Fox Point Multifamily Investment
For Sale
$1,695,000
Pending
84 Transit Street Providence, Providence, RI 02906
Two-building, 8-unit property in desirable Fox Point neighborhood.
Property Size6,188 SF
Days on Market106
Property Features for 84 Transit Street Providence
General Information
Standard status
Pending
Size
6,188 SF
Building Details
Year Built
1900
Listing Agency:
(508) 501-1443
Listed By:
Jadaiya Stanley
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 15
Changed: Jul 10
Last Checked: Aug 28 at 7:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jadaiya Stanley
Investment Insights
Based on property information with market context.
Located in the heart of Fox Point, this property features two buildings with a total of 8 units. Situated steps from historic Benefit Street, the property offers an investment opportunity in a desirable Providence neighborhood. The property benefits from a strong existing income stream with mostly month-to-month tenants, presenting potential for improvement to enhance returns. The buildings have been well maintained, offering a solid foundation for additional improvements to elevate value and performance. Residents enjoy easy access to Fox Point amenities, the waterfront, and walking paths of India Point Park. The property, with a size of 6188 square feet, represents a smart, high-potential addition in a premier location.
Key Highlights
- Prime location in the heart of Fox Point, near Benefit Street
- Strong existing income stream from 8 units across two buildings
- Immediate potential to improve returns with mostly month‑to‑month tenants
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
5.54%
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 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $144,916 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Two-building, 8-unit property in desirable Fox Point neighborhood.
Where is this apartment building located?
The property is located at 84 Transit Street Providence Providence, RI.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Prime location in the heart of Fox Point, near Benefit Street; Strong existing income stream from 8 units across two buildings; Immediate potential to improve returns with mostly month‑to‑month tenants
