1055 Main Street

Multi-Family for Sale
Catylist Listing ID: 30388591
Property Subtypes: Mixed Use
Number of Units: 6 Units
Building Size (RSF): 4,632 SF
Gross Land Area: 19,293 SF
Sale Price: $575,000
Unit Price: $95,833.33 Per Unit
Property Use Type: Investment
Building Name: 1055 Main St.
Sale Terms: Cash to Seller
Cap Rate: 9.5%
Average Occupancy Rate: 100
Last Updated: 5/28/2019

Overview / Comments

3 parcels included in sale. Plat 4, lots 163, 294,and 85. Lot 163 is 1055 Main Street consisting of a legal 6 unit renovated in the 1980's. Lot 294 is 9 Youngs Ave and has a 7 bay garage. Lot 85 is also 9 Youngs Ave and has a stand alone 2 bay garage. 1055 Main Street is well maintained. Boiler 2012, 2016, Hot water heater 2016. Garages are separate with no water or electricity. 6 Unit has been well maintained. Two heating systems and natural gas is available to convert. Tenants pay electric and landlord pays heat for 4 units. Building consists of 3-1 bedroom units and 3-2 bedroom units. All tenants are on leases. Landlord utilizes 2 garage bays while the other 7 are leased month to month. Sewer assessment is paid in full, roof on the six unit has been replaced in 2019. Building is fire alarmed, up to code and inspected annually. 1055 Main is zoned business, 9 Youngs is zoned R-8. Current Annual Rental income $79,800

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Additional Details

Nearest MSA: Providence-Warwick
County: Kent
Taxing Authority: West Warwick
Tax ID/APN: WW 004-0163-0-000
Zoning: B- BUSINESS
Percent Occupied: 100%
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: 2
Year Built: 1860
Year Renovated: 1980
Roof Type: Flat
Construction/Siding: Wood Frame, Wood Siding
Exterior Description: Two Story wood frame construction with one unit having a private entrance. Others share common hallway
Parking Ratio: 1.7 (per 1000 SF)
Parking Type: Surface
Total Parking Spaces: 8
Heat Type: Electricity, Oil, Hot Water
Heat Source: Baseboard, Central
Fuel: Oil
Internet Access: Cable
Zoning Description: 1055 Main is zoned Business; 9 Youngs ave is R-8
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: Easement for 9 Youngs Ave
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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