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Property profile & analytics
OFF-MARKET
Estimated value
$985,000
Investment properties
387 Broadway, Providence, RI 02909-1421
Entity Owned
3-yr Hold
Property ID
US76-0167423
Property summary
AI-generated overview
This exceptional investment opportunity presents a six-unit apartment building ideally situated on Broadway in Providence, Rhode Island. The property, built in 1900, boasts 4,695 square feet across three stories and sits on a 5,000 square foot lot. Currently operating at 85% occupancy, this stabilized investment generates a strong NOI of $90,000, yielding an attractive 8.18% cap rate. The asking price is $1,100,000, translating to $234.29 per square foot. Zoned C/R (Commercial/Residential), this mixed-use property offers significant potential. Each of the six units features individual utility metering, simplifying management. On-site laundry and off-street parking add to the property's appeal. Its prime location in Providence's emerging historic zone, near Federal Hill and downtown, provides easy access to area colleges (Brown, JWU, RIC, PC, and RISD) and Route 95, making it highly attractive to students and commuters. The property's low maintenance and potential for future storage expansion further enhance its investment value. Serious inquiries only; financing must be secured prior to viewing.
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1900
Construction
FRAME
Total area
4,695 SF
Lot
0.11 ac (5,000 SF)
Zoning code
R-P
APN
PROV M:33 L:10
UPID
US76-0167423
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$985k
CAP Approach
CAP
$1.02M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$985k
Owner & transaction history
387 Broadway LLC · 3 yrs held
387 Broadway LLC
since 2023
Last sale
$985,000
6 recorded transactions
Zoning & alternative use
R-P · Providence, RI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.0M
+58.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Providence submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Providence submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$985,000
ML approach
$985,000
CAP Approach
CAP Return
Estimation
6%
$1,105,000
6.5%
$1,020,000
7%
$950,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$635,000
Current use
OFFICE BUILDING
$1,005,000
Change: +59% · Conversion: Easy
Blend value · Realmo final
$985k
Range $887k – $1.08M · ±10% · vs last sale $985k (Nov 22 2024)
Last sale anchor
$985k
Nov 22 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$210 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$408,400
Assessed 2023
Previous assessed
$408,400
+0.0% YoY
Assessed land
$86,000
Assessed improvement
$322,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1900
Construction
FRAME
Heating
ELECTRIC
Buildings
1
Stories
3
Units
6
Bathrooms
6
Total area
4,695 SF
Lot
0.11 ac (5,000 SF)
Zoning code
R-P
APN
PROV M:33 L:10
UPID
US76-0167423
Jurisdiction
PROVIDENCE
Zoning & alternative use
R-P · Providence, RI
Zoning R-P · permitted uses
R-P · Providence, RI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Providence. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$635,000
OFFICE BUILDING
Est. value
$1.0M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Construction
FRAME
Heating
ELECTRIC
Stories
3
Buildings
1
Units
6
Bathrooms
6
Lot
0.11 ac
Current owner
From public records · entity-resolved
387 Broadway LLC
Entity
Mailing address
387 BROADWAY, PROVIDENCE, RI 02909-1421
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 10, 2023
$800,000
387 Broadway LLC
Bambolina LLC
Warranty Deed
$650,000 · Bambolina LLC
May 17, 2012
$300,000
Bambolina LLC
Armory Revival Props LLC
Warranty Deed
$225,000 · Washington Trust Co
Jan 14, 2010
—
Armory Revival Prop LLC
—
Deed Of Trust
related
$1,145,635 · R Dupre JR&h Preston
May 28, 2003
—
Armory Revival Co
—
Deed Of Trust
related
$55,000 · Bank Of Rhode Island
Jul 15, 1997
$95,000
Armory Revival Co
Etv INC
Grant Deed
$71,000 · Citizens Savings Bank
Jan 12, 1993
$45,500
Thomas M Ricci
Gtt Corp
Grant Deed
$45,000 · Raymond A Lupien
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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