Multi Family Portfolio

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30749594
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Status: Pending
Number of Units: 14 Units
Building Size (RSF): 9,080 SF
Gross Building Area: 15,193 SF
Gross Land Area: 21,803 SF
Sale Price: $955,000
Unit Price: $68,214.29 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Mineral Spring Ave Portfolio
Usable Size (USF): 9,080 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 85
Last Updated: 1/9/2022

Overview / Comments

This multi family portfolio consists of 3 separate buildings totaling 14 units.

Building 1: 80 Mineral Spring with 4 units. 3 of the 4 apartments have been fully renovated. Separate utilities. Gross income $3,050 monthly. Valued at $315,000.

Building 2: 86-88 Mineral Spring with 3 units. Freshly painted. This property is heated with a single oil boiler so heat/hot water are included in the rent. There is a gas line running to the property but has never been connected or activated. Gross income is $2,200 monthly. Valued at $245,000.

Building 3: 94 Mineral Spring with 7 units. New roof and new steam boiler. First floor apartments (3 units) pay their own heat, the new steam boiler provides heat to the second and third floor apartments (4 units). Gross income is $3,950 monthly. Valued at $395,000.

The buildings are situated in a courtyard type setting with ample tenant parking in the center. 80 & 94 have full basements. Coin laundry.

There is significant upside potential with these units as the rents are well below market. All buildings will be delivered with compliant fire alarm systems.

Note: Sold as a portfolio only. Properties can not be purchased individually. Call agent for details.


Finance Data Year 2021
Real Estate Taxes - Annual($) $15,022 (Annual)
Tax Value Land $169,500
Tax Value Improvements $656,900
Assessed Value - Total($) $826,400 (Annual)
Potential Rental Income $132,600 (Annual)
Gross Operating Income $112,600 (Annual)
Net Operating Income $47,977 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Taxing Authority: City of Pawtucket
Tax ID/APN: PA 520775
Zoning: RM
Percent Occupied: 85%
Total Number of Buildings: 3
Property Condition: Average
Number of Stories: 3
Roof Type: Arched
Construction/Siding: Wood Frame
Parking Type: Surface
Laundry: Shared
Sprinklers: None
Heat Type: Electricity, Natural Gas, Oil
Fuel: Gas, Oil, Electric
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 39,961 189,395 376,126
Median Age: 33.34 36.41 35.79
Households: 15,748 75,384 144,913


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