Description
Not to be missed - here is your fantastic opportunity to own 3 magnificent buildings with a combined 13 rental units! Conveniently located near downtown Providence and Federal Hill, these beautiful buildings are a rare opportunity to own a significant footprint in a neighborhood undergoing a dramatic revitalization. Boasting ample off street parking and green space, the buildings bear the hallmark of their era with beautiful exterior moldings and window pediments. The interiors reveal high ceilings and hardwood flooring throughout, but with modern improvements including replacement windows, newer wiring and upgraded plumbing. Current rents are below market. Modest improvements in rent quickly yield a cap rate of 9+%. See attached disclosures with rent roll. Recently installed $60k+ hard-wired smoke detector system is a huge win! Full basements, coin-op laundry, large lot sizes and good renters in place. Tenants pay their own electric, heat, cable and internet. Landlord pays hot water and water/sewer. 2 units are intentionally left vacant so that a new owner can establish their own market rents. This opportunity is a portfolio builder and hard to come by. In total these 3 buildings, their land and 2 additional parking lots make up almost one half of an entire city block! Property is being sold as-is. See the attached video which showcases interiors of each unit.
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0.38ACRES
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01/2 BATHS
School Ratings & Info
Description
Not to be missed - here is your fantastic opportunity to own 3 magnificent buildings with a combined 13 rental units! Conveniently located near downtown Providence and Federal Hill, these beautiful buildings are a rare opportunity to own a significant footprint in a neighborhood undergoing a dramatic revitalization. Boasting ample off street parking and green space, the buildings bear the hallmark of their era with beautiful exterior moldings and window pediments. The interiors reveal high ceilings and hardwood flooring throughout, but with modern improvements including replacement windows, newer wiring and upgraded plumbing. Current rents are below market. Modest improvements in rent quickly yield a cap rate of 9+%. See attached disclosures with rent roll. Recently installed $60k+ hard-wired smoke detector system is a huge win! Full basements, coin-op laundry, large lot sizes and good renters in place. Tenants pay their own electric, heat, cable and internet. Landlord pays hot water and water/sewer. 2 units are intentionally left vacant so that a new owner can establish their own market rents. This opportunity is a portfolio builder and hard to come by. In total these 3 buildings, their land and 2 additional parking lots make up almost one half of an entire city block! Property is being sold as-is. See the attached video which showcases interiors of each unit.
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