Fox Point Multifamily Investment
For Sale
$1,495,000
84 Transit Street Providence, Providence, RI 02906
Two-building, 8-unit property in desirable Fox Point neighborhood.
Property Size6,188 SF
Price / SF$241.60
Days on Market149
Property Features for 84 Transit Street Providence
General Information
Standard status
Active
Size
6,188 SF
Total Parking Spaces
3
Zoning
R3
Taxes and HOA fees
Annual Taxes
$34,676
Building Details
Building Size
6,188 SF
Year Built
1900
Buildings
2
Listed By:
Jadaiya Stanley
(508) 501-1443
Source:
Milestonerealtyinc
Added: May 15
Changed: Oct 7
Last Checked: Oct 7 at 8:56AM
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 / 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
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
NOI $144,916 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
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 - 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 $1,495,000.
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
