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Grove Street Apartments16-22 Grove Street •Providence, RI02909
Offering Memorandum
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Activity ID ZAA0560336
16 GROVE ST
Providence, RI
ACT ID ZAA0560336
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any
corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerThis information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the
information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a
service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03Sales Comparables
MARKET OVERVIEW 04Market Analysis
Demographic Analysis
IVES STREET APARTMENTS
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16 GROVE ST
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INVESTMENT
OVERVIEW
LOCAL MAP
16 GROVE ST
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LOCAL MAP
16 GROVE ST
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Grove Street Apartments
AERIAL PHOTO
16 GROVE ST
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PROPERTY OVERVIEW
16 GROVE ST
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Marcus and Millichap is pleased to present 16 Grove Street located in the Federal Hill neighborhood of Providence, Rhode Island. 16 Grove Street is made up of two (2) buildings totaling six (6) units comprised of four (4) bedrooms each. All of the units have been recently renovated with granite counter-tops and in-unit laundry. This nearly 8,000 square foot lot offers rare and ample off-street parking with a three spot parking garage on site.
Located in the heart of Federal Hill, 16 Grove Street is less than a mile to Downtown Providence, Universities, and Restaurants. Providence's AMTRAK Station offers an easy commute to Boston and the surrounding areas. Federal Hill remains one of the most desirable areas in Providence for young professionals and recent college graduates.
▪ Two Buildings with Six Apartments located on Federal Hill in
Providence, RI
▪ Large, Fully Occupied Apartments all Four-Bedroom Units
▪ Recently Renovated with Stainless Steel Appliances and In-
Unit Laundry, New Roofs and Mechanical Systems.
▪ Off Street Parking with Detached Garage
▪ Close Proximity to Downtown Providence, Colleges,
Restaurants, and Public Transportation
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12
16 GROVE ST
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PROPERTY PHOTO
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16 GROVE ST
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PROPERTY PHOTO
Marcus & Millichap closes
more transactions than any
other brokerage firm.
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16 GROVE ST
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PROPERTY PHOTO
9,472T R A N S A C T I O N S
CLOSED IN 2018
16 GROVE ST
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
16 GROVE ST
RENT ROLL SUMMARY
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RENT ROLL DETAIL
FINANCIAL ANALYSIS
16 GROVE ST
OPERATING STATEMENT
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FINANCIAL ANALYSIS
16 GROVE ST
PRICING DETAIL
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16 GROVE ST
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MARKET
COMPARABLES
16 GROVE ST
SALES COMPARABLES MAP
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16 GROVE ST
(SUBJECT)
205 Federal St
92 Vinton St
2 Louisburg Place
SALES COMPARABLES
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2
3
PROPERTY NAME
MARKETING TEAM
16 GROVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Offering Price: $1,275,000 6 4 Bdr 1 Bath
Price/SF: $151.10
Total No. of Units: 6
Year Built: 1928
Underwriting Criteria
Income $164,340 Expenses $48,177
NOI $116,163
16 GROVE ST16 Grove St, Providence, RI, 02909
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Units Unit Type
Close Of Escrow: 5/24/2019 2 4 Bdr 1 Bath
Sales Price: $496,000 1 2 Bdr 1 Bath
Price/SF: $137.97
Total No. of Units: 3
Year Built: 1900
205 FEDERAL ST205 Federal St, Providence, RI, 02903
Units Unit Type
Close Of Escrow: 3/25/2019 2 3 Bdr 1 Bath
Sales Price: $492,000 1 2 Bdr 1 Bath
Price/SF: $144.37
Total No. of Units: 3
Year Built: 1910
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92 VINTON ST92 Vinton St, Providence, RI, 02909
PROPERTY NAME
MARKETING TEAM
16 GROVE ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Close Of Escrow: 5/30/2019 1 2 Bdr 1 Bath
Sales Price: $310,000 1 3 Bdr 1 Bath
Price/SF: $114.64
Total No. of Units: 2
Year Built: 1900
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2 LOUISBURG PLACE2 Louisburg Place, Providence, RI, 02909
Avg. $132.33
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
16 Grove St 205
Federal St
92 Vinton
St
2 Louisburg
Place
Average Price Per Square Foot
16 GROVE ST
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MARKET
OVERVIEW
MARKET OVERVIEW
OVERVIEW
PROVIDENCE
Covering most of Rhode Island, the Providence metro also incorporates
a portion of Southern Massachusetts. The market encompasses more
than 1.6 million residents and 634,000 households. It spans across six
counties: Providence, Bristol, Kent, Newport and Washington in Rhode
Island and Bristol in Massachusetts. The city of Providence was one of
the first cities in the nation, hosts an ivy league school and Fortune 500
companies, and houses the state capitol.
