5-Unit Victorian Apartment
For Sale
$1,690,000
5 Hillside Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size5,961 SF
Lot Size0.11 Acres
Price / SF$283.51
Days on Market8
Property Features for 5 Hillside Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bathroom 4, Bedroom 2, Basement, Bedroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 5
Parking
4
Parking features
None
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Plumbing (Mixed), Insulation (Unknown)
Fireplace
1
Basement
Storage Space, Unfinished, Full
Appliances
Gas Water Heater, Dishwasher, Dryer, Oven/Range, Refrigerator, Washer
Subdivision
Summit / East Side
Lot features
Fenced
Standard status
Active
Size
5,961 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7528
Utilities
Heating system
Steam, Natural Gas, Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1891
Floors in Building
3
Number of units
4
Flooring type
Hardwood, Tile - Ceramic, Laminate
Building materials
Dry Wall, Plaster, Clapboard, Shingles
Listing Agency:
Mott & Chace Sotheby's Intl. · Sotheby's International Realty
(401) 314-3000
Listed By:
Robert Rutley · License #36960
(401) 601-0446
Added: Sep 7
Changed: Sep 14
Last Checked: Sep 14 at 3:06AM
MLS# 1422586
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 1891, this 5,961-square-foot Victorian multifamily property presents a turreted exterior, pitched rooflines, tall windows, shingle cladding, and period detailing. The property includes four recognized residential units plus a fifth owner’s unit, with hardwood, laminate, and ceramic tile flooring across the residence. Recent improvements include new windows, a new roof, new heating systems, and additional updates to the building and individual units. Amenities include gas water heating, in-unit laundry appliances, dishwashers, ranges, refrigerators, and window-unit cooling.
Located at 5 Hillside Avenue in Providence’s East Side, the property occupies 0.11 acres and carries R3 zoning. Mature landscaping surrounds the entrance, while nearby access includes highways, Brown, RISD, Miriam Hospital, and local amenities. The property has an 86 Walk Score, and most units are leased month to month. A projected 5.5–6% cap rate is stated for the property.
Located at 5 Hillside Avenue in Providence’s East Side, the property occupies 0.11 acres and carries R3 zoning. Mature landscaping surrounds the entrance, while nearby access includes highways, Brown, RISD, Miriam Hospital, and local amenities. The property has an 86 Walk Score, and most units are leased month to month. A projected 5.5–6% cap rate is stated for the property.
Key Highlights
- 5,961‑square‑foot multifamily property built in 1891
- Four recognized units plus a fifth owner’s unit
- New windows, new roof, and new heating systems
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
$90,413
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
5.35%
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%
$1,808,260
$1.8M
Cap Rate 7%
$1,291,614
$1.3M
Cap Rate 9%
$1,004,589
$1.0M
Market Conditions
NOI Build-Up for 5,961 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
$175.3K $29.40/SF
− Vacancy
−$10.9K −$1.82/SF
EGI
$164.4K $27.58/SF
− OpEx
−$74.0K −$12.41/SF
NOI
$90.4K $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%
$1,808,260
Cap Rate 7%
$1,291,614
Cap Rate 9%
$1,004,589
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.51M
NOI $90,413 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.75M – $2.33M
NOI $139,600 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,706
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Updated historic multifamily property with month-to-month occupancy, modernized building systems, and a fifth owner’s unit.
Where is this apartment building located?
The property is located at 5 Hillside Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: 5,961‑square‑foot multifamily property built in 1891; Four recognized units plus a fifth owner’s unit; New windows, new roof, and new heating systems
