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116 Foundry St 5 Unit Apartment Building $999,990 ($199,998/Unit) 10.10% Cap Rate Central Falls, RI 02863
INVESTMENT HIGHLIGHTS
- Turn-Key Fully Renovated: Plumbing, Electric, Siding, Roofs, Kitchens, Bathrooms
- Optional transferable reduced rate property management
- High Cap Rate
EXECUTIVE SUMMARY
Prime Investment opportunity-- NOI north of $100,000, Cap Rate 10%+, 5 Units, (2) 1BR/1BA, (1) 2BR/2BA SFH, (2) 3BR/1BA -- GMR: $10,825
New Everything. NOI over $100K+, Cap Rate over 10%, 5 Total Units, $10,825 gross monthly rent. (1) Single Family with 2BR/2BA across 850 +/- sq. ft. currently rented as an AirBnb [after expenses, this unit nets $2,600 per month]. (1) 4-Unit building. Unit 1 is a 3BR/1BA across 1,140 +/- sq. ft. and is vacant [MARKET $2,800 p/month]. Unit 2 is the same layout, occupied [$2,500 p/month]. The third floor is split into (2) 1BR/1BA units, both currently occupied [3L: $1,375 p/month, 3R: $1,550 p/month]. Don't let this opportunity slip. Brand new: plumbing, electrical, insulated windows, roof* siding, 3 navien tankless heat/hot water, flooring, kitchens, bathrooms, smoke detectors, light and plumbing fixtures. *Back house has brand new roof (archetectural shingles), 4-unit has flat, rubber roof in great condition. Maintenance free investment is a great addition to your portfolio in a growing market. Inquire about transferable property management available at discounted rate.
New Everything. NOI over $100K+, Cap Rate over 10%, 5 Total Units, $10,825 gross monthly rent. (1) Single Family with 2BR/2BA across 850 +/- sq. ft. currently rented as an AirBnb [after expenses, this unit nets $2,600 per month]. (1) 4-Unit building. Unit 1 is a 3BR/1BA across 1,140 +/- sq. ft. and is vacant [MARKET $2,800 p/month]. Unit 2 is the same layout, occupied [$2,500 p/month]. The third floor is split into (2) 1BR/1BA units, both currently occupied [3L: $1,375 p/month, 3R: $1,550 p/month]. Don't let this opportunity slip. Brand new: plumbing, electrical, insulated windows, roof* siding, 3 navien tankless heat/hot water, flooring, kitchens, bathrooms, smoke detectors, light and plumbing fixtures. *Back house has brand new roof (archetectural shingles), 4-unit has flat, rubber roof in great condition. Maintenance free investment is a great addition to your portfolio in a growing market. Inquire about transferable property management available at discounted rate.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $999,990 | Apartment Style | Low-Rise |
| Price Per Unit | $199,998 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 10.10% | Building Size | 5,000 SF |
| No. Units | 5 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2024 |
| Zoning | R-3 - Residential | ||
| Price | $999,990 |
| Price Per Unit | $199,998 |
| Sale Type | Investment |
| Cap Rate | 10.10% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 5,000 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built/Renovated | 1900/2024 |
| Zoning | R-3 - Residential |
AMENITIES
UNIT AMENITIES
- Microwave
- Heating
- Kitchen
- Basement
- Porch
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 2 | $1,550 | 500 |
| 2+2 | 1 | $2,600 | 850 |
| 3+1 | 2 | $2,650 | 1,140 |
Walk Score®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | CENT-000005-000000-000347 | Total Assessment | $608,400 (2025) |
| Land Assessment | $105,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $503,400 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
CENT-000005-000000-000347
Land Assessment
$105,000 (2025)
Improvements Assessment
$503,400 (2025)
Total Assessment
$608,400 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Smith and Oak Real Estate Co.
116 Foundry St
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