387 Broadway Providence, RI 02909

This exceptional investment opportunity presents a six-unit apartment building ideally situated on Broadway in Providence, Rhode Island. The property, built in 1900, boasts 4,695 square feet across three stories and sits on a 5,000 square foot lot. Currently operating at 85% occupancy, this stabilized investment generates a strong NOI of $90,000, yielding an attractive 8.18% cap rate. The asking price is $1,100,000, translating to $234.29 per square foot. Zoned C/R (Commercial/Residential), this mixed-use property offers significant potential. Each of the six units features individual utility metering, simplifying management. On-site laundry and off-street parking add to the property's appeal. Its prime location in Providence's emerging historic zone, near Federal Hill and downtown, provides easy access to area colleges (Brown, JWU, RIC, PC, and RISD) and Route 95, making it highly attractive to students and commuters. The property's low maintenance and potential for future storage expansion further enhance its investment value. Serious inquiries only; financing must be secured prior to viewing.