Renovated 5-Unit Apartment
For Sale
$929,900
8 Marcello Street, Providence, RI 02919
Commercial/Business,Commercial Sale, Providence, RI
Property Size3,164 SF
Lot Size0.06 Acres
Price / SF$293.90
Days on Market28
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 · License #RES.0045843
(401) 528-9088
Added: Oct 6
Changed: Oct 19
Last Checked: Nov 2 at 12:06PM
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.
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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.
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
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
