2951 E Main Rd - Apartments FOR SALE


Portsmouth, RI 02871
$3,395,000 USD
401-324-0048
2951 E Main Rd, Portsmouth, RI for Sale
$3,395,000 USD
Apartments - FOR SALE
1/9
null | Request Cap Rate

2951 E Main Rd
Portsmouth, RI 02871


OVERVIEW

Borden Farm Estates: Fully Approved Development Opportunity Here's an exciting opportunity to develop a total of 26 residential units, expanding across 6 structures. Currently, the ‘Borden Farm’ house contains 6 one-bedroom apartments. The second structure, known as the ‘Borden Barn,’ is currently utilized as commercial shop space; however, there are renderings for transforming it into 4 two bedroom units. Also approved is the construction of 4 new structures that will be located on the north and west sides of the lot, each housing 4 units, totaling 16 two-bedroom units built from the ground up. The entire development project spans a combined area of 123,707 square feet (2.84 acres). Condominium documents are drafted for the 6 existing units. Please inquire for the full development package, including: septic plans, engineering plan, renovation plans, and more.

FOR SALE DETAILS

PRICE

$3,395,000 USD

PRICE/SF

$708 USD /SF

# OF UNITS

26

PRICE/UNIT

$130,577

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Borden Farm Development

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1865

PARKING SPACES

8

LAND DETAILS

LAND ACRES

2.67 AC

LAND SF

116,305 SF

ZONING

C-1

APN/PARCEL ID

PORT-000031-000000-000032

ASK ABOUT THIS PROPERTY

Molly KirbyKirby & KirbyMore Info
401-324-0048

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Molly KirbyKirby & KirbyMore Info
401-324-0048

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