Mixed Use in North Kingstown!

Multi-Family for Sale
Catylist Listing ID: 30802394
Property Subtypes: Duplex/Fourplex, Mixed Use
Number of Units: 6 Units
Building Size (RSF): 3,219 SF
Gross Land Area: 14,810 SF
Sale Price: $689,900
Unit Price: $114,983.33 Per Unit
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: 6480 Post Road
Usable Size (USF): 3,219 SF
Sale Terms: Cash to Seller
Cap Rate: 6.5%
Average Occupancy Rate: 100
Last Updated: 5/17/2022

Overview / Comments

Prominently located with "High Visibility" mixed use building situated directly on the corner of Peachtree Rd & Post Rd with 440 feet of frontage! Currently this property functions with 3 residential units with two office units. Full price offer includes credit at closing for New 5 Bed, 2 office septic system. Office units are perfectly set up for Insurance CO or Accounting needs,ect.. Property provides excellent exposure for commercial needs with over 12,000+ cars per day travelling by this location. Tremendous opportunity to invest in this unique income generating property! Rental income could potentially be even improved from current status. Also, one office unit could possibly be converted to additional residential apartment. One of the two office units is being used as a Law Office currently. This property sits high atop a corner lot including yard,patio and ample paved parking included. More improvements include maintenance free Vinyl siding and replacement windows. Each apartment unit currently rented has it's own private entrance. This property is within minutes of Historic Wickford and rt 4 for easy access to Rt.95. Many possibilities abound with this income gem!

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $9,256 (Annual)
Tax Value Land $222,600
Tax Value Improvements $353,600
Tax Value Personal Property $0
Assessed Value - Total($) $576,200 (Annual)
Potential Rental Income $62,100 (Annual)
Gross Operating Income $62,100 (Annual)
Net Operating Income $44,704 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Providence-Warwick
County: Washington
Taxing Authority: North Kingstown
Tax ID/APN: NK 157-158
Zoning: PR
Property Located Between: East Greenwich & Wickford/Quonset
Highway Access: Route 4, I-295, I-95
Airports: TF Green & Quonset
Site Description: Corner Lot, High Visibility
Area Description: North Kingstown Business District
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1930
Year Renovated: 2000
Roof Type: Gable
Construction/Siding: Vinyl Siding
Exterior Description: Low maintenance vinyl.
Parking Ratio: 2 (per 1000 SF)
Parking Type: Surface
Parking Description: Surface Lot & Street
Total Parking Spaces: 12
Laundry: Shared
Sprinklers: None
Heat Type: Oil
Heat Source: Baseboard
Fuel: Oil
Air Conditioning: Other
Internet Access: Cable, DSL, Gigabit, Fiber Optic
Interior Description: Prominently located with "High Visibility" mixed use building situated directly on the corner of Peachtree Rd & Post Rd with 440 feet of frontage! Currently this property functions with 3 residential units with two office units. Full price offer includes credit at closing for New 5 Bed, 2 office septic system. Office units are perfectly set up for Insurance CO or Accounting needs,ect.. Property provides excellent exposure for commercial needs with over 12,000+ cars per day travelling by this location. Tremendous opportunity to invest in this unique income generating property! Rental income could potentially be even improved from current status. Also, one office unit could possibly be converted to additional residential apartment. One of the two office units is being used as a Law Office currently. This property sits high atop a corner lot including yard,patio and ample paved parking included. More improvements include maintenance free Vinyl siding and replacement windows. Each apartment unit currently rented has it's own private entrance. This property is within minutes of Historic Wickford and rt 4 for easy access to Rt.95. Many possibilities abound with this income gem!
Zoning Description: The Post Road district (PR) is established as a mixed use, economic development center.
Water Service: Municipal
Sewer Type: Septic

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,787 24,357 73,982
Median Age: 41.72 44.09 43.81
Households: 2,074 9,768 30,777

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