 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Res
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 1, Bedroom 11, Basement, Bathroom 1, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 12, Bedroom 8, Bedroom 9, Bedroom 10, Bedroom 5, Bedroom 6, Bathroom 3
Parking features
None
Interior features
Wall (Dry Wall), Wall (Paneled), Wall (Plaster), Insulation (Ceiling), Insulation (Walls)
Basement
Full, Partially Finished
Appliances
Refrigerator, Gas Water Heater
Standard status
Active
Size
13,216 SF
Lot size
0.13 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
45036
Utilities
Heating system
Natural Gas, Baseboard, Steam
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Number of units
4
Flooring type
Vinyl, Tile - Ceramic, Hardwood
Building materials
Dry Wall, Paneled, Plaster, Brick, Masonry
Listing Agency:
The Greene Realty Group
Listed By:
Derek Greene
(888) 278-5840
Added: Oct 27
Last Checked: Oct 28 at 6:06PM
MLS# 1427053
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.
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Investment Insights
Based on property information with market context.
This 16-unit apartment building contains 13,216 square feet on a 0.13-acre lot. The unit mix includes five three-bedroom apartments, three two-bedroom apartments, five one-bedroom apartments, and three studios, each with one bathroom. Built in 1930, the property has Res zoning and a 9% cap rate.
Renovation work completed in 2024 included new gas lines, electrical upgrades, replacement hot water heaters, and interior and exterior cosmetic improvements. The units are registered, and lead certificates are in place.
Renovation work completed in 2024 included new gas lines, electrical upgrades, replacement hot water heaters, and interior and exterior cosmetic improvements. The units are registered, and lead certificates are in place.
Key Highlights
- 16 residential units across 13,216 square feet
- Unit mix: five 3‑bedroom, three 2‑bedroom, five 1‑bedroom, and three studio units; all have 1 bathroom
- Renovated in 2024, including new gas lines, electrical upgrades, and hot water heaters
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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Property Analytics
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Building systems and interiors were renovated in 2024, with lead certificates in place for the residential units.
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 13,216 square feet; Unit mix: five 3‑bedroom, three 2‑bedroom, five 1‑bedroom, and three studio units; all have 1 bathroom; Renovated in 2024, including new gas lines, electrical upgrades, and hot water heaters
