6 Unit Residential Investment Property

Multi-Family for Sale
Catylist Listing ID: 30345905
Property Subtypes: Low-Rise/Garden
Number of Units: 6 Units
Building Size (RSF): 4,004 SF
Gross Building Area: 4,368 SF
Gross Land Area: 8,094 SF
Sale Price: $410,000
Unit Price: $68,333.33 Per Unit
Property Use Type: Investment
Usable Size (USF): 4,004 SF
Core Factor: 91.67%
Sale Terms: Cash to Seller
Cap Rate: 10.49%
Average Occupancy Rate: 100
Last Updated: 4/19/2019

Overview / Comments

Bricked faced 6 unit residential building off Admiral and Douglas Avenues close to the North Providence town line. Building sits on approximately 8094 sq. feet of land with generous paved parking for residents. Most tenants are long term residents and with current escalation in area rents, there is a favorable climate for increases across the board.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $11,351 (Annual)
Tax Value Land $68,800
Tax Value Improvements $3,500
Assessed Value - Total($) $290,900 (Annual)
Potential Rental Income $71,964 (Annual)
Gross Operating Income $63,418 (Annual)
Net Operating Income $36,649 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Providence-Warwick
County: Providence
Taxing Authority: Providence
Tax ID/APN: Plat 79, Lots 571 and 572
Percent Occupied: 100%
Property Located Between: Admiral & Douglas Avenues
Airports: Green State International Airport
Site Description: Property consists of 2 parcels of approximately 8094 square feet of land.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1965
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Four Sided Brick Facade
Parking Ratio: 2.1 (per 1000 SF)
Parking Type: Surface
Parking Description: Ample paved on-site parking in rear and side for 2 vehicles per tenant.
Total Parking Spaces: 20
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Baseboard, Central
Fuel: Gas
Air Conditioning: Window Unit
Internet Access: Cable
Interior Description: Building consists of 2 rentable residential units per floor with first floor having a two bedroom and single bedroom unit along with mechanicals and community coin-op laundry area. Other two floors each have 2 two bedroom units with front and rear entry doors.
Lot Frontage: 102
Lot Depth: 80
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 26,885 224,474 420,974
Median Age: 34.55 34.15 35.59
Households: 9,814 86,072 161,613

Contact

Photograph of Listing Agent

Paul Z M Zanecchia

Z Realty ECCPN Member
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