See all 28 photos
28 photos
Additional details
$875,000
Est. payment /mo
5 Beds
5 Baths
2,672 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5+ Family - 5+ Units Up/Down
Listing Status Active
Purchase Type For Sale
Square Footage 2,672 sqft
Price per Sqft $327
MLS Listing ID 73509413
Bedrooms 5
Full Baths 5
Year Built 1920
Annual Tax Amount $9,508
Tax Year 2025
Lot Size 4,356 Sqft
Acres 0.1
Property Sub-Type 5+ Family - 5+ Units Up/Down
Property Description
This well-maintained 5-unit property features a unit mix of 3 studios and 2 one-bedroom apartments. It currently generates $6,200 in monthly rental income with clear upside potential through rent increases to market levels. Two out of five apartments have been renovated.The property has had key capital improvements already completed, including a new roof (2022), repaved driveway (2016), and majority of windows replaced (2025), minimizing short-term capital expenditure for a new owner.The building is serviced by a single Weil-McLain gas boiler providing heat to all units. Current ownership covers gas and electric, presenting a clear value-add opportunity to separate utilities and improve operating efficiency, ultimately increasing net operating income.Ideal for investors seeking a stable, cash-flowing asset with proven income and the ability to create higher returns through operational improvements and rent growth.
Location
State RI
County Providence
Zoning C2
Direction 391-393 Waterman Ave East Providence, RI 02914
Rooms
Basement Bulkhead, Slab
Exterior
Total Parking Spaces 7
Garage No
Building
Story 5
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public
Others
Senior Community false
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Listed by Grove Property Group
Nearby School & Business
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Tiffany Jacquier
Broker | License ID: 9530613, 0790302
Broker License ID: 9530613, 0790302
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