Fully Renovated 5-Unit
For Sale
$1,050,000
8 Marcello Street, Providence, RI 02919
Fully renovated 5-unit multifamily set across two detached buildings on a single lot.
Property Size3,164 SF
Price / SF$331.86
Days on Market18
Property Features for 8 Marcello Street
General Information
Standard status
Active
Size
3,164 SF
Property subtype
Multifamily
Building Details
Year Built
1920
Listing Agency:
Lila Delman Compass
(401) 789-6666
Listed By:
Giovanna Boscia
Source:
Lockandkeyre
Added: Jul 24
Changed: Aug 9
Last Checked: Aug 9 at 4:58AM
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 Lila Delman Compass
Investment Insights
Based on property information with market context.
This fully renovated 5-unit multifamily property consists of two detached buildings on a single lot. All five units have been updated, positioned as a turnkey option with minimal deferred maintenance.
The property is located in the heart of Federal Hill, with convenient access to Atwells Avenue, downtown Providence, major highways, hospitals, and universities. It’s also within reach of dining, shopping, and public transportation.
With all units updated, the building offers a straightforward layout for an owner looking for a completed residential income asset in a well-established rental area.
The property is located in the heart of Federal Hill, with convenient access to Atwells Avenue, downtown Providence, major highways, hospitals, and universities. It’s also within reach of dining, shopping, and public transportation.
With all units updated, the building offers a straightforward layout for an owner looking for a completed residential income asset in a well-established rental area.
Key Highlights
- Fully renovated 5‑unit multifamily property built in 1920
- 5 units across two detached buildings on a single lot
- All five units have been updated
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
$47,990
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
4.57%
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%
$959,800
$959.8K
Cap Rate 7%
$685,571
$685.6K
Cap Rate 9%
$533,222
$533.2K
Market Conditions
NOI Build-Up for 3,164 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
$93.0K $29.40/SF
− Vacancy
−$5.8K −$1.82/SF
EGI
$87.3K $27.58/SF
− OpEx
−$39.3K −$12.41/SF
NOI
$48.0K $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%
$959,800
Cap Rate 7%
$685,571
Cap Rate 9%
$533,222
Alternative Uses
Best Use
Apartment 5plus
$685.6K
$599.9K – $799.8K
NOI $47,990 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$926.2K – $1.23M
NOI $74,097 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,410
Businesses Nearby
Explore this area
Business Placement
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 5-unit multifamily set across two detached buildings on a single lot.
Where is this apartment building located?
The property is located at 8 Marcello Street Providence, RI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Fully renovated 5‑unit multifamily property built in 1920; 5 units across two detached buildings on a single lot; All five units have been updated
