6-Unit Multifamily Investment
29 Mowry Street Central Falls, RI 02863
New
For Sale
$850,000
Six 2-bedroom units with separately metered utilities and off-street parking support a straightforward rental setup.
Property Size3,720 SF
Price / SF$228.49
Days on Market5
Property Features for 29 Mowry Street
General Information
Standard status
Active
Size
3,720 SF
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
Innovations Realty
(401) 414-7414
Listed By:
The ALBA Group
Source:
Lockandkeyre
Added: Jul 26
Changed: Jul 29
Last Checked: Jul 30 at 6:13AM
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 Innovations Realty
Investment Insights
Based on property information with market context.
This well-maintained 6-unit multifamily property includes six spacious units, each featuring 2 bedrooms and 1 full bathroom. Utilities are separately metered for each unit, offering an uncomplicated approach to utility management. The property also provides 8–10 off-street parking spaces for tenant convenience.
The building is located at 29 Mowry Street in Central Falls, Rhode Island, and is described as being just minutes from I-95 and the Blackstone Valley commuter rail station. The surrounding area includes restaurants, shopping, schools, and parks.
As an income-focused residential property, the consistent unit mix and dedicated utility metering are key operational features for prospective investors or buyers evaluating a turnkey multifamily configuration.
The building is located at 29 Mowry Street in Central Falls, Rhode Island, and is described as being just minutes from I-95 and the Blackstone Valley commuter rail station. The surrounding area includes restaurants, shopping, schools, and parks.
As an income-focused residential property, the consistent unit mix and dedicated utility metering are key operational features for prospective investors or buyers evaluating a turnkey multifamily configuration.
Key Highlights
- 6‑unit multifamily built in 1900, with each unit offering 2 bedrooms and 1 full bathroom
- Each of the six units has separately metered utilities for simplified tenant billing and management
- Includes 8–10 off‑street parking spaces for tenants and guests
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 | $95.1k | $25.56 |
| − Vacancy | −$5.7k | −$1.53 |
| EGI | $89.4k | $24.03 |
| − OpEx | −$40.2k | −$10.81 |
| NOI | $49.2k | $13.21 |
3,720 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$702.3K
$614.5K – $819.3K
NOI $49,158 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$884.9K
$774.3K – $1.03M
NOI $61,940 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Six 2-bedroom units with separately metered utilities and off-street parking support a straightforward rental setup.
Where is this apartment building located?
The property is located at 29 Mowry Street Central Falls, RI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 6‑unit multifamily built in 1900, with each unit offering 2 bedrooms and 1 full bathroom; Each of the six units has separately metered utilities for simplified tenant billing and management; Includes 8–10 off‑street parking spaces for tenants and guests
