6 Unit Multi Family (Cash Cow)

Multi-Family for Sale
Catylist Listing ID: 30511529
Property Subtypes: High-Rise
Number of Units: 6 Units
Building Size (RSF): 4,800 SF
Gross Building Area: 5,500 SF
Sale Price: $425,000 - 430,000
Unit Price: $70,833.33 Per Unit
Property Use Type: Investment
Building Name: Armistice
Sale Terms: Other
Cap Rate: 10.05%
Average Occupancy Rate: 5
Last Updated: 10/4/2019

Overview / Comments

Great for owner occupant or investor. Perfect desirable location seconds to I-95, Walcott St and shopping. Some units need updating and TLC. Full basement with laundry coin operated machines, office space and 1/2 bath, could be nice bonus area to included with one of the other units. Nice porches. Off street parking. Spacious private yard abuts newer condo development. New hot water heaters. Well maintained, 1 & 2 bedroom apartments. Newer updated electrical, heating. Loaded with charm & character. Fire-coded, lead certified and well maintained. This property could be a "cash cow" with some miner rental adjustments. Great for owner occupant or investor. Perfect desirable location seconds to I-95, Walcott St and shopping. Some units need updating and TLC. Full basement with laundry coin operated machines, office space and 1/2 bath, could be nice bonus area to included with one of the other units. Nice porches.
This property could be a "cash cow" with some miner rental adjustments.  6 Unit, investment property, 3 levels.  4806-5057 Sf, total 9 bedrooms, 6 baths, Gross income $51,000 but could be higher with adjusted rent roll of $100-$150 more per month.  Landlord pays taxes, insurance, water, sewer, tenant pays electric, heat, hot water and cable.  Lot size is 4,792 sf, road parking, updates include:  New roof, replacement windows, tile in bathrooms, all doors, block basement walls, water saver toilets, water service line, electrical service and concrete walkway.  Mechanic's include: municipal water and sewer, gas fuel/cooking, 100 amp per unit, circuit breaks, separated hot water heaters (lease) 3 steam heat, 1 forced hot water, 2 space heaters.  Location: quality hill section of Pawtucket, close to Rt I-95, schools, restaurants and all city amenities.
Cash-On-Cash Return: 10.05%, CAP Rate: 7.66%

 

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Tax ID/APN: PA 210172
Percent Occupied: 100%
Property Located Between: McCoy Stadium and Walcott
Highway Access: I-95 minutes away
Airports: Nearby
Site Description: Very well maintained
Area Description: Very nice environment.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 3
Year Built: 1920
Year Renovated: 2015
Exterior Description: Very good condition
Parking Type: Other
Parking Description: Off Road parking.
Laundry: Shared
Sprinklers: Wet
Heat Type: Electricity, Natural Gas
Heat Source: Baseboard
Fuel: Gas
Internet Access: Cable
Lot Frontage: 60
Lot Depth: 100

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 42,050 165,380 358,851
Median Age: 34.13 36.7 35.75
Households: 16,834 65,845 138,504

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