Fox Point Multifamily Investment
84 Transit Street Providence Providence, RI 02906
84 Transit Street Providence, Providence, RI, 02906
$1,695,000
For Sale
$1,695,000
Two-building, 8-unit property in desirable Fox Point neighborhood.
Property Size6,188 SF
Price / SF$273.92
Days on Market63
Property Features for 84 Transit Street Providence
General Information
- Standard status
- Active
- 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 Checked: Jul 16 at 2:09 am
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $181.9k | $29.40 |
| − Vacancy | −$11.3k | −$1.82 |
| EGI | $170.6k | $27.58 |
| − OpEx | −$76.8k | −$12.41 |
| NOI | $93.9k | $15.17 |
6,188 SF · lease $29.40/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
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
