Multifamily Building in Federal
63 De Pasquale Ave, Providence, RI 02903
For Sale
Contact for pricing
25-unit apartment building in Providence's vibrant Federal Hill neighborhood.
Property Size10,575 SF
Price / SF$453.90
Days on Market241
Property Features for 63 De Pasquale Ave
General Information
Standard status
Size
Property subtype
Investment Type
Site & Location
Neighborhood
Building Details
Units
Listing Agency:
Cushman & Wakefield Hayes & Sherry Real Estate Service
Listed By:
Derek Brazeau · License RI RES0041511
(401) 273-2052
Source:
Crexi
Added: Mar 17
Changed: Nov 3
Last Checked: Nov 12 at 5:31AM
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 Cushman & Wakefield Hayes & Sherry Real Estate Service
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property at 63 De Pasquale Avenue is a 25-unit multifamily apartment building, currently fully leased to affordable housing tenants. It offers investors stable occupancy and consistent cash flow within a high-demand urban rental market. Located in the heart of Federal Hill, one of Providence's most vibrant and walkable neighborhoods, the property is situated steps from restaurants, cafes, and cultural attractions along Atwells Avenue and De Pasquale Plaza. The offering includes the adjacent Crout Street alleyway, located directly behind the building, measuring approximately 90' x 20', which conveys with the property and provides rear access and potential operational flexibility. The building has a total size of 10575 square feet. There is no deed restriction on affordable housing, offering versatility to convert back to market rents or a hotel. This property represents an opportunity to acquire a multifamily asset with additional land in a premier Providence location with strong long-term rental demand.
Key Highlights
- Fully leased 25‑unit multifamily apartment building in a high‑demand urban rental market.
- Located in the heart of Federal Hill, a vibrant and walkable neighborhood.
- Stable occupancy and consistent cash flow from affordable housing tenants.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$160,396
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,207,920
$3.2M
Cap Rate 7%
$2,291,371
$2.3M
Cap Rate 9%
$1,782,178
$1.8M
Market Conditions
NOI Build-Up for 10,575 SF
Gross rent
$310.9K $29.40/SF
− Vacancy
−$19.3K −$1.82/SF
EGI
$291.6K $27.58/SF
− OpEx
−$131.2K −$12.41/SF
NOI
$160.4K $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 Rate 5%
$3,207,920
Cap Rate 7%
$2,291,371
Cap Rate 9%
$1,782,178
Alternative Uses
Best Use
Apartment 5plus
$2.29M
$2.00M – $2.67M
NOI $160,396 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.54M
$3.10M – $4.13M
NOI $247,654 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
2,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Providence, RI
Properties on Market for Apartment buildings in Providence
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - 25-unit apartment building in Providence's vibrant Federal Hill neighborhood.
Where is this apartment building located?
The property is located at 63 De Pasquale Ave Providence, RI.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Fully leased 25‑unit multifamily apartment building in a high‑demand urban rental market.; Located in the heart of Federal Hill, a vibrant and walkable neighborhood.; Stable occupancy and consistent cash flow from affordable housing tenants.
