Four-Unit Multifamily
For Sale
$649,900
53 Fairmount Ave, Providence, RI 02908
Well-maintained four-unit building with two 1-bedroom and two 3-bedroom apartments plus off-street parking.
Property Size2,340 SF
Price / SF$277.74
Days on Market99
Property Features for 53 Fairmount Ave
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Mount Pleasant
Additional Details
Multifamily Units
4
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
RE/MAX Properties
Listed By:
Kerri Gemma · License #RES.0024961
(401) 232-5766
Source:
Alpernandmesenbourg
Added: Jul 20
Changed: Oct 26
Last Checked: Oct 7 at 2:32PM
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 RE/MAX Properties
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Investment Insights
Based on property information with market context.
This well-maintained four-unit multifamily property offers a mix of layouts, including two 1-bedroom apartments and two 3-bedroom apartments. Each unit is described as generously sized to provide comfortable living space for residents. The building sits on a good-sized lot with off-street parking available for residents and guests.
The property is offered for sale and may suit investors focused on rental income as well as owner-occupants looking to offset living costs.
With four separate apartment units, the asset provides multiple rental configurations within one residential income property.
The property is offered for sale and may suit investors focused on rental income as well as owner-occupants looking to offset living costs.
With four separate apartment units, the asset provides multiple rental configurations within one residential income property.
Key Highlights
- Well‑maintained 4‑unit multifamily building built in 1920
- Unit mix: two 1‑bedroom apartments and two 3‑bedroom apartments
- Good‑sized lot with plenty of off‑street parking for residents and guests
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,513
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$790,260
$790.3K
Cap Rate 7%
$564,471
$564.5K
Cap Rate 9%
$439,033
$439.0K
Market Conditions
NOI Build-Up for 2,340 SF
Gross rent
$60.4K $25.80/SF
− Vacancy
−$3.9K −$1.68/SF
EGI
$56.4K $24.12/SF
− OpEx
−$16.9K −$7.24/SF
NOI
$39.5K $16.89/SF
Area
Providence, RI
Vacancy
6.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$790,260
Cap Rate 7%
$564,471
Cap Rate 9%
$439,033
Alternative Uses
Best Use
Multifamily LT 5
$564.5K
$493.9K – $658.6K
NOI $39,513 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$507.0K
$443.7K – $591.5K
NOI $35,492 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$782.9K
$685.0K – $913.3K
NOI $54,800 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit building with two 1-bedroom and two 3-bedroom apartments plus off-street parking.
Where is this quadplex located?
The property is located at 53 Fairmount Ave Providence, RI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Well‑maintained 4‑unit multifamily building built in 1920; Unit mix: two 1‑bedroom apartments and two 3‑bedroom apartments; Good‑sized lot with plenty of off‑street parking for residents and guests
