Furnished Multifamily
New
For Sale
$1,500,000
67 Ridge Street, Providence, RI 02909
Residential Income, Providence, RI
Property Size5,653 SF
Lot Size0.20 Acres
Price / SF$265.35
Days on Market2
Property Features for 67 Ridge Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 7, Bathroom 5, Bedroom 11, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 9, Bathroom 4, Bedroom 8, Basement, Bedroom 2, Bedroom 5, Bedroom 10
Parking
8
Parking features
None
Interior features
Wall (Dry Wall)
Basement
Finished, Storage Space, Full
Appliances
Gas Water Heater, Oven/Range, Refrigerator
Subdivision
Federal Hill, West Side
Lot features
Paved Driveway
Standard status
Active
Size
5,653 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14948
Utilities
Heating system
Baseboard, Natural Gas, Steam
Amenities
vending
coin-op laundry
Building Details
Year built
1953
Floors in Building
3
Number of units
3
Flooring type
Laminate
Building materials
Dry Wall, Brick
Listing Agency:
Westcott Properties
Listed By:
Joy Riley · License #3100765
(401) 421-5300
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 17 at 7:06AM
MLS# 1422669
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 5,653-square-foot multifamily property occupies three floors and contains 11 bedrooms and six baths. The furnished layout pairs private ensuite rooms with bedrooms that share common baths, kitchens, and gathering areas. A finished lower level adds five rooms, one bath, and coin-operated laundry; those rooms are excluded from the bedroom count because of current window-egress sizing and would require code compliance for expansion. The property has a brick exterior, laminate flooring, steam and baseboard heating, and a gas water heater.
The residence is positioned in Federal Hill within walking distance of Atwells Avenue restaurants, shops, and entertainment. Downtown Providence and the train are readily accessible, while nearby amenities include a dog park. Zoned R-3, the property has supported both long-term tenancy and short-term rental operations and is being offered fully furnished. The source information reports a near 7.5% cap rate at the current ask.
The residence is positioned in Federal Hill within walking distance of Atwells Avenue restaurants, shops, and entertainment. Downtown Providence and the train are readily accessible, while nearby amenities include a dog park. Zoned R-3, the property has supported both long-term tenancy and short-term rental operations and is being offered fully furnished. The source information reports a near 7.5% cap rate at the current ask.
Key Highlights
- 11 bedrooms and six baths across three floors
- 5,653 square feet on 0.2 acres
- Finished lower level with five rooms, one bath, and coin‑op laundry
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
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?
Multifamily property - Three-floor furnished residence with shared common areas, private baths, and a documented mix of long- and short-term occupancy.
Where is this multifamily property 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; 5,653 square feet on 0.2 acres; Finished lower level with five rooms, one bath, and coin‑op laundry
