393 Waterman Ave - Apartments FOR SALE


East Providence, RI 02914- Outer East Bay
$875,000 USD
617-697-4796
393 Waterman Ave, East Providence, RI for Sale
$875,000 USD
Apartments - FOR SALE
1/28
null | 6% Cap Rate

393 Waterman Ave
East Providence, RI 02914
Outer East Bay


HIGHLIGHTS

  • Well-maintained 5 unit building
  • Proven value-add strategy in renovated units
  • New roof, driveway, and majority of windows replaced.

OVERVIEW

This well-maintained 5-unit property features a unit mix of 3 studios and 2 one-bedroom apartments. It currently generates $6,200 in monthly rental income with clear upside potential through rent increases to market levels. Two out of five apartments have been renovated. The property has had key capital improvements already completed, including a new roof (2022), repaved driveway (2016), and majority of windows replaced (2025), minimizing short-term capital expenditure for a new owner. The building is serviced by a single Weil-McLain gas boiler providing heat to all units. Current ownership covers gas and electric, presenting a clear value-add opportunity to separate utilities and improve operating efficiency, ultimately increasing net operating income. Ideal for investors seeking a stable, cash-flowing asset with proven income and the ability to create higher returns through operational improvements and rent growth.

FOR SALE DETAILS

PRICE

$875,000 USD

PRICE/SF

$327 USD /SF

# OF UNITS

5

PRICE/UNIT

$175,000

CAP RATE

6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,395 SF

ZONING

C2

APN/PARCEL ID

EPRO-000306-000017-000008

ASK ABOUT THIS PROPERTY

Harry VerenisGrove Property GroupMore Info
617-697-4796

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Harry VerenisGrove Property GroupMore Info
617-697-4796

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