Listing Agency: Prime Time Properties, Inc. Show Phone

Listed By: Frank Miele · License #REC0009744RI Show Phone

Source: Exprealty

Added: Jan 7 Changed: Oct 14 Last Checked: Oct 16 at 12:32PM

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Investment Insights

Based on property information with market context.

This five-unit residential building is located in the Darlington section of Pawtucket. The building includes two one-bedroom units, two two-bedroom units, and one three-bedroom unit. The property sits on a 7,350-square-foot lot and includes three garages that could potentially be converted into an additional dwelling unit (ADU) for added income. The building is fully rented on a month-to-month basis, and tenants are responsible for utilities. The exterior features vinyl siding for low maintenance. Electrical systems have been updated, and there is ample parking available for tenants. The property is conveniently located with easy access to Route 95, downtown Providence, the new soccer field, and the Massachusetts state line. The building is fully fire coded and has a total size of 4,150 square feet.

Key Highlights

• Five‑unit residential building with a diverse mix of units.
• Garages offer ADU conversion potential for increased income.
• Fully rented, tenants pay utilities, providing immediate income.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,840

Cap Rate

7.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,096,800 $1.1M

Cap Rate 7%

$783,429 $783.4K

Cap Rate 9%

$609,333 $609.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,150 SF

Gross rent

$106.1K $25.56/SF

− Vacancy

−$6.4K −$1.53/SF

EGI

$99.7K $24.03/SF

− OpEx

−$44.9K −$10.81/SF

NOI

$54.8K $13.21/SF

Area

Providence County, RI

Vacancy

6.00%

Lease Rate

$25.56 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,096,800

Cap Rate 7%

$783,429

Cap Rate 9%

$609,333

Alternative Uses

Best Use

Apartment 5plus

$783.4K

$685.5K – $914.0K (±1% cap)

NOI $54,840 @ 7.0% cap · market cap 7.83%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$987.1K

$863.7K – $1.15M (±1% cap)

NOI $69,099 @ 7.0% cap · market cap 9.87%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Skin Care Clinic Electrical Service Locksmith Tech Support Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,123

Businesses Nearby

Explore this area Business Placement

Demographics for 02860, RI

47,894

Population

21,467

Households

2.2

Avg Household Size

37

Median Age

25%

College-Educated

80%

High-School Grad

5.3 sq mi

ZIP Area

9,037

Density / Sq Mi

$59,954

Median Household Income

$42,038

Median Earnings

$1,112

Median Rent

$287,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Five-unit residential building with garages in Pawtucket, Rhode Island.

Where is this apartment building located?

The property is located at 15 Angle St Pawtucket, RI.

What is the asking price?

The asking price for this property is $700,000.

What are key features of this property?

This property features: Five‑unit residential building with a diverse mix of units.; Garages offer ADU conversion potential for increased income.; Fully rented, tenants pay utilities, providing immediate income.