Building Details

Year built 1920

Floors in Building 2

Number of units 5

Listing Agency: Lila Delman Compass Show Phone

Listed By: Giovanna Boscia · License #RES.0045843 Show Phone

Added: Oct 6 Changed: Oct 11 Last Checked: Oct 14 at 4:06AM

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MLS# 1425230

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 multifamily property contains five updated units across two detached buildings on a single 0.06-acre lot. The buildings total 3,164 square feet and date to 1920. Heating is provided by forced-air, natural-gas systems, and the property has public water and basement space. Zoning is C-1.

The property is in Providence’s Federal Hill area, near Atwells Avenue, downtown, major highways, hospitals, universities, dining, shopping, and public transportation.

Key Highlights

• Five updated units in two detached buildings
• 3,164‑square‑foot property on a 0.06‑acre lot
• Built in 1920; C‑1 zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$47,990

Cap Rate

5.16%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $47,990 @ 7.0% cap · market cap 5.16%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.06M

$926.2K – $1.23M (±1% cap)

NOI $74,097 @ 7.0% cap · market cap 7.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Carpet & Flooring Store (Bike/Boat/Book/etc) Store Pet Store & Service Pet Grooming Service Locksmith Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Two separate buildings on one parcel provide a compact multifamily configuration in Providence.

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 $929,900.

What are key features of this property?

This property features: Five updated units in two detached buildings; 3,164‑square‑foot property on a 0.06‑acre lot; Built in 1920; C‑1 zoning