Renovated Five-Unit Multifamily
New
For Sale
$685,000
247 Blackstone Street, Woonsocket, RI 02895
Commercial/Business,Commercial Sale, Woonsocket, RI
Property Size2,674 SF
Lot Size0.20 Acres
Price / SF$256.17
Days on Market2
Property Features for 247 Blackstone Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
5
Basement
Full
Lot features
Free Standing
Standard status
Active
Size
2,674 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4346
Utilities
Heating system
Baseboard
Building Details
Year built
1900
Floors in Building
2
Listing Agency:
Broadway Real Estate Group
(401) 354-7969
Listed By:
Michelle Savastano · License #REB.0016954
(401) 265-7078
Added: Oct 30
Last Checked: Oct 31 at 7:06PM
MLS# 1427345
Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This five-unit multifamily property contains 2,674 square feet on a 0.2-acre lot. Built in 1900, the building has baseboard heating and a basement. Recent work includes vinyl siding, five replacement boilers, upgraded electrical panels and service, and interior updates to kitchens, cabinetry, and flooring. Lead certifications are in place.
The property is located at 247 Blackstone Street in Woonsocket, Rhode Island.
The property is located at 247 Blackstone Street in Woonsocket, Rhode Island.
Key Highlights
- Five‑unit multifamily property with 2,674 square feet on a 0.2‑acre lot
- Five new boilers, updated electrical panels, and new electrical service
- Recent vinyl siding installation and interior kitchen, cabinetry, and flooring updates
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.
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Recent building-system and interior work includes five boilers, electrical upgrades, and refreshed kitchens.
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‑unit multifamily property with 2,674 square feet on a 0.2‑acre lot; Five new boilers, updated electrical panels, and new electrical service; Recent vinyl siding installation and interior kitchen, cabinetry, and flooring updates
