Six-Unit Multifamily
For Sale
$1,499,000
85 Governor St, Providence, RI 02906
Six-unit multi-family with lead certification and on-demand hot water, plus a six-bay garage for additional income.
Property Size4,257 SF
Price / SF$352.13
Days on Market145
Property Features for 85 Governor St
General Information
Standard status
Active
Size
4,257 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
College Hill
Highway Access
Yes
Additional Details
Multifamily Units
6
Amenities
hardwood floors
stainless steel appliances
updated bathrooms
newer windows
Building Details
Year Built
1940
Tenancy
Multi
Listing Agency:
Archive Realty
Listed By:
Kelly Wilson
(401) 533-4279
Source:
Alpernandmesenbourg
Added: Jun 4
Changed: Oct 25
Last Checked: Oct 24 at 8:47PM
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 Archive Realty
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Investment Insights
Based on property information with market context.
This six-unit multifamily property is located in Providence and is lead certified. The building includes hardwood floors throughout, and some units feature updated bathrooms and stainless steel appliances. Recent upgrades noted in the offering include a brand new whole-house boiler system, a brand new on-demand water heater, newer windows, and a newer roof.
The property is described as being in the College Hill area on the East Side of Providence, within walking distance to Brown University, RISD, and Thayer Street. Additional convenience is noted for access to highways, parks, restaurants, shopping, and other nearby amenities.
A six-bay garage is included, providing room for added income or possible ADUs. The information provided also indicates long-term leases and a steady rental income stream.
The property is described as being in the College Hill area on the East Side of Providence, within walking distance to Brown University, RISD, and Thayer Street. Additional convenience is noted for access to highways, parks, restaurants, shopping, and other nearby amenities.
A six-bay garage is included, providing room for added income or possible ADUs. The information provided also indicates long-term leases and a steady rental income stream.
Key Highlights
- Six‑unit multi‑family house in College Hill, Providence (est. 1940 build).
- Lead certified property with all units maintained and featuring hardwood floors.
- Brand new whole‑house boiler system and brand new whole‑house on‑demand water heater.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,568
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,291,360
$1.3M
Cap Rate 7%
$922,400
$922.4K
Cap Rate 9%
$717,422
$717.4K
Market Conditions
NOI Build-Up for 4,257 SF
Gross rent
$125.2K $29.40/SF
− Vacancy
−$7.8K −$1.82/SF
EGI
$117.4K $27.58/SF
− OpEx
−$52.8K −$12.41/SF
NOI
$64.6K $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%
$1,291,360
Cap Rate 7%
$922,400
Cap Rate 9%
$717,422
Alternative Uses
Best Use
Apartment 5plus
$922.4K
$807.1K – $1.08M
NOI $64,568 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.25M – $1.66M
NOI $99,694 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,538
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multi-family with lead certification and on-demand hot water, plus a six-bay garage for additional income.
Where is this apartment building located?
The property is located at 85 Governor St Providence, RI.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Six‑unit multi‑family house in College Hill, Providence (est. 1940 build).; Lead certified property with all units maintained and featuring hardwood floors.; Brand new whole‑house boiler system and brand new whole‑house on‑demand water heater.
