Mixed 1- and 2-Bed Apartment
230 Phenix Cranston, RI 02920
New
For Sale
$2,799,000
Seventeen-unit building with 1- and 2-bedroom apartments, 14 currently occupied and producing stated gross income.
Property Size15,278 SF
Price / SF$183.20
Days on Market6
Property Features for 230 Phenix
General Information
- Standard status
- Active
- Size
- 15,278 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1973
Listing Agency:
SMITH AND OAK REAL ESTATE CO.
(401) 464-2617
Listed By:
S & O RHODE ISLAND GROUP
Source:
Corcoran
Added: Jul 22
Changed: Jul 25
Last Checked: Jul 26 at 9:47AM
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 SMITH AND OAK REAL ESTATE CO.
Investment Insights
Based on property information with market context.
This 17-unit multifamily property consists of four 2-bedroom units and thirteen 1-bedroom units. As of today, 14 of 17 units are occupied and producing $280,200 in gross income, reflecting a 6.16% cap rate on in-place rents. Operating expenses are listed at $107,679, including taxes, insurance, utilities, landscaping/snow, cleaning, and routine maintenance.
Located in western Cranston, the building is described as being minutes from downtown Providence. The offering also notes a tenant base supported by nearby major employers, including CVS Health, Citizens Financial Group, Care New England, Brown, IGT, and Amica.
The remarks outline upside through bringing the three vacant units to market rents. Projected gross income is stated at $401,400, with a 10.49% cap rate on the same operating cost base, and approximately $121,200 of additional annual NOI.
Located in western Cranston, the building is described as being minutes from downtown Providence. The offering also notes a tenant base supported by nearby major employers, including CVS Health, Citizens Financial Group, Care New England, Brown, IGT, and Amica.
The remarks outline upside through bringing the three vacant units to market rents. Projected gross income is stated at $401,400, with a 10.49% cap rate on the same operating cost base, and approximately $121,200 of additional annual NOI.
Key Highlights
- 17‑unit multifamily building built in 1973
- Unit mix: four 2‑bedroom and thirteen 1‑bedroom units
- 14 of 17 units currently occupied, producing $280,200 in stated gross income
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 | $390.5k | $25.56 |
| − Vacancy | −$23.4k | −$1.53 |
| EGI | $367.1k | $24.03 |
| − OpEx | −$165.2k | −$10.81 |
| NOI | $201.9k | $13.21 |
15,278 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.88M
$2.52M – $3.36M
NOI $201,891 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.63M
$3.18M – $4.24M
NOI $254,386 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Seventeen-unit building with 1- and 2-bedroom apartments, 14 currently occupied and producing stated gross income.
Where is this apartment building located?
The property is located at 230 Phenix Cranston, RI.
What is the asking price?
The asking price for this property is $2,799,000.
What are key features of this property?
This property features: 17‑unit multifamily building built in 1973; Unit mix: four 2‑bedroom and thirteen 1‑bedroom units; 14 of 17 units currently occupied, producing $280,200 in stated gross income