▪ The healthcare industry employs a significant number of workers through Care New England,
CharterCARE Health Partners and Lifespan hospitals.
▪ Citizens Financial is a leading employer in the state, with more than 5,000 workers within 25
locations, including its company headquarters.
▪ Rhode Island has the highest concentration of jobs in the jewelry industry in the United States,
accounting for 18 percent of the state's manufacturing base.
▪ The metro is also the home of the Rhode Island School of Design and the RISD museum.
DEMOGRAPHICS
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ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
16 GROVE ST
IVY LEAGUE EDUCATION
Brown University enrolls nearly 10,000 students and employs over 4,000
workers. Off-campus student spending is estimated at over $60 million annually.
DIVERSE ECONOMY
Providence is a major industrial, commercial, medical and financial center for
New England. The city is a major supplier of jewelry and silverware.
POPULATION CENTER
Founded in 1636, Providence is one of the oldest cities in the nation and today
is the third most populous city in New England after Boston and Worcester.
1.6M
2018POPULATION:
634K
2018HOUSEHOLDS:
40.4
2018MEDIAN AGE:
$62,400
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
38.0U.S. Median:
$58,8002.3%
Growth2018-2023*:
1.2%
Growth2018-2023*:
PROPERTY NAME
MARKETING TEAM
16 GROVE ST
DEMOGRAPHICS
Source: © 2018 Experian
Created on June 2019
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Population 40,019 225,366 400,967
▪ 2018 Estimate
Total Population 39,726 225,460 400,581
▪ 2010 Census
Total Population 38,969 223,252 397,667
▪ 2000 Census
Total Population 38,162 219,600 395,596
▪ Daytime Population
2018 Estimate 70,533 276,021 441,988
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Households 15,676 83,786 159,043
▪ 2018 Estimate
Total Households 15,062 82,307 156,586
Average (Mean) Household Size 2.47 2.54 2.43
▪ 2010 Census
Total Households 14,656 81,000 154,231
▪ 2000 Census
Total Households 14,035 81,267 154,691
Growth 2015-2020 4.08% 1.80% 1.57%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
▪ Occupied Units
2023 Projection 15,676 83,786 159,043
2018 Estimate 17,398 90,396 168,741
Owner Occupied 2,417 31,097 71,069
Renter Occupied 12,645 51,210 85,517
Vacant 2,336 8,089 12,155
▪ Persons In Units
2018 Estimate Total Occupied Units 15,062 82,307 156,586
1 Person Units 38.31% 32.78% 33.61%
2 Person Units 24.16% 26.95% 28.73%
3 Person Units 14.16% 15.92% 15.74%
4 Person Units 10.86% 12.28% 11.96%
5 Person Units 6.60% 6.69% 5.82%
6+ Person Units 5.91% 5.38% 4.13%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate
$200,000 or More 2.25% 3.72% 3.64%
$150,000 - $199,000 1.35% 3.44% 3.90%
$100,000 - $149,000 7.19% 10.19% 11.74%
$75,000 - $99,999 7.70% 10.56% 11.80%
$50,000 - $74,999 14.22% 16.90% 17.31%
$35,000 - $49,999 12.57% 13.18% 13.16%
$25,000 - $34,999 10.60% 10.32% 9.99%
$15,000 - $24,999 13.41% 10.88% 10.72%
Under $15,000 30.70% 20.81% 17.75%
Average Household Income $48,009 $64,809 $68,469
Median Household Income $30,693 $42,811 $47,700
Per Capita Income $18,956 $24,365 $27,281
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2018 Estimate Total Population 39,726 225,460 400,581
Under 20 27.52% 27.13% 24.67%
20 to 34 Years 33.58% 28.85% 25.08%
35 to 39 Years 7.03% 6.69% 6.51%
40 to 49 Years 11.03% 11.14% 11.79%
50 to 64 Years 13.44% 15.48% 18.05%
