Renovated 5-Unit Apartment
For Sale
$1,050,000
8 Marcello Street, Providence, RI 02919
Commercial/Business,Commercial Sale, Providence, RI
Property Size3,164 SF
Lot Size0.06 Acres
Price / SF$331.86
Days on Market37
Property Features for 8 Marcello Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Rooms
Basement
Parking
4
Basement
Full
Subdivision
Federal Hill
Lot features
Paved, Sidewalks, Urban
Standard status
Active
Size
3,164 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11546
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
5
Listing Agency:
Lila Delman Compass
(401) 789-6666
Listed By:
Giovanna Boscia
(401) 528-9088
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 1418682
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 5-unit multifamily property comprises two detached buildings on a 0.06-acre lot, with 3,164 square feet of building area. The units have been updated, and the property includes a basement, forced-air heating, natural gas, and public water service. Built in 1920, the property carries C-1 zoning.
The property is near Atwells Avenue, downtown Providence, major highways, hospitals, universities, dining, shopping, and public transportation. Its Providence setting provides access to the surrounding Federal Hill area and nearby employment, education, and medical destinations.
The property is near Atwells Avenue, downtown Providence, major highways, hospitals, universities, dining, shopping, and public transportation. Its Providence setting provides access to the surrounding Federal Hill area and nearby employment, education, and medical destinations.
Key Highlights
- 5‑unit multifamily property with 3,164 square feet
- Two detached buildings on a 0.06‑acre 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
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two detached buildings offer updated apartments with forced-air natural-gas heating and public water service.
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: 5‑unit multifamily property with 3,164 square feet; Two detached buildings on a 0.06‑acre lot; All five units have been updated
