8-Unit Multifamily Income
37 Mechanic Avenue Woonsocket, RI 02895
New
For Sale
$1,195,000
Fully occupied 8-unit, two-story multifamily building with eight 2-bedroom, 1-bath apartments.
Property Size5,500 SF
Price / SF$217.27
Days on Market6
Property Features for 37 Mechanic Avenue
General Information
- Standard status
- Active
- Size
- 5,500 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1880
Listing Agency:
N.E. Commercial RE Brokers
(843) 367-0291
Listed By:
Robert Berle
(843) 367-0291
Source:
Liongatere
Added: Jul 22
Changed: Jul 25
Last Checked: Jul 26 at 4:04PM
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 N.E. Commercial RE Brokers
Investment Insights
Based on property information with market context.
This fully occupied 8-unit multifamily property is housed in a two-story building and includes eight spacious apartments. Each unit features two bedrooms and one bathroom, creating a consistent rental mix within the property.
Located near downtown, shopping, restaurants, schools, major highways, and public transportation, the building is positioned for practical everyday access.
The property delivers immediate, stable rental income based on its current fully occupied status.
Located near downtown, shopping, restaurants, schools, major highways, and public transportation, the building is positioned for practical everyday access.
The property delivers immediate, stable rental income based on its current fully occupied status.
Key Highlights
- Fully occupied 8‑unit, two‑story multifamily building with eight 2‑bedroom, 1‑bath apartments
- Approximately 5,500 SF of living space total
- Year built: 1880
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 | $140.6k | $25.56 |
| − Vacancy | −$8.4k | −$1.53 |
| EGI | $132.1k | $24.03 |
| − OpEx | −$59.5k | −$10.81 |
| NOI | $72.7k | $13.21 |
5,500 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$908.5K – $1.21M
NOI $72,680 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.31M
$1.14M – $1.53M
NOI $91,578 @ 7.0% cap · market cap 7.66%
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 - Fully occupied 8-unit, two-story multifamily building with eight 2-bedroom, 1-bath apartments.
Where is this apartment building located?
The property is located at 37 Mechanic Avenue Woonsocket, RI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Fully occupied 8‑unit, two‑story multifamily building with eight 2‑bedroom, 1‑bath apartments; Approximately 5,500 SF of living space total; Year built: 1880
