387 BroadwayProvidence, RI 02909

Property Details for 387 Broadway

Year built

1900

Construction

FRAME

Lot size

0.11 AC

Property size (Sq ft)

4,695 SF

Zone code

R-P

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

PROV M:33 L:10

APU

PROVM33L10

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $776,224

  6.5%

  $716,514

  7%

  $665,335

• Comparable approach

  Method

  Valuation

  Relative Method

  $613,449

  Geo Method

  $613,449

• Alternative Use

  Use

  Valuation

  Residential

  $888,478

  Hospitality

  $813,841

  Educational

  $677,106

  Medical

  $700,393

  Retail

  $1,053,276

Location Insight

City

Providence

County

Providence

State

Rhode Island

Latitude

41.8197

Longitude

-71.4308

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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