1055 Main Street, West Warwick, RI

Multi-Family for Sale
Catylist Listing ID: 30745129
Property Subtypes: Low-Rise/Garden
Number of Units: 6 Units
Building Size (RSF): 4,632 SF
Gross Land Area: 19,296 SF
Sale Price: $699,000
Unit Price: $116,500 Per Unit
Property Use Type: Investment
Building Name: 1055 Main St.
Sale Terms: Cash to Seller
Cap Rate: 8.89%
Average Occupancy Rate: 100
Last Updated: 7/27/2021

Overview / Comments

Six unit Multi-family property with 9 detached garage bays. Property fronts on three streets: Main St., Kenyon St. which is a dead-end, and Youngs Ave. Property has been well maintained with on-going updates. Currently oil is used to fuel two heating systems while Natural Gas is available and a lateral runs into the property. Tenants pay electric, Landlord pays for 4 of the 6 units hot water, sewer, taxes and insurance. Unit 1 tenants pay for fuel (oil) and Unit 6 pays electric heat as well. Building consists of 3 - 1 bedroom und 3 - 2 bedroom units. All tenants are on leases. Unit 1 & 2 have private entrances. 7 garages are located behind 1055 Main St and 2 are located on Youngs Ave. No utilities service the garages. Sewer assessment is paid in full. Roof on the 6 unit was replaced in 2019. Building is fire alarmed and inspected semi-annually. The property is connected to municipal water & sewer with no assessments outstanding. Unit 2 was renovated this year. Unit 1's kitchen was updated in 2020. Range in Unit 3 does not convey. Units 1 and 3 have laundry hookups. A laundromat facility is conveniently located 1/4 mile away on Main St. Three lots convey in Plat 4, lots 85, 163, & 294. This is a 1031 exchange.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $11,269 (Annual)
Tax Value Land $61,800
Tax Value Improvements $276,300
Tax Value Personal Property $10,000
Assessed Value - Total($) $338,100 (Annual)
Potential Rental Income $92,850 (Annual)
Gross Operating Income $92,850 (Annual)
Net Operating Income $62,172 (Annual)
Actual or Proforma Year Actual
Lender Name None

Additional Details

Nearest MSA: Providence-Warwick
County: Kent
Taxing Authority: West Warwick
Tax ID/APN: WW 004-0163-0-000
Zoning: B- BUSINESS AND R-8
Percent Occupied: 100%
Property Located Between: Youngs Ave and Harris Ave. on Main St.
Highway Access: RT 95 at r 113 and RT 117, Rt 295 at RT 2 and Rt 37
Airports: Providence PVD
Site Description: Site consists of 3 Parcels - Plat 4 (Lots 163,294,and 85). Lot 163 is 1055 Main Street consisting of 6 Units zoned Business. Lot 294 is considered 9 Youngs ave and has a 7 bay garage. Lot 85 also is considered 9 Youngs Ave and has a stand alone 2 bay garage. (both are zoned R8. Lot SQ ft is: Lot 163 -11,969, Lot 294 -3350, and lot 85 -3977. See plat map with the three lots highlighed in yellow.
Area Description: Neighborhood is a mix of commercial buildings, multifamily structures, single family homes, and municipal buildings.
Total Number of Buildings: 3
Property Condition: Good
Number of Stories: 3
Year Built: 1860
Year Renovated: 2021
Roof Type: Gable
Construction/Siding: Wood Frame, Wood Siding
Exterior Description: Two Story wood frame construction with 2 units having a private entrance. Others share common hallway
Parking Ratio: 1.7 (per 1000 SF)
Parking Type: Surface
Parking Description: Paved area behind the garages and street legal parking
Total Parking Spaces: 8
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Electricity, Oil, Hot Water
Heat Source: Baseboard, Central
Fuel: Oil, Electric
Internet Access: Cable, Fiber Optic
Interior Description: Units have on-going updates and improvements. Unit 1 kitchen updated last year. Unit 2 was completely updated this year. Units are painted and improved when tenants turn-over. Cabinets range in age, countertops have newer Formica, most bathrooms have been updated, floors are updated as needed. Flooring material varies from hardwoods, laminates, vinyl and carpeting. Plastered walls or painted paneling. Most ceilings are hard with a few acoustical ceiling systems.
Zoning Description: 1055 Main is zoned Business; 9 Youngs ave is R-8
Lot Frontage: 90
Lot Depth: 144
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: Easement at 9 Youngs Ave for the abutting neighbor to access their back yard
Land Ownership: owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,771 69,115 152,184
Median Age: 37.69 41.97 42.75
Households: 5,892 29,442 62,338

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