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    Providence Multifamily Investment Opportunity Title is generated by Realmo AI

    513 Charles Street, Providence, RI 02904

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    Claim this Listing
    For Sale
    $999,000

    COMMERCIAL - Providence, RI

    Property size:
    3,550 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $281/SF
    Added:
    May 20, 2026
    Days on Market:
    48
    Last Refresh:
    Jul 6 at 9:06 am

    Property Features for 513 Charles Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    12
    Standard status
    Active
    Size
    3,550 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    18164

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Baseboard, Forced Air, Space Heater
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    3
    Number of units
    6

    We can help!

    Contact an agent
    Spectrum Real Estate Consultants Team

    Listing agent Spectrum Real Estate Consultants Team

    Listing office Keller Williams Leading Edge 28 Thurber Boulevard, Lincoln, RI

    Listing date May 20, 2026

    MLS# 1413142

    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.

    HighLights

    • Buildable lot included, offering future development potential.
    • Strong current income with below‑market rents, providing immediate opportunity for increased revenue.
    • Major capital improvements already completed: 2‑year‑old roof, newer windows, water heaters, foundation repairs, and vinyl siding.
    • Value‑add potential through basic interior renovations.
    • Well‑kept 6‑unit property (legal 5).
    • Ample rear parking.

    Overview

    This well-kept six-unit property, legally approved for five units, is located in the Charles neighborhood of Providence. It presents a value-add opportunity with strong current income and potential for increased returns. Month-to-month rents are currently below market value, offering an immediate opportunity to increase rental income. Basic interior renovations could further enhance the property's value. Several capital improvements have already been completed, including a roof that is two years old, mostly newer windows, multiple newer water heaters, foundation repairs, and vinyl siding. The property includes ample rear parking on a separate, buildable lot, which provides future development potential beyond the existing building. The property size is 3550 square feet, situated on a 0.11-acre lot. With its infrastructure, flexible tenancy, and multiple paths to increased returns, this property represents a compelling investment.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $104.4k $29.40
    − Vacancy −$6.5k −$1.82
    EGI $97.9k $27.58
    − OpEx −$44.1k −$12.41
    NOI $53.8k $15.17
    3,550 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $769.2K
    $673.1K – $897.4K (±1% cap)
    NOI $53,844 @ 7.0% cap · market cap 5.39%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.19M
    $1.04M – $1.39M (±1% cap)
    NOI $83,137 @ 7.0% cap · market cap 8.32%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Discount Store Coworking & Hybrid Office Pet Grooming Service Daycare Center Carpet & Flooring Store Clothing & Fashion Store Adult Day Care Bed & Breakfast Fish Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.419405
    Latitude
    41.8488

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    FAQs

    What type of property is this?
    Apartment building - Six-unit property with value-add potential and buildable lot.
    Where is this apartment building located?
    The property is located at 513 Charles Street Providence, RI.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: Buildable lot included, offering future development potential.; Strong current income with below‑market rents, providing immediate opportunity for increased revenue.; Major capital improvements already completed: **2‑year‑old roof, newer windows, water heaters, foundation repairs, and vinyl siding.**
    (401) 333-4900
    We can help!
    Contact an agent
    Spectrum Real Estate Consultants Team
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