4-Unit Multifamily
For Sale
$649,900
Pending
53 Fairmount Avenue, Providence, RI 02908
Residential Income, Providence, RI
Property Size2,340 SF
Lot Size0.07 Acres
Days on Market98
Property Features for 53 Fairmount Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 4, Basement, Bedroom 6
Parking
8
Parking features
None
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Cap)
Basement
Full, Storage Space, Unfinished
Appliances
Oven, Range, Refrigerator, Gas Water Heater
Subdivision
Pleasant
Lot features
Paved Driveway, Paved
Standard status
Pending
Size
2,340 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
25
Tax Annual Amount
8478
Utilities
Heating system
Natural Gas, Central
Building Details
Year built
1920
Floors in Building
3
Number of units
4
Flooring type
Vinyl, Tile - Ceramic, Laminate
Building materials
Plaster, Aluminum Siding, Vinyl Siding
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kerri Gemma · License #RES.0024961
(401) 480-4983
Added: Jul 8
Changed: Sep 28
Last Checked: Oct 13 at 3:06PM
MLS# 1417240
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.
This four-unit multifamily property contains 2,340 square feet across two one-bedroom apartments and two three-bedroom apartments. Built in 1920, the building has plaster, aluminum siding, and vinyl siding, with vinyl, laminate, and ceramic tile flooring. Heating is natural gas with central distribution. Listed appliances include an oven, range, refrigerator, and gas water heater.
The property occupies a 0.07-acre lot at 53 Fairmount Avenue in Providence, Rhode Island. Its unit mix combines smaller and larger apartment layouts within one residential income property.
The property occupies a 0.07-acre lot at 53 Fairmount Avenue in Providence, Rhode Island. Its unit mix combines smaller and larger apartment layouts within one residential income property.
Key Highlights
- Four apartments: two one‑bedroom units and two three‑bedroom units
- 2,340 square feet of building area
- 0.07‑acre lot
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.
How Realmo checks its estimates
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Current Use
Lease Details
4
Residential units
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
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?
Quadplex - The apartment mix includes two one-bedroom and two three-bedroom residences.
Where is this quadplex located?
The property is located at 53 Fairmount Avenue 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: Four apartments: two one‑bedroom units and two three‑bedroom units; 2,340 square feet of building area; 0.07‑acre lot
