Renovated 10-Unit Apartment
For Sale
$1,700,000
228 W School St, Woonsocket, RI 02895
Two-building multifamily asset with updated residences and off-street parking.
Property Size5,400 SF
Price / SF$314.81
Days on Market88
Property Features for 228 W School St
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Commercial
Building Details
Year Built
1926
Listing Agency:
N.E. Commercial RE Brokers
Listed By:
Robert Berle
(843) 367-0291
Source:
Rhodeislandhomesforsale
Added: Jul 22
Changed: Oct 1
Last Checked: Oct 16 at 9:18AM
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 N.E. Commercial RE Brokers
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multifamily property includes two separate apartment buildings with 10 residential units in total. Each residence offers a one-bedroom, one-bath layout, and the combined living area measures approximately 5,400 square feet. Renovated interiors and off-street parking are among the property’s functional features.
Originally built in 1926, the property provides a defined apartment configuration across two buildings. The unit mix is consistent throughout, with five one-bedroom, one-bath apartments in each building.
Originally built in 1926, the property provides a defined apartment configuration across two buildings. The unit mix is consistent throughout, with five one-bedroom, one-bath apartments in each building.
Key Highlights
- 10 residential apartment units across two separate buildings
- Each building contains five 1‑bedroom, 1‑bath apartments
- Approximately 5,400 square feet of living space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,358
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,427,160
$1.4M
Cap Rate 7%
$1,019,400
$1.0M
Cap Rate 9%
$792,867
$792.9K
Market Conditions
NOI Build-Up for 5,400 SF
Gross rent
$138.0K $25.56/SF
− Vacancy
−$8.3K −$1.53/SF
EGI
$129.7K $24.03/SF
− OpEx
−$58.4K −$10.81/SF
NOI
$71.4K $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%
$1,427,160
Cap Rate 7%
$1,019,400
Cap Rate 9%
$792,867
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$892.0K – $1.19M
NOI $71,358 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.28M
$1.12M – $1.50M
NOI $89,913 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily asset with updated residences and off-street parking.
Where is this apartment building located?
The property is located at 228 W School St Woonsocket, RI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10 residential apartment units across two separate buildings; Each building contains five 1‑bedroom, 1‑bath apartments; Approximately 5,400 square feet of living space
