23 Melrose St East Greenwich, RI 02818

Property Details for 23 Melrose St

Year built

1930

Property size

7,034 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents an 8-unit apartment building situated on a 0.191-acre lot in desirable East Greenwich, Rhode Island. The three-story building, constructed in 1930, boasts 7,034 square feet of gross area, with 5,100 square feet of net rentable space. The unit mix includes two studios, five one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit, currently enjoying 100% occupancy. The property features a private deck for one unit and rear green space, along with off-street parking. Priced at $985,000 ($123,125 per unit), it offers a compelling 7.73% cap rate and a strong NOI of $76,102. Below-market rents present significant value-add potential through strategic unit upgrades. Its prime location, one block from Main Street (US Route 1), provides convenient access to major roadways (including US Route 1, RI Routes 4 & 2, and I-95), public transportation, area schools, and numerous retail amenities. The property is also within close proximity to Greenwich Cove on Greenwich Bay, offering residents access to waterfront recreation. The building is master-metered, with the landlord responsible for electricity, heat, hot water, and domestic water & sewer. Strong rental demographics and high demand in the surrounding area further enhance this investment's appeal. This is a rare opportunity to acquire a well-located, value-add multifamily property with significant upside potential in a thriving Rhode Island community.