Four-Unit Multifamily
53 Fairmount Avenue Providence, RI 02908
53 Fairmount Avenue, Providence, RI, 02908
$649,900
For Sale
$649,900
MULTI_FAMILY - Providence, RI
Property Size2,340 SF
Lot Size0.07 Acres
Price / SF$277.74
Days on Market9
Property Features for 53 Fairmount Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bedroom 7, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 8, Bathroom 4, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Basement, Bedroom 2
- Parking
- 8
- Parking features
- None
- Interior features
- Wall (Plaster), Plumbing (Mixed), Insulation (Cap)
- Basement
- Full, Unfinished, Storage Space
- Appliances
- Gas Water Heater, Oven/Range, Refrigerator
- Standard status
- Active
- Size
- 2,340 SF
- Lot size
- 0.07 Acres
Taxes and HOA fees
- Tax Year
- 25
- Tax Annual Amount
- 8478
Utilities
- Heating system
- Central, Natural Gas
Building Details
- Year built
- 1920
- Floors in Building
- 3
- Number of units
- 4
- Flooring type
- Vinyl, Laminate, Tile - Ceramic
- Building materials
- Plaster, Aluminum Siding, Vinyl Siding
Listing Agency
Re/Max Properties
(401) 232-3900
696 Douglas Pike, SMITHFIELD, RI
Listed by
Kerri Gemma
(401) 232-3900
Added: Jul 8 Checked: Jul 16 at 5:06 pm
MLS# 1417240
Listing URL
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 well-maintained four-unit multifamily property is configured with two 1-bedroom apartments and two 3-bedroom apartments. Each unit is described as generously sized, supporting comfortable day-to-day living for tenants. The building is set on a lot that provides off-street parking for residents and guests.
The property is located at 53 Fairmount Avenue in Providence, Rhode Island (02908). The listing describes a good-sized lot and parking availability as key practical features for day-to-day access and tenant convenience.
For buyers, this layout offers an operator a straightforward mix of unit sizes, with both smaller and larger floorplans in the same building. The off-street parking can also be an asset for tenants, particularly for those with vehicles or visitors. Whether you are looking to own a rental property or occupy part of the building to offset housing costs, the unit mix and existing condition are central considerations supported by the property description.
The property is located at 53 Fairmount Avenue in Providence, Rhode Island (02908). The listing describes a good-sized lot and parking availability as key practical features for day-to-day access and tenant convenience.
For buyers, this layout offers an operator a straightforward mix of unit sizes, with both smaller and larger floorplans in the same building. The off-street parking can also be an asset for tenants, particularly for those with vehicles or visitors. Whether you are looking to own a rental property or occupy part of the building to offset housing costs, the unit mix and existing condition are central considerations supported by the property description.
Key Highlights
- 4‑unit multifamily with 2 one‑bedroom apartments and 2 three‑bedroom apartments
- Built in 1920
- Natural gas heating with central heating
Local Financial Insights For Multifamily LT 5
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 | $60.4k | $25.80 |
| − Vacancy | −$3.9k | −$1.68 |
| EGI | $56.4k | $24.12 |
| − OpEx | −$16.9k | −$7.24 |
| NOI | $39.5k | $16.89 |
2,340 SF · lease $25.80/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Well-maintained fourplex offers two 1-bedroom and two 3-bedroom units with off-street parking.
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: 4‑unit multifamily with 2 one‑bedroom apartments and 2 three‑bedroom apartments; Built in 1920; Natural gas heating with central heating
