230 Phenix AVE, Cranston, RI 02920
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230 Phenix AVE, Cranston, RI 02920
230 Phenix AVE, Cranston, RI 02920
230 Phenix AVE, Cranston, RI 02920
230 Phenix AVE, Cranston, RI 02920
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Steven O'Bryan

Steven O'Bryan

+1(401) 486-7904
$ 2,799,000
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230 Phenix AVE Cranston, RI 02920

15,278 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Commercial

Listing Status Pending

Purchase Type For Sale

Square Footage 15,278 sqft

Price per Sqft $183

MLS Listing ID 1418614

HOA Y/N No

Abv Grd Liv Area 15,278

Year Built 1973

Annual Tax Amount $26,834

Tax Year 2024

Lot Size 0.650 Acres

Property Sub-Type Commercial

Property Description

230 Phenix Avenue is a 17-unit multifamily investment in western Cranston, offered at $2,800,000 ($164,706/unit). The building four 2-bed and thirteen 1-bed units is 14 of 17 occupied and producing $280,200 in gross income today, a 6.16% cap rate on in-place rents. The upside is clear and financeable: every occupied unit sits below market, and marking rents to market while leasing the three vacant units lifts gross income to $401,400 and the cap rate to 10.49% on the same operating cost base roughly $121,200 of additional annual NOI. Held flat, operating expenses run $107,679 (taxes, insurance, utilities, landscaping/snow, cleaning, routine maintenance). Minutes from downtown Providence and anchored by Rhode Island's largest employers CVS Health, Citizens Financial Group, Care New England, Brown, IGT and Amica the asset draws a deep, stable renter pool. A rare in-place, cash-flowing building with a defined path to a double-digit return.

Location

State RI

County Providence

Interior

Heating Gas

Exterior

Community Features Golf, Highway Access, Near Hospital, Near Schools, Public Transportation, Restaurant, Shopping

Utilities Available Natural Gas Available, Natural Gas Connected, Sewer Connected

Total Parking Spaces 26

Building

Foundation Brick/Mortar

Sewer Connected

Water Connected

Structure Type Brick

New Construction No

Others

Tax ID 230PHENIXAVCRAN

Security Features Carbon Monoxide Detector(s),Fire Alarm,24 Hour Security

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Listed by Smith and Oak Real Estate Co.
Steven O'Bryan

Steven O'Bryan

Agent | License ID: RES.0046708

+1(401) 486-7904

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230 Phenix AVE