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393 Waterman Ave 5 Unit Apartment Building $875,000 ($175,000/Unit) 6% Cap Rate East Providence, RI 02914
Investment Highlights
- Well-maintained 5 unit building
- New roof, driveway, and majority of windows replaced.
- Proven value-add strategy in renovated units
Executive Summary
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.
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.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$74,400
|
$27.84
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$74,400
|
$27.84
|
| Taxes |
$9,508
|
$3.56
|
| Operating Expenses |
$16,252
|
$6.08
|
| Total Expenses |
$25,760
|
$9.64
|
| Net Operating Income |
$48,640
|
$18.20
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $74,400 |
| Annual Per SF | $27.84 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $74,400 |
| Annual Per SF | $27.84 |
| Taxes | |
|---|---|
| Annual | $9,508 |
| Annual Per SF | $3.56 |
| Operating Expenses | |
|---|---|
| Annual | $16,252 |
| Annual Per SF | $6.08 |
| Total Expenses | |
|---|---|
| Annual | $25,760 |
| Annual Per SF | $9.64 |
| Net Operating Income | |
|---|---|
| Annual | $48,640 |
| Annual Per SF | $18.20 |
Property Facts
| Price | $875,000 | Apartment Style | Low-Rise |
| Price Per Unit | $175,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 6% | Building Size | 2,672 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | ||
| Zoning | C2 | ||
| Price | $875,000 |
| Price Per Unit | $175,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Sale Condition | 1031 Exchange |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 2,672 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1920 |
| Zoning | C2 |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,550 | - |
| Studios | 3 | $1,150 | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | EPRO-000306-000017-000008 | Total Assessment | $467,900 |
| Land Assessment | $96,000 | Annual Taxes | $9,508 ($3.56/SF) |
| Improvements Assessment | $371,900 | Tax Year | 2025 |
Property Taxes
Parcel Number
EPRO-000306-000017-000008
Land Assessment
$96,000
Improvements Assessment
$371,900
Total Assessment
$467,900
Annual Taxes
$9,508 ($3.56/SF)
Tax Year
2025
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393 Waterman Ave
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