230 Phenix Avenue is a 17-unit multifamily investment in western Cranston, offered at $2,800,000 ($164,706/unit). The building - four 2-bed and thirteen 1-bed units - is 14 of 17 occupied and producing $280,200 in gross income today, a 6.16% cap rate on in-place rents. The upside is clear and financeable: every occupied unit sits below market, and marking rents to market while leasing the three vacant units lifts gross income to $401,400 and the cap rate to 10.49% on the same operating cost base - roughly $121,200 of additional annual NOI. Held flat, operating expenses run $107,679 (taxes, insurance, utilities, landscaping/snow, cleaning, routine maintenance). Minutes from downtown Providence and anchored by Rhode Island's largest employers - CVS Health, Citizens Financial Group, Care New England, Brown, IGT and Amica - the asset draws a deep, stable renter pool. A rare in-place, cash-flowing building with a defined path to a double-digit return.

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Property Details of 230 Phenix Avenue

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Costello Realty

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Property Details of 230 Phenix Avenue

Property Details

Basic Information

Location

Interior Features

Bedrooms

Exterior Features

Features

Map Location

Hi there! How can we help you?

Hi there! How can we help you?

Hi there! How can we help you?

Costello Realty