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33253329
33253315

2 Locations

JP
MA 9528992
Horvath & Tremblay
DK
MA MA 9504385
Horvath & Tremblay
Listed by Horvath & Tremblay
$3,750,000
20 days on market
Updated 20 days ago

Admiral Apartments

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 15,272
Net Rentable (SqFt) 10,130
Units 17
Cap Rate 7.65%
NOI $286,831
Price per SqFt $370
Year Built 1970
Buildings 2
Stories 2
Acreage 0.420
Parking Spaces spaces
Ownership Fee Simple

Multi-Family | 17 Units | 15,272 Sq Ft

Marketing description

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the Admiral Apartments, a multi-family investment property located at 777-787 Admiral Street in Providence, RI (the “Property”). The multi-story brick buildings, situated on two ({2) tax parcels, contain eleven (11) 2-Bedroom/1-Bathroom units and six (6) 1-Bedroom/1-Bathroom units, with five (5) 1-Bedroom/1-Bathroom units at 777 Admiral and 787 Admiral containing eleven (11) 2-Bedroom/1-Bathroom units and one (1) 1-Bedroom/1- Bathroom unit. The Property contains 10,130 square feet of gross living area in 15,272 square feet of gross area, situated upon a combined 0.42-acre parcels and features 20+ off-street parking spaces.

The Admiral Apartments has undergone comprehensive capital improvements since its recent acquisition, significantly enhancing both the property’s physical infrastructure and in-unit finishes. The majority of apartment units have undergone high-end interior renovations featuring modernized kitchens and bathrooms, in-unit laundry and updated living spaces, while common areas have also been substantially improved to elevate the overall tenant experience. Major building system upgrades include all new boilers, extensive plumbing and electrical improvements, and replacement of most windows, positioning the asset with strong in-place infrastructure and limited near-term deferred maintenance requirements. Tenants are responsible for their own heat, hot water and electric while the landlord is responsible for water/sewer.

The Property features durable brick construction, a highly desirable attribute for multifamily housing that provides long-term structural integrity, fire resistance, and reduced maintenance requirements. Brick construction also delivers superior sound attenuation and thermal efficiency, contributing to lower utility costs and enhanced resident comfort while preserving long-term aesthetic appeal.

The Admiral Apartments are strategically positioned along Admiral Street in Providence’s Smith Hill neighborhood, offering residents convenient access to downtown Providence, major healthcare and educational institutions, and the city’s primary commercial corridors. Located just minutes from Interstate 95, Route 6, and Route 146, the property provides strong regional connectivity throughout Rhode Island and into the greater Boston metropolitan area.

Investment highlights

ACCESS & CONNECTIVITY

RIPTA Route 55, the Admiral/Providence College line, runs directly along Admiral Street, serving 36 stops between Rhode Island College (Roberts Hall) and Kennedy Plaza in downtown Providence.

For intercity and commuter rail travel, Providence Station at 100 Gaspee Street is approximately a 10-minute ride from the property. The station is served by both Amtrak and the MBTA Commuter Rail and ranks as the 11th busiest Amtrak station in the country and the second busiest on the MBTA Commuter Rail system outside of Boston.

Admiral Street provides direct access to Route 146 (the Louisquisset Pike), with a dedicated Admiral Street exit off Route 146 placing residents moments from a major expressway corridor. The southern terminus of Route 146 connects directly to Interstate 95 in Providence, the region's primary north-south artery. I-95 provides direct access to downtown Providence and connects the city to Boston to the north and New York City to the south, ensuring that residents have efficient highway access in every direction. AREA AMENITIES & DEMAND DRIVERS

The Admiral Apartments are situated within Providence’s centrally located Smith Hill neighborhood, an area supported by a diverse mix of healthcare, education, government, and professional employment drivers that continue to fuel apartment demand throughout the city.

The property benefits from immediate access to Downtown Providence and several of the region’s largest institutional employers, including Rhode Island Hospital, the broader Brown University Health system, and Brown University, one of the state’s largest economic anchors and employers.

The surrounding area also benefits from close proximity to Providence College, The University of Rhode Island Providence Campus, and the nearby Rhode Island School of Design Library, contributing to a steady population of students, faculty, medical professionals, and young renters seeking housing close to employment and academic centers.

Downtown Providence continues to serve as a regional draw for dining, arts, entertainment, and civic activity, while nearby districts such as Federal Hill and the Downcity Arts District enhance the area’s live-work-play appeal.

STRONG RENTAL DEMOGRAPHICS & DEMAND

More than 28,800 people live within 1 mile of the Property with an average household income of $96,281. Over 222,900 people reside within 3 miles of the Property with an average household income of $107,552.

QUALITY OF LIFE AMENITIES

Just minutes from the property, Providence’s nationally recognized Federal Hill neighborhood serves as one of the city’s premier dining destinations, known for its vibrant restaurant scene, Italian markets, cafés, and nightlife. Popular local favorites along Atwells Avenue include Andino's and Cassarino's Restaurant, while iconic specialty markets such as Venda Ravioli and Tony's Colonial Food contribute to the neighborhood’s well-known “Little Italy” atmosphere.

The area also offers convenient access to national and quick-service dining options including Starbucks, Dunkin’, Chipotle, McDonald’s, and Panera Bread throughout downtown Providence and surrounding commercial corridors.

Retail amenities surrounding the property are anchored by Providence Place, one of Rhode Island’s dominant regional shopping destinations featuring national retailers, restaurants, entertainment venues, and experiential attractions.

Residents also benefit from nearby grocery and convenience options including Stop & Shop, Whole Foods Market, Trader Joe’s, Market Basket, and, as well as everyday national convenience retailers such as CVS and Walgreens.

Listing Contacts

JP
MA 9528992
Horvath & Tremblay
DK
MA MA 9504385
Horvath & Tremblay
Listed by Horvath & Tremblay

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$286,831.00
$23,902.58/mo

Valuation Metrics

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DSCR
7.65%
Cap Rate
7.65%
ROI

Map

Zoning

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R-3 ResidentialMulti FamilyResidential District
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Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics

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Property History

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Additional Information

Name
ETHAN COLE
License
REB0018287
Title
Broker of Record
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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