391 Waterman Ave, East Providence, RI 02914
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391 Waterman Ave, East Providence, RI 02914
391 Waterman Ave, East Providence, RI 02914
391 Waterman Ave, East Providence, RI 02914
391 Waterman Ave, East Providence, RI 02914
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John J. Dean Jr.

John J. Dean Jr.

Engel & Völkers Americas

+1(617) 553-1926
$ 875,000
Est. payment /mo
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Active

391 Waterman Ave East Providence, RI 02914

5 Beds

5 Baths

2,672 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type 5+ Family - 5+ Units Up/Down

Listing Status Active

Purchase Type For Sale

Square Footage 2,672 sqft

Price per Sqft $327

MLS Listing ID 73509413

Bedrooms 5

Full Baths 5

Year Built 1920

Annual Tax Amount $9,508

Tax Year 2025

Lot Size 4,356 Sqft

Acres 0.1

Property Sub-Type 5+ Family - 5+ Units Up/Down

Property Description

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.

Location

State RI

County Providence

Zoning C2

Direction 391-393 Waterman Ave East Providence, RI 02914

Rooms

Basement Bulkhead, Slab

Exterior

Total Parking Spaces 7

Garage No

Building

Story 5

Foundation Concrete Perimeter

Sewer Public Sewer

Water Public

Others

Senior Community false

Listed by Grove Property Group

NEARBY SCHOOLS & PROPERTIES

John J. Dean Jr.

John J. Dean Jr.

Real Estate Advisor | License ID: 9512783

+1(617) 553-1926

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391 Waterman Ave

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