9-Unit Two-Building Apartment
For Sale
$2,750,000
8 Cole Avenue, Providence, RI 02906
Commercial/Business,Commercial Sale, 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
Commercial Sale
Property subtype
Other
Zoning
R-3
Rooms
Basement
Parking
10
Basement
Full
Subdivision
East Side
Lot features
Corner Lot, Paved, Sidewalks, Suburban, Urban
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, Forced Air
Amenities
coin-operated laundry
Building Details
Year built
1910
Number of units
2
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 11:06PM
MLS# 1422568
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 9-unit apartment property comprises two separate brick buildings totaling 8,738 square feet. The unit mix includes six 2-bedroom, 1-bath residences in the larger building and three additional 2-bedroom, 1-bath residences in the second building. Private outdoor areas serve the residences, with a private balcony accompanying the second-floor unit in the smaller building. Hardwood floors and newer appliances are noted in the units, while coin-operated laundry is available in both buildings.
The property occupies a 0.2296-acre corner lot at 8 Cole Avenue in Providence. Off-street parking supports the residential use, and the buildings are connected to public sewer. Constructed in 1910, the property has forced-air and baseboard heating and is located within the R-3 zoning district.
The property occupies a 0.2296-acre corner lot at 8 Cole Avenue in Providence. Off-street parking supports the residential use, and the buildings are connected to public sewer. Constructed in 1910, the property has forced-air and baseboard heating and is located within the R-3 zoning district.
Key Highlights
- 9‑unit apartment property across two separate buildings
- Unit mix includes nine 2‑bedroom, 1‑bath residences
- 8,738 square feet on a 0.2296‑acre corner lot
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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Open Analytics
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with private outdoor areas, resident laundry, and off-street parking in Providence’s East Side.
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: 9‑unit apartment property across two separate buildings; Unit mix includes nine 2‑bedroom, 1‑bath residences; 8,738 square feet on a 0.2296‑acre corner lot
