8-Unit Two-Building Apartment
For Sale
$1,595,000
84 Transit Street, Providence, RI 02906
Commercial/Business,Commercial Sale, Providence, RI
Property Size6,188 SF
Lot Size0.09 Acres
Price / SF$257.76
Days on Market172
Property Features for 84 Transit Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3
Rooms
Basement
Parking
3
Basement
Full
Subdivision
Fox Point / College Hill
Lot features
Downtown, Free Standing
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
8
Building materials
Brick
Listing Agency:
Residential Properties Ltd.
(401) 274-6740
Listed By:
Stephen Gaskin · License #RES.0048283
(508) 991-0151
Added: Mar 11
Changed: Aug 19
Last Checked: Aug 29 at 8:06PM
MLS# 1406378
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 comprises 8 apartments across two buildings at 84 Transit Street in Providence. The improvements contain 6,188 square feet and date to 1900, with brick construction, natural gas baseboard heating, public sewer service, and basement space. R3 zoning supports the property’s apartment-building classification.
The asset is situated in the Fox Point area, near historic Benefit Street and India Point Park. The surrounding setting includes waterfront access and walking paths, while the property’s Providence location places it within the 02906 postal area.
The asset is situated in the Fox Point area, near historic Benefit Street and India Point Park. The surrounding setting includes waterfront access and walking paths, while the property’s Providence location places it within the 02906 postal area.
Key Highlights
- 8‑unit apartment property comprising two buildings
- 6,188 square feet of total property size
- R3 zoning designation
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
Property Profile
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
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 - Brick construction with natural gas baseboard heat, basement space, and public sewer service.
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 comprising two buildings; 6,188 square feet of total property size; R3 zoning designation
