169 Waterman St Providence, RI 02906

Property Details for 169 Waterman St

Year built

1900

Property type

Small apartment buildings

Description

This exceptional investment opportunity presents a three-story, 7-unit apartment building situated on a 6,970 square foot lot at 169 Waterman Street in Providence, Rhode Island, 02906. Built in 1900, the property boasts a prime location just four blocks from Brown University's campus and Thayer Street, ensuring high occupancy rates. Currently, five of the seven units are vacant, presenting a unique chance to reposition the property and establish market-rate rents. Each unit features its own gas meter and boiler, enhancing individual tenant control and efficiency. A shared gas-fired hot water system and a single electric meter serve the building. A small on-site laundry room in the basement adds convenience for residents. The apartments retain original charm with hardwood floors and fireplaces, while modern updates like vinyl siding and replacement windows simplify maintenance. On-site parking accommodates up to seven vehicles, supplemented by ample street parking. The building is fully compliant with fire codes and is zoned for six units. This property offers significant potential for a savvy investor seeking a high-return opportunity in a thriving college town setting. The asking price is $1,650,000.