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New
391 Waterman AVE East Providence, RI 02914
4,397 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1414480
HOA Y/N No
Year Built 1920
Annual Tax Amount $9,508
Tax Year 2025
Lot Size 4,397 Sqft
Property Sub-Type Commercial
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
Exterior
Total Parking Spaces 5
Building
Sewer Public Sewer
New Construction No
Others
Tax ID 391WATERMANAVEPRO
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