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64-66 Pitman- 5 Units- Multifamily 64-66 Pitman St 5 Unit Apartment Building $1,975,000 ($395,000/Unit) 6.55% Cap Rate Providence, RI 02906
Executive Summary
Introducing 64-66 Pitman St., a stately 5-unit brick building in one of the East Side's most desirable and consistently high-demand rental corridors. Beautifully maintained and renovated, this building consists of (1) 2 bed/2 bath unit and (4) 1 bed/1 bath units. All units feature condo quality finishes, including high ceilings, marble-tiled bathrooms, replacement windows, dishwashers, in-unit laundry, and central AC. The property is fully lead compliant and boasts modern mechanical systems, including updated plumbing and electrical, with newer water heaters and heating/cooling. Situated on a 7,500 SF corner lot, the building offers plenty of off-street parking with space for up to 10 cars, and is walking distance to Brown University, Whole Foods, and all of the restaurants, cafes, and shopping in Wayland Square. Fully leased through Summer 2027, this turnkey asset provides stable income and appreciation, with additional potential upside by adding a 6th unit/ADU on the ground level. Call today to schedule a showing!
Property Facts
| Price | $1,975,000 | Building Class | C |
| Price Per Unit | $395,000 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 4,732 SF |
| Cap Rate | 6.55% | No. Stories | 3 |
| No. Units | 5 | Year Built | 1920 |
| Property Type | Multifamily | Parking Ratio | 2.11/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | R4 | ||
| Price | $1,975,000 |
| Price Per Unit | $395,000 |
| Sale Type | Investment |
| Cap Rate | 6.55% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,732 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Parking Ratio | 2.11/1,000 SF |
| Zoning | R4 |
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Exceptionally walkable
90/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | PROV-140078-000000-R000000-E000000 | Improvements Assessment | $738,300 |
| Land Assessment | $459,300 | Total Assessment | $1,197,600 |
Property Taxes
Parcel Number
PROV-140078-000000-R000000-E000000
Land Assessment
$459,300
Improvements Assessment
$738,300
Total Assessment
$1,197,600
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64-66 Pitman- 5 Units- Multifamily | 64-66 Pitman St