7-Unit Apartment
144 Railroad Street Lincoln Manville, RI 02838
144 Railroad Street Lincoln, Manville, RI, 02838
$1,500,000
For Sale
$1,500,000
Mix of renovated 3-bedroom, 2-bedroom, and studio units with shared balcony access and off-street parking.
Property Size5,200 SF
Price / SF$288.46
Days on Market48
Property Features for 144 Railroad Street Lincoln
General Information
- Standard status
- Active
- Size
- 5,200 SF
Building Details
- Year Built
- 1900
Listing agency
(508) 501-1443
Listed by
Alyson Roslonek
(508) 501-1443
Source
Milestonerealtyinc
Added: Jun 4 Updated: Jul 10 at 1:49PM Checked: Jul 21 at 3:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Alyson Roslonek
Investment Insights
Based on property information with market context.
This for-sale 7-unit apartment building offers a diversified rental mix and multiple recent updates. The property includes five units with three bedrooms, each featuring dine-in kitchens and an open living area, plus one two-bedroom unit with the same layout. The seventh unit is a spacious studio. Six of the seven units have been completely renovated and provide access to a shared front balcony. Off-street parking is available for up to 10 cars, with each unit assigned one parking spot, along with additional street parking. The building is reported to be up to fire code and includes new electrical, boilers, and hot water heaters.
Located at 144 Railroad Street in Lincoln, RI 02838, the property is positioned to support tenants who need straightforward day-to-day access and on-site parking. The current offering is described as fully occupied, providing immediate income through the existing tenant base.
For investors or owner-operators seeking an income-producing multifamily asset, the unit mix provides flexibility across household types, from studios to larger three-bedroom layouts. The combination of renovation status in most units, shared balcony access, and the reported infrastructure upgrades (new electrical, boilers, and hot water heaters) supports a turnkey ownership profile. Monthly income is stated as $9,500, based on information in the listing.
Located at 144 Railroad Street in Lincoln, RI 02838, the property is positioned to support tenants who need straightforward day-to-day access and on-site parking. The current offering is described as fully occupied, providing immediate income through the existing tenant base.
For investors or owner-operators seeking an income-producing multifamily asset, the unit mix provides flexibility across household types, from studios to larger three-bedroom layouts. The combination of renovation status in most units, shared balcony access, and the reported infrastructure upgrades (new electrical, boilers, and hot water heaters) supports a turnkey ownership profile. Monthly income is stated as $9,500, based on information in the listing.
Key Highlights
- 7‑unit income property built in 1900, fully occupied and generating $9,500/month income
- Unit mix includes five 3‑bedroom units, one 2‑bedroom unit, and one studio unit
- 6 of the 7 units have been completely renovated with shared front balcony access
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $132.9k | $25.56 |
| − Vacancy | −$8.0k | −$1.53 |
| EGI | $124.9k | $24.03 |
| − OpEx | −$56.2k | −$10.81 |
| NOI | $68.7k | $13.21 |
5,200 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$981.7K
$859.0K – $1.15M
NOI $68,716 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,582 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Mix of renovated 3-bedroom, 2-bedroom, and studio units with shared balcony access and off-street parking.
Where is this apartment building located?
The property is located at 144 Railroad Street Lincoln Manville, RI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7‑unit income property built in 1900, fully occupied and generating $9,500/month income; Unit mix includes five 3‑bedroom units, one 2‑bedroom unit, and one studio unit; 6 of the 7 units have been completely renovated with shared front balcony access
