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669 Elmwood Ave 14 Unit Apartment Building $3,750,000 ($267,857/Unit) 10.10% Cap Rate Providence, RI 02907

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Executive Summary

Circa 1900 Mill type property, subdivided into 14 very large residential lofts (43,850 SF) that could be subdivided, 12 office/studio spaces (8,330 SF ),that could also be converted to residential and 3 warehouse use spaces (11,400 SF ). In addition there is a separate 19,526 SF lot zoned C-@ that could be developed with an additional 30 residential units. This property is fully occupied. With additional investment the property has the potential to significantly increase NOI. Great oppourtunity to get in on the nations #1 rental market !

Elmwood

Property Facts

Price	$3,750,000	Apartment Style	Low-Rise
Price Per Unit	$267,857	Building Class	C
Sale Type	Investment	Lot Size	2.02 AC
Cap Rate	10.10%	Building Size	63,580 SF
Sale Conditions	Deferred Maintenance Redevelopment Project	No. Stories	3
No. Units	14	Year Built	1900
Property Type	Multifamily	Parking Ratio	0.36/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	M1 & C-2 - Permitted for Multi unit residential (25-30 residential units), retail, office, industrial/warehouse

Price	$3,750,000
Price Per Unit	$267,857
Sale Type	Investment
Cap Rate	10.10%
Sale Conditions	Deferred Maintenance Redevelopment Project
No. Units	14
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	2.02 AC
Building Size	63,580 SF
No. Stories	3
Year Built	1900
Parking Ratio	0.36/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	M1 & C-2 - Permitted for Multi unit residential (25-30 residential units), retail, office, industrial/warehouse

Unit Mix Information

Description	No. Units	Avg. Rent/Mo	SF
1+1	14	-	-

1 1

Aerial
Map

669 Elmwood Ave, Providence, RI - Aerial map view - Image1

669 Elmwood Ave, Providence, RI - Aerial map view - Image2

669 Elmwood Ave, Providence, RI - Aerial map view - Image3

669 Elmwood Ave, Providence, RI - Aerial map view - Image4

Moderately walkable

60/100

Very drivable

80/100

Some public transit

40/100

Fairly bikeable

50/100

Source: Local Logic^®

Property Taxes

Parcel Numbers	Multiple PROV-520044-000000-000000 PROV-520370-000000-000000	Improvements Assessment	$1,189,500
Land Assessment	$1,066,300	Total Assessment	$2,255,800