Age 65+ 7.40% 10.71% 13.90%
Median Age 29.40 31.28 35.18
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 24,315 140,099 267,399
Elementary (0-8) 14.21% 9.58% 7.51%
Some High School (9-11) 11.86% 10.70% 9.71%
High School Graduate (12) 25.42% 26.99% 28.63%
Some College (13-15) 17.29% 16.74% 17.42%
Associate Degree Only 5.10% 5.67% 7.00%
Bachelors Degree Only 13.77% 15.28% 15.82%
Graduate Degree 7.87% 11.64% 11.16%
▪ Population by Gender
2018 Estimate Total Population 39,726 225,460 400,581
Male Population 50.12% 48.38% 47.94%
Female Population 49.88% 51.62% 52.06%
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Income
In 2018, the median household income for your selected geography is
$30,693, compare this to the US average which is currently $58,754.
The median household income for your area has changed by 63.00%
since 2000. It is estimated that the median household income in your
area will be $35,900 five years from now, which represents a change
of 16.96% from the current year.
The current year per capita income in your area is $18,956, compare
this to the US average, which is $32,356. The current year average
household income in your area is $48,009, compare this to the US
average which is $84,609.
Population
In 2018, the population in your selected geography is 39,726. The
population has changed by 4.10% since 2000. It is estimated that the
population in your area will be 40,019.00 five years from now, which
represents a change of 0.74% from the current year. The current
population is 50.12% male and 49.88% female. The median age of
the population in your area is 29.40, compare this to the US average
which is 37.95. The population density in your area is 12,621.03
people per square mile.
Households
There are currently 15,062 households in your selected geography.
The number of households has changed by 7.32% since 2000. It is
estimated that the number of households in your area will be 15,676
five years from now, which represents a change of 4.08% from the
current year. The average household size in your area is 2.47 persons.
Employment
In 2018, there are 40,993 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
41.12% of employees are employed in white-collar occupations in
this geography, and 58.92% are employed in blue-collar occupations.
In 2018, unemployment in this area is 8.77%. In 2000, the average
time traveled to work was 26.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
37.34% White, 18.79% Black, 0.20% Native American and 9.31%
Asian/Pacific Islander. Compare these to US averages which are:
70.20% White, 12.89% Black, 0.19% Native American and 5.59%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 49.75% of the current year
population in your selected area. Compare this to the US average of
18.01%.
PROPERTY NAME
MARKETING TEAM
16 GROVE ST
Housing
The median housing value in your area was $218,503 in 2018,
compare this to the US average of $201,842. In 2000, there were
2,490 owner occupied housing units in your area and there were
11,546 renter occupied housing units in your area. The median rent at
the time was $404.
Source: © 2018 Experian
DEMOGRAPHICS
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16 GROVE ST
DEMOGRAPHICS
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www.MarcusMillichap.com
P R E S E N T E D B Y
Tim Thompson
Broker of RecordBoston OfficeTel: (617) 896-7250Fax: (617) [email protected] License: RI REC.0018375
