67 Ridge St - Multi-Family FOR SALE


Providence, RI 02909- West End Providence
$1,500,000 USD
401-952-7887
67 Ridge St, Providence, RI for Sale
$1,500,000 USD
Multi-Family - FOR SALE
1/26
null | 7.5% Cap Rate

67 Ridge St
Providence, RI 02909
West End Providence


HIGHLIGHTS

  • 11 bedrooms / 6 baths across 3 floors, former convent with brick exterior
  • Documented annual income: $174,960
  • Diversified revenue: long-term tenancy + Airbnb/Cloudbeds short-term rental
  • DSCR-qualifying: 1.16x–1.41x across $1.4M–$1.5M
  • ~7.5% cap rate
  • Dormitory-style layout: communal areas ringed by bedrooms on each floor

OVERVIEW

67 Ridge Street is a former convent with a maintenance-free brick exterior, repurposed across three floors into a documented, income-producing property designed for shared occupancy. The property holds 11 bedrooms and 6 baths: the first floor centers on a spacious furnished common area, an ensuite with private bath, and two bedrooms sharing a bath; the second and third floors each repeat a self-contained configuration of an ensuite plus three bedrooms sharing a common bath and kitchen. That room-around-common-space structure, repeated floor to floor, extends this property's appeal past the conventional investor to group home operators, transitional or sober-living housing providers, student housing, and institutional or nonprofit buyers. A finished lower level adds five additional rooms, a bath, and coin-op laundry — not currently counted toward the bedroom total due to window egress sizing — representing future expansion potential for a buyer looking to bring the space into code compliance. Documented annual income runs $174,960 across a diversified revenue base — long-term tenancy alongside an active short-term rental operation through Airbnb and Cloudbeds — and the property is sold fully furnished. Twelve months of documented income qualifies the property in the 1.16x–1.41x DSCR range across a $1.4M–$1.5M purchase price, and on a self-managed basis, the asset runs near a 7.5% cap rate at the current ask. Located in the heart of Federal Hill, the property sits within walking distance of Atwells Avenue's restaurants, shops, and entertainment, with the West Side's full range of amenities close by. Ample on-site parking, a nearby dog park, and easy access to downtown Providence and the train round out the location.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$265 USD /SF

# OF UNITS

3

PRICE/UNIT

$500,000

CAP RATE

7.5%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Federal Hill Former Convent

PROPERTY TYPE

Multi-Family

ADD'L SUBTYPES

Apartments, Dormitory

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1953

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

-

APN/PARCEL ID

PROV-330693-000000-000000

ASK ABOUT THIS PROPERTY

Joy RileyWestcott PropertiesMore Info
401-952-7887

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Joy RileyWestcott PropertiesMore Info
401-952-7887

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.