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186 Summit St 6 Unit Apartment Building $949,000 ($158,167/Unit) 6.16% Cap Rate Pawtucket, RI 02860
EXECUTIVE SUMMARY
Investors and developers—a rare opportunity to own a fully updated six-unit converted mansion with outstanding upside potential. The property features three spacious two-bedroom, two-bath units, each with in-unit laundry, & three modern one-bedroom, one-bath units. Inside, you’ll find a dramatic leather-walled foyer & a grand staircase, with all units offering updated tile baths, newer kitchens, & hardwood floors. Heating is efficient & reliable with three gas forced hot air systems & three gas baseboard systems. The exterior is maintenance-free, & the large yard provides ample parking. There is an extra lot, which may be buildable, is available for separate purchase, though parking is plentiful without it. The building is currently occupied by long-term tenants on predominantly month-to-month leases at below-market rents, giving you immediate value-add potential. This turnkey investment offers condo conversion possibilities and impressive curb appeal. Truly a significant investment!
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$115,200
|
$16.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$115,200
|
$16.33
|
| Taxes |
$9,800
|
$1.39
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$9,800
|
$1.39
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $115,200 |
| Annual Per SF | $16.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $115,200 |
| Annual Per SF | $16.33 |
| Taxes | |
|---|---|
| Annual | $9,800 |
| Annual Per SF | $1.39 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $9,800 |
| Annual Per SF | $1.39 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS Under Contract
| Price | $949,000 | Apartment Style | Low-Rise |
| Price Per Unit | $158,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6.16% | Building Size | 7,056 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM - residential | ||
| Price | $949,000 |
| Price Per Unit | $158,167 |
| Sale Type | Investment |
| Cap Rate | 6.16% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 7,056 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Opportunity Zone |
Yes |
| Zoning | RM - residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | PAWT-000024-000000-000624 | Total Assessment | $500,500 (2025) |
| Land Assessment | $104,800 (2025) | Annual Taxes | $9,800 ($1.39/SF) |
| Improvements Assessment | $395,700 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
PAWT-000024-000000-000624
Land Assessment
$104,800 (2025)
Improvements Assessment
$395,700 (2025)
Total Assessment
$500,500 (2025)
Annual Taxes
$9,800 ($1.39/SF)
Tax Year
2024
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186 Summit St
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