Building Details

Year built 1900

Number of units 8

Building materials Brick

Listing Agency: Residential Properties Ltd. c***@residentialproperties.com Show Phone

Listed By: Stephen Gaskin · License #RES.0048283 Show Phone

Added: Mar 11 Changed: Oct 8 Last Checked: Oct 14 at 4:06PM

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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.

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 / Yr

$93,856

Cap Rate

6.28%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $93,856 @ 7.0% cap · market cap 6.28%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.07M

$1.81M – $2.42M (±1% cap)

NOI $144,916 @ 7.0% cap · market cap 9.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Auto Parts Store Locksmith Butcher Catering Service Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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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 $1,495,000.

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