Five-Unit Apartment
391 Waterman Avenue East Providence, RI 02914
391 Waterman Avenue, East Providence, RI, 02914
$875,000
For Sale
$875,000
Well-maintained five-unit building with three studios and two one-bedrooms, featuring a single gas boiler for all units.
Property Size2,672 SF
Price / SF$327.47
Days on Market90
Property Features for 391 Waterman Avenue
General Information
- Standard status
- Active
- Size
- 2,672 SF
- Property subtype
- Multi-family / 5+ Family - 5+ Units Up/Down
Building Details
- Year Built
- 1920
Listing agency
Grove Property Group
(617) 812-9035
Listed by
Harry Verenis · License #9583024
(617) 812-9035
Source
Compass
Added: Apr 24 Updated: Jul 20 at 6:32PM Checked: Jul 21 at 6:08AM
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 Grove Property Group
Investment Insights
Based on property information with market context.
This well-maintained five-unit apartment building offers a unit mix of three studios and two one-bedroom apartments. Two of the five units have been renovated, and the property is served by a single Weil-McLain gas boiler that provides heat to all units. Ownership currently covers gas and electric.
Recent capital improvements include a new roof in 2022, a repaved driveway in 2016, and the majority of windows replaced in 2025, which helps reduce near-term expenditure for a new owner.
The current rental income is approximately $6,200 per month, with additional upside described by the seller through rent increases to market levels and potential operating improvements related to separating utilities.
Recent capital improvements include a new roof in 2022, a repaved driveway in 2016, and the majority of windows replaced in 2025, which helps reduce near-term expenditure for a new owner.
The current rental income is approximately $6,200 per month, with additional upside described by the seller through rent increases to market levels and potential operating improvements related to separating utilities.
Key Highlights
- 5‑unit property with 3 studios and 2 one‑bedroom apartments
- Generates $6,200 in monthly rental income
- Two of the five apartments have been renovated
Local 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 | $68.3k | $25.56 |
| − Vacancy | −$4.1k | −$1.53 |
| EGI | $64.2k | $24.03 |
| − OpEx | −$28.9k | −$10.81 |
| NOI | $35.3k | $13.21 |
2,672 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$504.4K
$441.4K – $588.5K
NOI $35,309 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$635.6K
$556.1K – $741.5K
NOI $44,490 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained five-unit building with three studios and two one-bedrooms, featuring a single gas boiler for all units.
Where is this apartment building located?
The property is located at 391 Waterman Avenue East Providence, RI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 5‑unit property with 3 studios and 2 one‑bedroom apartments; Generates $6,200 in monthly rental income; Two of the five apartments have been renovated
