Six-Unit Apartment
New
For Sale
$1,499,000
39-41 Benefit St, Pawtucket, RI 02861
Two three-unit buildings share a lot, with separate utilities and tenant-paid utility costs.
Property Size4,500 SF
Price / SF$333.11
Days on Market4
Property Features for 39-41 Benefit St
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
RM
Occupancy
100%
Units
Multifamily Units
6
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$11,220
Amenities
dedicated parking
coin-op laundry
Park
Full
Electric Water Heater
Paved, Off Street, Assigned
Building Details
Building Size
4,500 SF
Year Built
1920
Buildings
2
Stories
5
Listing Agency:
Cantave Realty Group, Inc.
Listed By:
Nicholson Cantave
(617) 510-0447
Source:
Evrealestate
Added: Oct 29
Changed: Oct 30
Last Checked: Oct 30 at 1:40PM
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 Cantave Realty Group, Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This six-unit apartment property comprises two buildings on one lot, with three units in each. The approximately 4,500-square-foot property has dedicated parking for both buildings and coin-operated laundry facilities in each. Each apartment is separately metered, and tenants cover their own utility expenses.
Major renovations were completed approximately five years ago, including reframing and updates to electrical, plumbing, mechanical systems, windows, siding, roofing, kitchens, bathrooms, flooring, and the driveway. The buildings were constructed in 1920 and are fully occupied, providing current rental income.
Major renovations were completed approximately five years ago, including reframing and updates to electrical, plumbing, mechanical systems, windows, siding, roofing, kitchens, bathrooms, flooring, and the driveway. The buildings were constructed in 1920 and are fully occupied, providing current rental income.
Key Highlights
- Six apartments across two buildings on one lot
- Approximately 4,500 square feet; three units in each building
- All six units are rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,465
Cap Rate
3.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,189,300
$1.2M
Cap Rate 7%
$849,500
$849.5K
Cap Rate 9%
$660,722
$660.7K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$115.0K $25.56/SF
− Vacancy
−$6.9K −$1.53/SF
EGI
$108.1K $24.03/SF
− OpEx
−$48.7K −$10.81/SF
NOI
$59.5K $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%
$1,189,300
Cap Rate 7%
$849,500
Cap Rate 9%
$660,722
Alternative Uses
Best Use
Apartment 5plus
$849.5K
$743.3K – $991.1K
NOI $59,465 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.07M
$936.6K – $1.25M
NOI $74,927 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Explore this area
Business Placement
Demographics for 02861, RI
27,833
Population
11,928
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
3.6 sq mi
ZIP Area
7,731
Density / Sq Mi
$83,044
Median Household Income
$47,384
Median Earnings
$1,278
Median Rent
$285,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two three-unit buildings share a lot, with separate utilities and tenant-paid utility costs.
Where is this apartment building located?
The property is located at 39-41 Benefit St Pawtucket, RI.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Six apartments across two buildings on one lot; Approximately 4,500 square feet; three units in each building; All six units are rented
