Multifamily Property with New
For Sale
Contact for pricing
498 Broadway, Providence, RI 02909
Updated roof and HVAC complement on-site parking near a signalized intersection.
Property Size2,900 SF
Price / SF$232.76
Days on Market150
Property Features for 498 Broadway
General Information
Standard status
Active
Size
2,900 SF
Class
B
Property subtype
Multifamily, Office
Building Details
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
Cushman & Wakefield Hayes & Sherry Real Estate Service
(401) 273-2052
Listed By:
Derek Brazeau · License #RI RES0041511
Source:
Crexi
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 4:33PM
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 Cushman & Wakefield Hayes & Sherry Real Estate Service
Investment Insights
Based on property information with market context.
This multifamily property at 498 Broadway in Providence offers 2,900 square feet within a building constructed in 1900. Recent improvements include the roof and HVAC system, providing updated core building components for the property.
The asset is situated in Federal Hill near a signalized intersection and includes on-site parking. Its established Providence location and multifamily classification support continued residential income use.
The asset is situated in Federal Hill near a signalized intersection and includes on-site parking. Its established Providence location and multifamily classification support continued residential income use.
Key Highlights
- 2,900‑square‑foot multifamily property
- Roof and HVAC improvements completed
- On‑site parking included
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
$49,623
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
7.35%
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%
$992,460
$992.5K
Cap Rate 7%
$708,900
$708.9K
Cap Rate 9%
$551,367
$551.4K
Market Conditions
NOI Build-Up for 2,900 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
$78.3K $27.00/SF
− Vacancy
−$12.1K −$4.19/SF
EGI
$66.2K $22.81/SF
− OpEx
−$16.5K −$5.70/SF
NOI
$49.6K $17.11/SF
Area
Providence, RI
Vacancy
15.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
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%
$992,460
Cap Rate 7%
$708,900
Cap Rate 9%
$551,367
Alternative Uses
Best Use
Office B
$708.9K
$620.3K – $827.1K
NOI $49,623 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$628.4K
$549.8K – $733.1K
NOI $43,986 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$970.2K
$848.9K – $1.13M
NOI $67,915 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,951
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
Market
Vacancy Rate% for Office in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated roof and HVAC complement on-site parking near a signalized intersection.
Where is this multifamily property located?
The property is located at 498 Broadway Providence, RI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,900‑square‑foot multifamily property; Roof and HVAC improvements completed; On‑site parking included
