9-Unit Two-Building Apartment
New
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 Market1
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
Forced Air, Baseboard
Amenities
coin-operated laundry
Building Details
Year built
1910
Number of units
2
Building materials
Brick
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Sep 11
Last Checked: Sep 11 at 2:06PM
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.
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 = 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
$132,533
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
4.82%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
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
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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
