35 Lake St Warwick, RI 02886

Property Details for 35 Lake St

Lot size

2.68 lot acres

Property size

40,928 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment portfolio comprises four buildings totaling 45 units situated on 2.68 acres in Warwick, Rhode Island. The property features a desirable mix of studio, one-bedroom, and two-bedroom units, catering to high demand in this growing market. With 39,612 net rentable square feet across 40,928 total square feet, the portfolio boasts a strong 7.67% cap rate and a substantial NOI of $575,016, representing a price per unit of $166,667 and a price per square foot of $189. Recent capital improvements include new roofs, exterior painting, interior painting, hallway carpets, and high-efficiency gas heating systems across all four buildings. The portfolio benefits from its prime location near major roadways, commercial corridors, public transportation, and amenities such as beaches, shopping centers, and hospitals. Significant value-add potential exists through planned upgrades to kitchens and bathrooms in the unrenovated units, further enhancing rental income in a supply-constrained market. The portfolio's strong location within a gentrifying area, coupled with its desirable unit mix and recent renovations, presents a compelling investment opportunity with significant upside potential. The property includes 80 parking spaces and is offered fee simple. Buildings were constructed in 1960, 1972, and 1990, and are three stories each. The portfolio is comprised of two (2) Studio units, four (4) 1-Bathroom units, and thirty-nine (39) 2-Bedroom/1-Bathroom units. The property is conveniently located near TF Green International Airport and major highways. The surrounding area boasts strong demographics, with over 59,400 people within a 3-mile radius and an average household income exceeding $117,558.