230 Phenix Avenue Cranston, RI 02920
Other
MLS #: 1418614
Courtesy Of Smith And Oak Real Estate Co.
Property InformationDescription
230 Phenix Avenue is a 17-unit multifamily investment in western Cranston, offered at $2,800,000 ($164,706/unit). The building - four 2-bed and thirteen 1-bed units - is 14 of 17 occupied and producing $280,200 in gross income today, a 6.16% cap rate on in-place rents. The upside is clear and financeable: every occupied unit sits below market, and marking rents to market while leasing the three vacant units lifts gross income to $401,400 and the cap rate to 10.49% on the same operating cost base - roughly $121,200 of additional annual NOI. Held flat, operating expenses run $107,679 (taxes, insurance, utilities, landscaping/snow, cleaning, routine maintenance). Minutes from downtown Providence and anchored by Rhode Island's largest employers - CVS Health, Citizens Financial Group, Care New England, Brown, IGT and Amica - the asset draws a deep, stable renter pool. A rare in-place, cash-flowing building with a defined path to a double-digit return.
Features
- Age: Over 50 Years Old
- Amenities: Security System
- Building Units: 1
- Exterior Type: Brick
- Heating System: Natural Gas
- MLSID: 1418614
- Parking Spaces: 26
MAP & DIRECTIONS
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