191 Dexter St - Multi-Family FOR SALE


Providence, RI 02907- West End Providence
$2,750,000 USD
401-952-7887
191 Dexter St, Providence, RI for Sale
$2,750,000 USD
Multi-Family - FOR SALE
1/4
null | 6% Cap Rate

191 Dexter St
Providence, RI 02907
West End Providence


HIGHLIGHTS

  • 6.0% cap rate on current income; 7.6% cap rate on market rents
  • NOI: $148,832 in-place / $190,172 at market
  • 14 units across four buildings on two contiguous lots — sold together or evaluated per lot
  • 13,776 SF combined lot size, zoned R-3
  • West End/Armory neighborhood, off Westminster Street near Cranston Street
  • Unit mix: seven 1BR, six 2BR, one 4BR — 23 bedrooms, 18 bathrooms total

OVERVIEW

Four buildings and 14 units anchor this Dexter Street assemblage in Providence's West End/Armory neighborhood, off Westminster Street near Cranston Street, offered together on two contiguous R-3 lots totaling 13,776 square feet (Map 31, Lots 142 and 143). The unit mix spans seven one-bedroom, six two-bedroom, and one four-bedroom apartment, for 23 bedrooms and 18 bathrooms in all, with each unit separately metered for heat, hot water, and electric. A two-car garage adds to ample off-street parking, with a dedicated space assigned to every unit, and lead certificates are on file across the portfolio. The portfolio is priced at a 6.0% cap rate on current income. Long-term ownership has kept rents meaningfully below market: annualized income of $228,060 is below achievable market rents of $269,400 by roughly 15%, an 18% rent upside that pushes yield to 7.6% once units are repositioned to market — an upside the asking price does not capture. Expenses are stabilized and fully documented, leaving $148,832 available for debt service today and $190,172 at market rents. Lead Certificates for all units; floor plans and 3D walk through available for all units.

FOR SALE DETAILS

PRICE

$2,750,000 USD

PRICE/SF

$351 USD /SF

# OF UNITS

14

PRICE/UNIT

$196,429

CAP RATE

6%

% LEASED

0%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1990

PARKING SPACES

2

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

R3

APN/PARCEL ID

PROV-310143-000000-000000

ASK ABOUT THIS PROPERTY

Joy RileyWestcott PropertiesMore Info
401-952-7887

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Joy RileyWestcott PropertiesMore Info
401-952-7887

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.