27 Pilgrim Dr Coventry, RI 02816

Property Details for 27 Pilgrim Dr

Year built

1940

Lot size

0.42 lot acres

Property type

Commercial real estate

Description

This exceptional investment property in Coventry, RI, presents a rare opportunity to acquire two buildings situated on a 0.42-acre lot. The main structure is a five-unit multi-family building, comprising four one-bedroom units and one two-bedroom unit. All units feature gas heat and city water. Four of the one-bedroom units currently rent for $1,300 per month, inclusive of heat and hot water, while the two-bedroom unit commands $1,800 per month, also including heat and hot water. One one-bedroom unit has a long-term tenant at a below-market rate. The property boasts a full basement, newly installed windows (except for one in the oldest unit), and a recently updated roof. A central fire system is in place and undergoes annual inspections. The second building is a single-family home with one bedroom or two bedrooms, an attached one-car garage, a storage room, and a full basement. This home has been completely remodeled and is currently vacant, offering significant rental potential, estimated at $2,500+ per month without utilities. The property features three septic tanks (two 1000-gallon and one 1500-gallon) and ample parking for tenants. A newly paved driveway enhances curb appeal. The property is offered at $949,900. Rental income can be increased.