8-Unit Two-Building Apartment
For Sale
$1,595,000
84 Transit Street, Providence, RI 02906
Residential Income, Providence, RI
Property Size6,188 SF
Lot Size0.09 Acres
Price / SF$257.76
Days on Market185
Property Features for 84 Transit Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
11
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 7, Basement, Bedroom 3, Bathroom 3, Bedroom 9, Bedroom 5, Bathroom 6, Bathroom 7, Bedroom 6, Bathroom 9, Bathroom 2, Bedroom 8, Bedroom 2, Bathroom 1, Bathroom 8, Bedroom 1, Bedroom 10, Bedroom 11, Bathroom 4, Bathroom 5, Bedroom 4
Parking
3
Parking features
None
Basement
Unfinished, Full
Appliances
Gas Water Heater
Subdivision
Fox Point / College Hill
Lot features
Paved Driveway, Sidewalks
Standard status
Active
Size
6,188 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
34676
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Building Details
Year built
1900
Number of units
2
Flooring type
Hardwood, Laminate, Tile - Ceramic
Building materials
Brick, Wood
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Mar 11
Changed: Sep 2
Last Checked: Sep 11 at 3:06AM
MLS# 1406278
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 apartment property comprises 8 units in two buildings totaling 6,188 square feet on 0.0941 acres. Constructed in 1900, the buildings feature brick and wood construction, hardwood, laminate, and ceramic tile flooring, plus natural-gas baseboard heat and a gas water heater. Public sewer serves the property, and no parking is provided.
The property is located at 84 Transit Street in Providence’s Fox Point area, near historic Benefit Street and India Point Park. The setting provides access to waterfront paths and the surrounding neighborhood. R3 zoning and the existing 8-unit configuration define the property’s current residential-income use.
Most tenancy is month to month, providing an existing operational structure for a multifamily owner. The two-building layout and established improvements offer a compact residential asset with clear physical characteristics and an existing tenant base.
The property is located at 84 Transit Street in Providence’s Fox Point area, near historic Benefit Street and India Point Park. The setting provides access to waterfront paths and the surrounding neighborhood. R3 zoning and the existing 8-unit configuration define the property’s current residential-income use.
Most tenancy is month to month, providing an existing operational structure for a multifamily owner. The two-building layout and established improvements offer a compact residential asset with clear physical characteristics and an existing tenant base.
Key Highlights
- 8‑unit apartment property arranged across two buildings
- 6,188 square feet on 0.0941 acres
- R3 zoning supports the existing residential configuration
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
$93,856
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
5.88%
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%
$1,877,120
$1.9M
Cap Rate 7%
$1,340,800
$1.3M
Cap Rate 9%
$1,042,844
$1.0M
Market Conditions
NOI Build-Up for 6,188 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
$181.9K $29.40/SF
− Vacancy
−$11.3K −$1.82/SF
EGI
$170.6K $27.58/SF
− OpEx
−$76.8K −$12.41/SF
NOI
$93.9K $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%
$1,877,120
Cap Rate 7%
$1,340,800
Cap Rate 9%
$1,042,844
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,856 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $144,916 @ 7.0% cap · market cap 9.09%
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
4,372
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight apartments occupy two maintained buildings with month-to-month tenancy and R3 zoning.
Where is this apartment building located?
The property is located at 84 Transit Street Providence, RI.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 8‑unit apartment property arranged across two buildings; 6,188 square feet on 0.0941 acres; R3 zoning supports the existing residential configuration
