Six-Unit Turn-Key Apartment
50 Garfield #6 Central Falls, RI 02863
50 Garfield #6, Central Falls, RI, 02863
$995,000
For Sale
$995,000
Six modern-style units with updated 2BR/1BA interiors, stainless kitchens, and recent exterior, plumbing, and HVAC improvements.
Property Size3,795 SF
Price / SF$262.19
Days on Market71
Property Features for 50 Garfield #6
General Information
- Standard status
- Active
- Size
- 3,795 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1900
Listing agency
PYRAMID REALTY INC
(401) 323-4315
Listed by
MARTHA HABIB
Source
Corcoran
Added: May 13 Updated: Jul 22 at 3:44PM Checked: Jul 22 at 3:44PM
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 PYRAMID REALTY INC
Investment Insights
Based on property information with market context.
This turn-key multifamily property totals six modern-style apartment units. Each unit features 2 bedrooms and 1 bathroom, with stainless steel kitchens and newly updated floors and baths. Recent capital improvements include new exterior siding, soffits, gutters, windows, plumbing, and two heating systems. The building is equipped with a new fire alarm system and an all-around security camera system.
The property is located in Central Falls, RI, near the Lincoln Line, with access to Interstate highways and the Train Station within minutes, along with several nearby conveniences. The units are fully rented on month-to-month leases. The offering includes an estimated NOI of $111,190 per year, reflecting an indicated cap rate of 11% (per the provided information).
The property is located in Central Falls, RI, near the Lincoln Line, with access to Interstate highways and the Train Station within minutes, along with several nearby conveniences. The units are fully rented on month-to-month leases. The offering includes an estimated NOI of $111,190 per year, reflecting an indicated cap rate of 11% (per the provided information).
Key Highlights
- 6‑unit modern‑style multifamily property with updated 2BR/1BA interiors
- New stainless steel kitchen appliances and updated floors and baths
- Capital improvements include new exterior siding, soffits, gutters, windows, and plumbing
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 | $97.0k | $25.56 |
| − Vacancy | −$5.8k | −$1.53 |
| EGI | $91.2k | $24.03 |
| − OpEx | −$41.0k | −$10.81 |
| NOI | $50.1k | $13.21 |
3,795 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$716.4K
$626.9K – $835.8K
NOI $50,149 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$902.7K
$789.9K – $1.05M
NOI $63,189 @ 7.0% cap · market cap 6.35%
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 - Six modern-style units with updated 2BR/1BA interiors, stainless kitchens, and recent exterior, plumbing, and HVAC improvements.
Where is this apartment building located?
The property is located at 50 Garfield #6 Central Falls, RI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 6‑unit modern‑style multifamily property with updated 2BR/1BA interiors; New stainless steel kitchen appliances and updated floors and baths; Capital improvements include new exterior siding, soffits, gutters, windows, and plumbing
