Furnished Apartment
For Sale
$1,500,000
67 Ridge Street, Providence, RI 02909
Three-floor furnished property with shared common areas, on-site parking, and a documented mix of long-term and short-term occupancy.
Property Size5,653 SF
Price / SF$265.35
Days on Market9
Property Features for 67 Ridge Street
General Information
Standard status
Active
Size
5,653 SF
Property subtype
Multi-Family
Financials
Cap Rate
7.5%
Gross Income
$174,960
Additional Details
Furnished
Yes
Public Transit
Yes
Amenities
vending machine
coin-op laundry
Building Details
Year Built
1953
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Westcott Properties
Listed By:
Joy Riley · License #8067
Source:
Onshorerealtors
Added: Sep 18
Last Checked: Sep 26 at 4:14AM
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 Westcott Properties
Investment Insights
Based on property information with market context.
This former convent is a three-floor apartment building with a brick exterior, furnished interiors, and a layout organized around shared living areas. The property contains 11 bedrooms and six baths, including an ensuite on each floor, shared-bedroom configurations, kitchens, and a first-floor common area with vending. A finished lower level adds five rooms, one bath, and coin-operated laundry; those rooms are not included in the bedroom count because of window egress sizing.
Located at 67 Ridge Street in Providence's Federal Hill, the property is within walking distance of Atwells Avenue restaurants, shops, and entertainment. The West Side's amenities are nearby, with downtown Providence and the train accessible from the property. A nearby dog park and ample on-site parking are also noted.
The property is sold fully furnished and has a documented operating history that combines long-term tenancy with short-term rentals through Airbnb and Cloudbeds. The current operating profile is reported at approximately a 7.5% cap rate. The lower level may support additional use after code compliance work related to egress sizing.
Located at 67 Ridge Street in Providence's Federal Hill, the property is within walking distance of Atwells Avenue restaurants, shops, and entertainment. The West Side's amenities are nearby, with downtown Providence and the train accessible from the property. A nearby dog park and ample on-site parking are also noted.
The property is sold fully furnished and has a documented operating history that combines long-term tenancy with short-term rentals through Airbnb and Cloudbeds. The current operating profile is reported at approximately a 7.5% cap rate. The lower level may support additional use after code compliance work related to egress sizing.
Key Highlights
- 11 bedrooms and six baths across three floors
- Finished lower level with five rooms, one bath, and coin‑op laundry
- Furnished property with first‑floor common area and vending
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$85,742
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,714,840
$1.7M
Cap Rate 7%
$1,224,886
$1.2M
Cap Rate 9%
$952,689
$952.7K
Market Conditions
NOI Build-Up for 5,653 SF
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.
Gross rent
$166.2K $29.40/SF
− Vacancy
−$10.3K −$1.82/SF
EGI
$155.9K $27.58/SF
− OpEx
−$70.2K −$12.41/SF
NOI
$85.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,714,840
Cap Rate 7%
$1,224,886
Cap Rate 9%
$952,689
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,742 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.21M
NOI $132,387 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 02909, RI
46,119
Population
18,602
Households
2.5
Avg Household Size
31
Median Age
24%
College-Educated
80%
High-School Grad
3.1 sq mi
ZIP Area
14,877
Density / Sq Mi
$63,950
Median Household Income
$37,090
Median Earnings
$1,258
Median Rent
$283,800
Median Home Value
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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?
Apartment building - Three-floor furnished property with shared common areas, on-site parking, and a documented mix of long-term and short-term occupancy.
Where is this apartment building located?
The property is located at 67 Ridge Street Providence, RI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 11 bedrooms and six baths across three floors; Finished lower level with five rooms, one bath, and coin‑op laundry; Furnished property with first‑floor common area and vending
