Two-Building Apartment
For Sale
$2,750,000
8 Cole Avenue, Providence, RI 02906
Residential Income, Providence, RI
Property Size8,738 SF
Lot Size0.23 Acres
Price / SF$314.72
Days on Market46
Property Features for 8 Cole Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3
Bedrooms
18
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 15, Bathroom 4, Bathroom 8, Bedroom 13, Bedroom 3, Bathroom 5, Bathroom 2, Bedroom 9, Bedroom 10, Bathroom 6, Bedroom 2, Bedroom 17, Basement, Bedroom 5, Bedroom 7, Bedroom 11, Bedroom 12, Bedroom 18, Bathroom 7, Bathroom 3, Bedroom 4, Bedroom 16, Bedroom 8, Bedroom 6, Bathroom 1, Bedroom 14, Bedroom 1, Bathroom 9
Parking
10
Parking features
None
Basement
Full, Unfinished
Appliances
Dishwasher, Dryer, Microwave, Oven, Range, Refrigerator, Washer, Gas Water Heater
Subdivision
East Side
Lot features
Corner Lot, Paved Driveway, Sidewalks
Standard status
Active
Size
8,738 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
39679
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Amenities
coin-operated laundry
off-street parking
private outdoor space
private balcony
hardwood floors
newer appliances
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Laminate, Tile - Ceramic
Building materials
Brick
Buildings
2
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin
(508) 991-0151
Added: Sep 11
Changed: Oct 23
Last Checked: Oct 26 at 7:06AM
MLS# 1422569
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.
This multifamily property comprises two buildings with nine residences in total. Each apartment has two bedrooms and one bathroom; six are in the brick building, and three are in the second building. Hardwood floors are among the interior features, and both buildings have coin-operated laundry. The second-floor apartment in the smaller building includes a private balcony.
The property occupies 0.2296 acres, with a combined building area of 8,738 square feet. Built in 1910, it is zoned R-3. Wayland Square, Blackstone Boulevard, and Hope Village are among the nearby destinations identified for the East Side location.
The property occupies 0.2296 acres, with a combined building area of 8,738 square feet. Built in 1910, it is zoned R-3. Wayland Square, Blackstone Boulevard, and Hope Village are among the nearby destinations identified for the East Side location.
Key Highlights
- Nine apartments across two buildings, each with two bedrooms and one bathroom
- Combined building area of 8,738 square feet on a 0.2296‑acre lot
- Brick construction; built in 1910
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.
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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?
Apartment building - Nine two-bedroom residences include coin-operated laundry and are zoned R-3.
Where is this apartment building 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: Nine apartments across two buildings, each with two bedrooms and one bathroom; Combined building area of 8,738 square feet on a 0.2296‑acre lot; Brick construction; built in 1910
