Brick Multifamily Apartment
For Sale
Contact for pricing
777 Admiral Street, Providence, RI 02908
Renovated apartment buildings with multiple unit types and extensive system upgrades, supported by ample off-street parking.
Property Size15,272 SF
Lot Size0.42 Acres
Price / SF$245.55
Days on Market102
Property Features for 777 Admiral Street
General Information
Standard status
Active
Size
15,272 SF
Total Parking Spaces
20
Lot size
0.42 Acres
Property subtype
Multifamily
Net Operating Income
$286,831
Additional Details
Highway Access
Yes
Multifamily Units
17
Building Details
Year Built
1970
Buildings
2
Stories
2
Units
17
Listing Agency:
Horvath & Tremblay
Listed By:
John Pentore · License #MA 9528992
(781) 776-4000
Source:
Crexi
Added: Jun 2
Changed: Sep 10
Last Checked: Sep 11 at 5:04AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The Admiral Apartments offer multi-story brick construction across two tax parcels, comprising a total of 17 apartments. The unit mix includes eleven 2-bedroom, 1-bath units and six 1-bedroom, 1-bath units, with five of the 1-bedroom units located at 777 Admiral and one at 787 Admiral. The buildings have undergone comprehensive capital improvements since a recent acquisition, including modernized kitchens and bathrooms, in-unit laundry, and updated living spaces. Common areas have also been improved. Major system upgrades include new boilers, extensive plumbing and electrical improvements, and replacement of most windows, helping reduce near-term deferred maintenance.
The property is located on Admiral Street in Providence’s Smith Hill neighborhood. It includes 20+ off-street parking spaces and is positioned with convenient regional access, with Interstate 95, Route 6, and Route 146 located just minutes away.
For buyers seeking a residential income property with an established brick multifamily profile and a renovated, infrastructure-updated interior, the Admiral Apartments provide a practical unit distribution across 1- and 2-bedroom homes. Tenant-paid utilities include heat, hot water, and electric, while the landlord is responsible for water and sewer.
The property is located on Admiral Street in Providence’s Smith Hill neighborhood. It includes 20+ off-street parking spaces and is positioned with convenient regional access, with Interstate 95, Route 6, and Route 146 located just minutes away.
For buyers seeking a residential income property with an established brick multifamily profile and a renovated, infrastructure-updated interior, the Admiral Apartments provide a practical unit distribution across 1- and 2-bedroom homes. Tenant-paid utilities include heat, hot water, and electric, while the landlord is responsible for water and sewer.
Key Highlights
- 11 two‑bedroom/1‑bath units and 6 one‑bedroom/1‑bath units across two buildings at 777–787 Admiral St (Providence), built in 1970
- 10,130 SF gross living area in 15,272 SF gross area on a combined 0.42‑acre site with 20+ off‑street parking spaces
- Major capital improvements include all new boilers, extensive plumbing/electrical updates, and replacement of most windows
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
$231,637
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
6.18%
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%
$4,632,740
$4.6M
Cap Rate 7%
$3,309,100
$3.3M
Cap Rate 9%
$2,573,744
$2.6M
Market Conditions
NOI Build-Up for 15,272 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
$449.0K $29.40/SF
− Vacancy
−$27.8K −$1.82/SF
EGI
$421.2K $27.58/SF
− OpEx
−$189.5K −$12.41/SF
NOI
$231.6K $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%
$4,632,740
Cap Rate 7%
$3,309,100
Cap Rate 9%
$2,573,744
Alternative Uses
Best Use
Apartment 5plus
$3.31M
$2.90M – $3.86M
NOI $231,637 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.11M
$4.47M – $5.96M
NOI $357,652 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
17
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
609
Businesses Nearby
Explore this area
Business Placement
Demographics for 02908, RI
38,507
Population
17,160
Households
2.2
Avg Household Size
32
Median Age
29%
College-Educated
84%
High-School Grad
3.4 sq mi
ZIP Area
11,326
Density / Sq Mi
$74,341
Median Household Income
$42,947
Median Earnings
$1,381
Median Rent
$293,800
Median Home Value
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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?
Apartment building - Renovated apartment buildings with multiple unit types and extensive system upgrades, supported by ample off-street parking.
Where is this apartment building located?
The property is located at 777 Admiral Street Providence, RI.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 11 two‑bedroom/1‑bath units and 6 one‑bedroom/1‑bath units across two buildings at 777–787 Admiral St (Providence), built in 1970; 10,130 SF gross living area in 15,272 SF gross area on a combined 0.42‑acre site with 20+ off‑street parking spaces; Major capital improvements include all new boilers, extensive plumbing/electrical updates, and replacement of most windows
