5-Unit Apartment
New
For Sale
$929,900
8 Marcello Street, Providence, RI 02919
Two detached residential buildings offer updated apartments on a single parcel in Providence.
Property Size3,164 SF
Price / SF$293.90
Days on Market5
Property Features for 8 Marcello Street
General Information
Standard status
Active
Size
3,164 SF
Property subtype
MultiFamily
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
5
Building Details
Year Built
1920
Buildings
2
Listing Agency:
Lila Delman Compass
(401) 789-6666
Listed By:
Giovanna Boscia · License #RES.0045843
(401) 528-9088
Source:
Lockandkeyre
Added: Oct 6
Changed: Oct 7
Last Checked: Oct 9 at 9:50PM
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 five-unit apartment property comprises two separate buildings on one lot in Providence. The 3,164-square-foot property was built in 1920, and each apartment has been renovated.
The property is in Federal Hill, near Atwells Avenue, downtown Providence, hospitals, universities, major highways, dining, shopping, and public transportation.
The property is in Federal Hill, near Atwells Avenue, downtown Providence, hospitals, universities, major highways, dining, shopping, and public transportation.
Key Highlights
- Five apartments across two detached buildings
- 3,164 square feet on one lot
- Renovated units throughout
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
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
NOI $74,097 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two detached residential buildings offer updated apartments on a single parcel 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 apartments across two detached buildings; 3,164 square feet on one lot; Renovated units throughout
