The Heritage Apartments are located at 367 Woonasquatucket Avenue in North Providence Rhode Island. The property was built in 1988 and sits on .68 acres of land, and features approximately 24,000 square feet of living area. The exterior of the building is brick and the roof is pitched shingled roof. The property is 3 levels and consists of 16 2-bedroom 1 bathroom units and 7 1-bedroom 1 bathroom units. All kitchens and bathrooms are fairly modern. There is ample off-street parking and laundry facilities available on-site. Tenants are responsible for their own gas heat (hot water baseboard), hot water and household electricity. This building also has central air conditioning throughout.
This is a value-add opportunity as many of the tenants have been tenants for many years and their current rents are low. The rent roll can be pushed approximately $2000 a month with rent increases. There is also the potential for turning an area that is used for storage into a potential third bedroom in one unit for additional monthly income.
Please email agent for a complete marketing package including detailed profit and loss and rent roll.
North Providence is a town in Providence County with a population of approximately 35,000. The town is located minutes from the States Capitol City of Providence. With close proximity to major routes such as 146, 95, and 295 it makes for a nice suburban commuter town.
