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528 Charles St., Providence, RI 02904 528 Charles St 6 Unit Apartment Building $850,000 ($141,667/Unit) 7.84% Cap Rate Providence, RI 02904
Investment Highlights
- High visibility area with strong demand for housing
- Mini splits in each unit that supply heat and ac
- Spacious units that have been recently renovated
Executive Summary
Fantastic investment opportunity in the heart of Providence. This 6-family property, located in a desirable C2 zoning district, offers strong, stable cash flow with long-term tenants in place. The building features a total of 13 bedrooms across six units, with most units thoughtfully remodeled, providing a solid blend of updated interiors and value-add potential. Layout consists of FIVE 2-bed apartments and ONE 3-bed apartment. Tenants pay all utilities, keeping operating expenses low and enhancing returns. With a cap rate of 7%+, this property is ideal for investors seeking immediate income and long-term appreciation.
Situated on highly visible Charles Street, just steps from public transportation and directly behind Hopkins Junior High School near the intersection of Charles St and Branch Ave, the location supports consistent rental demand. The exterior boasts low-maintenance vinyl siding and replacement windows. While there is currently no on-site laundry, the addition of coin-op or card-operated machines offers an easy opportunity to increase revenue.
528 Charles St is available as a stand-alone purchase or as part of a package including the adjacent 4,000 SF vacant lot at 532 Charles St, also zoned C2. The package price for both properties is $1,100,000. The vacant lot comes with plans for a 9-unit multifamily residential building with on-site parking, presenting significant development upside. Buyer of 528 Charles St will have first right of refusal on the lot—an outstanding opportunity to secure both immediate income and future expansion potential in one strategic acquisition.
Situated on highly visible Charles Street, just steps from public transportation and directly behind Hopkins Junior High School near the intersection of Charles St and Branch Ave, the location supports consistent rental demand. The exterior boasts low-maintenance vinyl siding and replacement windows. While there is currently no on-site laundry, the addition of coin-op or card-operated machines offers an easy opportunity to increase revenue.
528 Charles St is available as a stand-alone purchase or as part of a package including the adjacent 4,000 SF vacant lot at 532 Charles St, also zoned C2. The package price for both properties is $1,100,000. The vacant lot comes with plans for a 9-unit multifamily residential building with on-site parking, presenting significant development upside. Buyer of 528 Charles St will have first right of refusal on the lot—an outstanding opportunity to secure both immediate income and future expansion potential in one strategic acquisition.
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Double Pane Windows
Site Amenities
- Private Bathroom
1 1
Walk Score®
Very Walkable (84)
Property Taxes
| Parcel Number | PROV-760469-000000-000000 | Improvements Assessment | $679,400 |
| Land Assessment | $117,200 | Total Assessment | $796,600 |
Property Taxes
Parcel Number
PROV-760469-000000-000000
Land Assessment
$117,200
Improvements Assessment
$679,400
Total Assessment
$796,600
Contact
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Stephanie Basile -
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528 Charles St., Providence, RI 02904 | 528 Charles St
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