67 Ridge Street is a former convent with a maintenance-free brick exterior, repurposed across three floors into a documented, income-producing property designed for shared occupancy. The property holds 11 bedrooms and 6 baths: the first floor centers on a spacious furnished common area, an ensuite with private bath, and two bedrooms sharing a bath; the second and third floors each repeat a self-contained configuration of an ensuite plus three bedrooms sharing a common bath and kitchen. That room-around-common-space structure, repeated floor to floor, extends this property's appeal past the conventional investor to group home operators, transitional or sober-living housing providers, student housing, and institutional or nonprofit buyers.
A finished lower level adds five additional rooms, a bath, and coin-op laundry — not currently counted toward the bedroom total due to window egress sizing — representing future expansion potential for a buyer looking to bring the space into code compliance.
Documented annual income runs $174,960 across a diversified revenue base — long-term tenancy alongside an active short-term rental operation through Airbnb and Cloudbeds — and the property is sold fully furnished. Twelve months of documented income qualifies the property in the 1.16x–1.41x DSCR range across a $1.4M–$1.5M purchase price, and on a self-managed basis, the asset runs near a 7.5% cap rate at the current ask.
Located in the heart of Federal Hill, the property sits within walking distance of Atwells Avenue's restaurants, shops, and entertainment, with the West Side's full range of amenities close by. Ample on-site parking, a nearby dog park, and easy access to downtown Providence and the train round out the location.