Updated Six-Unit Apartment
54 First Avenue, Woonsocket, RI 02895
For Sale
$799,900
Pending
Six residential units feature two-bedroom layouts, individual heating, owned appliances, and access to on-site parking.
Property Size5,262 SF
Days on Market97
Property Features for 54 First Avenue
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Amenities
porches
on-site laundry
Building Details
Year Built
Listing Agency:
CrossRoads Real Estate Group
(401) 766-7545
Listed By:
Bruce Burlingame · License RI RES.0030452
(401) 595-9633
Source:
Lockandkeyre
Added: Aug 8
Changed: Nov 12
Last Checked: Nov 12 at 7:48AM
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 CrossRoads Real Estate Group
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Investment Insights
Based on property information with market context.
This 1900 apartment building contains 6 units, each arranged with 2 bedrooms, a bathroom, a spacious living room, and a kitchen. Unit interiors include hardwood or vinyl plank flooring, while many kitchens and bathrooms have been updated. Improvements also include rebuilt porches, vinyl replacement windows, upgraded or refinished cabinetry, circuit breaker panels, and hardwired fire-coded smoke and carbon monoxide detectors. Appliances are owned and included with the property.
The property at 54 First Avenue in Woonsocket, RI, is accompanied by an abutting 2,500-square-foot lot. The additional parcel provides parking for up to 10 cars+ and contributes to the stated lot size and tax figures. Each apartment has individual central baseboard heating paid by tenants. A basement laundry area includes coin-operated washers and dryers.
The property at 54 First Avenue in Woonsocket, RI, is accompanied by an abutting 2,500-square-foot lot. The additional parcel provides parking for up to 10 cars+ and contributes to the stated lot size and tax figures. Each apartment has individual central baseboard heating paid by tenants. A basement laundry area includes coin-operated washers and dryers.
Key Highlights
- 6‑unit apartment building with 2 bedrooms and 1 bathroom in each unit
- Abutting 2,500‑square‑foot lot provides parking for up to 10 cars+
- Many kitchens and bathrooms have been updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,535
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,390,700
$1.4M
Cap Rate 7%
$993,357
$993.4K
Cap Rate 9%
$772,611
$772.6K
Market Conditions
NOI Build-Up for 5,262 SF
Gross rent
$134.5K $25.56/SF
− Vacancy
−$8.1K −$1.53/SF
EGI
$126.4K $24.03/SF
− OpEx
−$56.9K −$10.81/SF
NOI
$69.5K $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%
$1,390,700
Cap Rate 7%
$993,357
Cap Rate 9%
$772,611
Alternative Uses
Best Use
Apartment 5plus
$993.4K
$869.2K – $1.16M
NOI $69,535 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.25M
$1.10M – $1.46M
NOI $87,615 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
495
Businesses Nearby
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Business Placement
Demographics for 02895, RI
43,269
Population
19,443
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
82%
High-School Grad
7.8 sq mi
ZIP Area
5,547
Density / Sq Mi
$58,579
Median Household Income
$40,929
Median Earnings
$1,116
Median Rent
$267,900
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Woonsocket, RI
Properties on Market for Apartment buildings in Woonsocket
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six residential units feature two-bedroom layouts, individual heating, owned appliances, and access to on-site parking.
Where is this apartment building located?
The property is located at 54 First Avenue Woonsocket, RI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 6‑unit apartment building with 2 bedrooms and 1 bathroom in each unit; Abutting 2,500‑square‑foot lot provides parking for up to 10 cars+; Many kitchens and bathrooms have been updated
