4-Unit Apartment
7 Newton Street, Providence, RI 02903
For Sale
New
$1,000,000
Residential Income, Providence, RI
Property Size3,638 SF
Lot Size0.04 Acres
Price / SF$274.88
Days on Market3
Property Features for 7 Newton Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking
Parking features
Window features
Interior features
Basement
Appliances
Subdivision
Lot features
Standard status
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Buildings
Listing Agency:
August Associates, Llc
(401) 461-0700
Listed By:
Joe McCarthy
(401) 487-1510
Added: Nov 5
Last Checked: Nov 7 at 8:06AM
MLS# 1427612
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.
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Investment Insights
Based on property information with market context.
Built in 1920, this 3,638-square-foot quadplex contains four apartments: two four-bedroom units, one two-bedroom unit, and one one-bedroom unit, totaling 11 bedrooms. The two-bedroom apartment on the first floor is expected to be vacant at closing; the other three apartments are occupied on month-to-month arrangements. Residents pay their own gas and electric costs. Heating is provided separately by apartment, with hot-water baseboard in one unit and gas-fired and electric systems in the others. Electrical panels were updated in 2014, and new service lines and meters were installed in spring 2026. An addressable fire alarm is serviced twice yearly.
The property occupies a 0.04-acre parcel in Providence. Atwells Avenue and restaurants within 175 feet are nearby. Downtown is within walking distance, with the arena 0.3 mile away and the performing arts center 0.7 mile away.
The property occupies a 0.04-acre parcel in Providence. Atwells Avenue and restaurants within 175 feet are nearby. Downtown is within walking distance, with the arena 0.3 mile away and the performing arts center 0.7 mile away.
Key Highlights
- Four apartments with a total of 11 bedrooms: two 4‑bedroom units, one 2‑bedroom unit, and one 1‑bedroom unit
- First‑floor 2‑bedroom apartment expected to be vacant at closing; remaining three units are rented month‑to‑month
- 3,638 square feet on a 0.04‑acre parcel; built in 1920
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,432
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,228,640
$1.2M
Cap Rate 7%
$877,600
$877.6K
Cap Rate 9%
$682,578
$682.6K
Market Conditions
NOI Build-Up for 3,638 SF
Gross rent
$93.9K $25.80/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$87.8K $24.12/SF
− OpEx
−$26.3K −$7.24/SF
NOI
$61.4K $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%
$1,228,640
Cap Rate 7%
$877,600
Cap Rate 9%
$682,578
Alternative Uses
Best Use
Multifamily LT 5
$877.6K
$767.9K – $1.02M
NOI $61,432 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$788.3K
$689.7K – $919.7K
NOI $55,179 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,198 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,196
Businesses Nearby
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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
$365,600
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Providence, RI
Properties on Market for Quadplexes in Providence
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - A varied apartment mix includes one residence expected to be vacant at closing.
Where is this quadplex located?
The property is located at 7 Newton Street Providence, RI.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Four apartments with a total of 11 bedrooms: two 4‑bedroom units, one 2‑bedroom unit, and one 1‑bedroom unit; First‑floor 2‑bedroom apartment expected to be vacant at closing; remaining three units are rented month‑to‑month; 3,638 square feet on a 0.04‑acre parcel; built in 1920
