9-Unit Apartment
For Sale
$2,750,000
Pending
8 Cole Avenue, Providence, RI 02906
Two buildings contain nine residences, each configured with two bedrooms and one bathroom.
Property Size8,738 SF
Days on Market52
Property Features for 8 Cole Avenue
General Information
Standard status
Pending
Size
8,738 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Wayland
Units
Unit Mix
9 x 2BR/1BA
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$39,679
Amenities
coin-operated laundry
Building Details
Building Size
8,738 SF
Year Built
1910
Buildings
2
Listing Agency:
Premiere Properties /Sea Glass
Listed By:
Premiere Properties | Sea Glass
(401) 487-8440
Source:
Pooleproperties
Added: Sep 11
Changed: Oct 30
Last Checked: Oct 30 at 3:22PM
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 Premiere Properties /Sea Glass
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Investment Insights
Based on property information with market context.
The property comprises two apartment buildings with nine residences in total. Each unit has two bedrooms and one bathroom. Six units are in a brick building along Irving Street, and the remaining three are in a second building. The six residences include hardwood floors, newer appliances, and private outdoor space; a second-floor unit in the other building has a balcony. Coin-operated laundry is available in both buildings, and the property has off-street parking.
The Providence property is near Wayland Square, Blackstone Boulevard, Hope Village, local shops, restaurants, and parks. The buildings date to 1910 and contain 8,738 square feet.
The Providence property is near Wayland Square, Blackstone Boulevard, Hope Village, local shops, restaurants, and parks. The buildings date to 1910 and contain 8,738 square feet.
Key Highlights
- 9 residences across two buildings; each unit has 2 bedrooms and 1 bathroom
- Six units in the brick building along Irving Street, each with private outdoor space
- Three additional units in a second building, including a second‑floor residence with a balcony
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$132,533
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,650,660
$2.7M
Cap Rate 7%
$1,893,329
$1.9M
Cap Rate 9%
$1,472,589
$1.5M
Market Conditions
NOI Build-Up for 8,738 SF
Gross rent
$256.9K $29.40/SF
− Vacancy
−$15.9K −$1.82/SF
EGI
$241.0K $27.58/SF
− OpEx
−$108.4K −$12.41/SF
NOI
$132.5K $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%
$2,650,660
Cap Rate 7%
$1,893,329
Cap Rate 9%
$1,472,589
Alternative Uses
Best Use
Apartment 5plus
$1.89M
$1.66M – $2.21M
NOI $132,533 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.56M – $3.41M
NOI $204,634 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
Businesses Nearby
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Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two buildings contain nine residences, each configured with two bedrooms and one bathroom.
Where is this multifamily property located?
The property is located at 8 Cole Avenue Providence, RI.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 9 residences across two buildings; each unit has 2 bedrooms and 1 bathroom; Six units in the brick building along Irving Street, each with private outdoor space; Three additional units in a second building, including a second‑floor residence with a balcony
