Mixed 1- and 2-Bed Apartment
For Sale
$2,799,000
Pending
230 Phenix Avenue, Cranston, RI 02920
Seventeen-unit building with 1- and 2-bedroom apartments, 14 currently occupied and producing stated gross income.
Property Size15,278 SF
Days on Market98
Property Features for 230 Phenix Avenue
General Information
Standard status
Pending
Size
15,278 SF
Property subtype
MultiFamily
Building Details
Year Built
1973
Listing Agency:
Smith and Oak Real Estate Co.
(401) 464-2617
Listed By:
S & O Rhode Island Group
(401) 281-8491
Source:
Lockandkeyre
Added: Jul 22
Changed: Oct 25
Last Checked: Oct 26 at 4:05PM
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.
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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
Estimated NOI and Cap Rate
NOI / Yr
$201,891
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,037,820
$4.0M
Cap Rate 7%
$2,884,157
$2.9M
Cap Rate 9%
$2,243,233
$2.2M
Market Conditions
NOI Build-Up for 15,278 SF
Gross rent
$390.5K $25.56/SF
− Vacancy
−$23.4K −$1.53/SF
EGI
$367.1K $24.03/SF
− OpEx
−$165.2K −$10.81/SF
NOI
$201.9K $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%
$4,037,820
Cap Rate 7%
$2,884,157
Cap Rate 9%
$2,243,233
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 authorities.
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Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
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Business Placement
Demographics for 02920, RI
37,791
Population
15,052
Households
2.5
Avg Household Size
43
Median Age
32%
College-Educated
88%
High-School Grad
8.9 sq mi
ZIP Area
4,246
Density / Sq Mi
$79,246
Median Household Income
$51,811
Median Earnings
$1,271
Median Rent
$336,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
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 Avenue 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
