Eight-Unit Apartment
New
For Sale
$1,995,000
84 Doyle Avenue, Providence, RI 02906
Commercial/Business,Commercial Sale, Providence, RI
Property Size9,274 SF
Lot Size0.27 Acres
Price / SF$215.12
Days on Market6
Property Features for 84 Doyle Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-3
Rooms
Basement
Parking
10
Interior features
Ceiling Height (7 to 9 Ft)
Basement
Full
Subdivision
East Side / Mt. Hope
Lot features
Paved, Free Standing
Standard status
Active
Size
9,274 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
25806
Utilities
Heating system
Baseboard, Steam
Water source
Public
Building Details
Year built
1900
Number of units
2
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Gerri Schiffman · License #RES.0025339
(401) 474-3733
Added: Sep 17
Last Checked: Sep 22 at 3:06AM
MLS# 1423650
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 residential income property includes 8 units across three buildings on two legal parcels, totaling 9,274 square feet on 0.27 acres. Built in 1900, the property is described as being in overall good condition and has a solid rental history. Tenants pay their own gas and electric utilities. Interior features include ceiling heights from 7 to 9 feet, with steam and baseboard heating and a basement. Public water serves the property.
The property is located in Providence’s Mt. Hope neighborhood on the city’s East Side. Downtown Providence, Hope Village shops, Whole Foods Market, and Brown University are all identified as nearby destinations. R-3 zoning applies to the property.
The property is located in Providence’s Mt. Hope neighborhood on the city’s East Side. Downtown Providence, Hope Village shops, Whole Foods Market, and Brown University are all identified as nearby destinations. R-3 zoning applies to the property.
Key Highlights
- 8 residential units across three buildings
- Two legal parcels totaling 0.27 acres
- 9,274 square feet of property area
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
$140,663
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
7.05%
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%
$2,813,260
$2.8M
Cap Rate 7%
$2,009,471
$2.0M
Cap Rate 9%
$1,562,922
$1.6M
Market Conditions
NOI Build-Up for 9,274 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
$272.7K $29.40/SF
− Vacancy
−$16.9K −$1.82/SF
EGI
$255.8K $27.58/SF
− OpEx
−$115.1K −$12.41/SF
NOI
$140.7K $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%
$2,813,260
Cap Rate 7%
$2,009,471
Cap Rate 9%
$1,562,922
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.34M
NOI $140,663 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.10M
$2.71M – $3.62M
NOI $217,186 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,831
Businesses Nearby
Explore this area
Business Placement
Demographics for 02906, RI
25,559
Population
13,468
Households
1.9
Avg Household Size
35
Median Age
80%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
8,245
Density / Sq Mi
$102,796
Median Household Income
$57,214
Median Earnings
$1,729
Median Rent
$582,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building residential property in Providence’s Mt. Hope neighborhood with R-3 zoning and tenant-paid utilities.
Where is this apartment building located?
The property is located at 84 Doyle Avenue Providence, RI.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 8 residential units across three buildings; Two legal parcels totaling 0.27 acres; 9,274 square feet of property area
