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215 Broadway Apartment Building $2,950,000 6% Cap Rate Providence, RI 02903
Investment Highlights
- Fully Occupied 10-Unit Multifamily Asset
- Prime Providence West Side Location
- Comprehensively Renovated Historic Property
- Major Recent Capital Improvements
Executive Summary
Rare opportunity to acquire a fully occupied, 10-unit multifamily investment property prominently located along Broadway in Providence’s desirable West Side. Originally constructed in 1887, this distinguished Second Empire mansion has been comprehensively renovated while preserving exceptional historic architectural details.
The property consists of a diverse unit mix including one studio, three one-bedroom units, five two-bedroom units, and one three-bedroom unit. Recent capital improvements include upgraded electrical and HVAC systems, a new fire alarm system, and a fully sprinklered building. Additional amenities include dedicated common laundry facilities, secure bicycle storage, and 12 on-site parking spaces.
215 Broadway combines established in-place income, significant building improvements, historic character, and a highly desirable urban location, presenting a compelling opportunity for multifamily investors seeking a distinctive Providence asset.
Offering Memorandum and operating statement available to qualified buyers upon execution of an NDA. Please allow a minimum of 48 hours’ notice for showing requests. No Sunday showings.
The property consists of a diverse unit mix including one studio, three one-bedroom units, five two-bedroom units, and one three-bedroom unit. Recent capital improvements include upgraded electrical and HVAC systems, a new fire alarm system, and a fully sprinklered building. Additional amenities include dedicated common laundry facilities, secure bicycle storage, and 12 on-site parking spaces.
215 Broadway combines established in-place income, significant building improvements, historic character, and a highly desirable urban location, presenting a compelling opportunity for multifamily investors seeking a distinctive Providence asset.
Offering Memorandum and operating statement available to qualified buyers upon execution of an NDA. Please allow a minimum of 48 hours’ notice for showing requests. No Sunday showings.
Property Facts
| Price | $2,950,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6% | Building Size | 10,350 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1920 |
| Zoning | RP - R-P zoning. Existing 10-unit multifamily residential use in Providence’s desirable Broadway/West Side neighborhood. | ||
| Price | $2,950,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 10,350 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Zoning | RP - R-P zoning. Existing 10-unit multifamily residential use in Providence’s desirable Broadway/West Side neighborhood. |
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Exceptionally walkable
100/100
Moderately drivable
70/100
Good public transit
60/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | PROV-280260-000000-000000 | Improvements Assessment | $1,192,800 |
| Land Assessment | $212,300 | Total Assessment | $1,405,100 |
Property Taxes
Parcel Number
PROV-280260-000000-000000
Land Assessment
$212,300
Improvements Assessment
$1,192,800
Total Assessment
$1,405,100
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215 Broadway