Renovated 5-Unit Apartment
247 Blackstone Street, Woonsocket, RI 02895
For Sale
$685,000
Recent building-system and kitchen upgrades complement the property’s five residential units.
Property Size2,674 SF
Price / SF$256.17
Days on Market9
Property Features for 247 Blackstone Street
General Information
Standard status
Size
Property subtype
Additional Details
Public Transit
Multifamily Units
Building Details
Year Built
Listing Agency:
Broadway Real Estate Group
(401) 354-7969
Listed By:
Michelle Savastano · License #REB.0016954
(401) 265-7078
Source:
Lockandkeyre
Added: Oct 30
Changed: Nov 5
Last Checked: Nov 4 at 4:40PM
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 Broadway Real Estate Group
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 five-unit apartment building dates to 1900 and has received renovations within the past two years. Work includes vinyl siding, five new boilers, updated electrical panels, new electrical service, and kitchen improvements with new cabinetry and flooring. Lead certifications are in place.
The property is located in Woonsocket, Rhode Island, near schools, shopping, local amenities, and public transportation.
The property is located in Woonsocket, Rhode Island, near schools, shopping, local amenities, and public transportation.
Key Highlights
- Five residential units
- Renovations completed within the past two years
- Five new boilers, updated electrical panels, and new electrical service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,336
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,720
$706.7K
Cap Rate 7%
$504,800
$504.8K
Cap Rate 9%
$392,622
$392.6K
Market Conditions
NOI Build-Up for 2,674 SF
Gross rent
$68.3K $25.56/SF
− Vacancy
−$4.1K −$1.53/SF
EGI
$64.2K $24.03/SF
− OpEx
−$28.9K −$10.81/SF
NOI
$35.3K $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%
$706,720
Cap Rate 7%
$504,800
Cap Rate 9%
$392,622
Alternative Uses
Best Use
Apartment 5plus
$504.8K
$441.7K – $588.9K
NOI $35,336 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$636.0K
$556.5K – $742.1K
NOI $44,523 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,048
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
$267,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Woonsocket, RI
Properties on Market for Apartment buildings in Woonsocket
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Recent building-system and kitchen upgrades complement the property’s five residential units.
Where is this apartment building located?
The property is located at 247 Blackstone Street Woonsocket, RI.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Five residential units; Renovations completed within the past two years; Five new boilers, updated electrical panels, and new electrical service
