75 Pocasset St
Johnston, RI 02919
The Lofts at Pocasset Mill · Multifamily Property For Sale · 92 Units

The Lofts at Pocasset Mill consists of a four-story brick mill building converted into market-rate, loft-style apartment homes in 2012. The first floor of the south wing was converted into garage parking. The mill building was originally built in two phases between 1897 and 1902 and was initially home to the Pocasset Worsted Company, a woolen textile manufacturer. The complex (and offering) also includes a two-story commercial building leased to The Rich Group (paper company) through 2022. Lofts at Pocasset Mill is conveniently located near numerous retail amenities. In neighboring Cranston, residents benefit from the Garden City Center, which features more than 75 shops and restaurants including Whole Foods and other high-end retailers. Adjacent is the newly built mixed-use development Chapel View, which is a 420,000 square foot lifestyle center with retail, dining, and offices. In addition, the 1.2 million square foot Providence Place mall is just a short drive away in Downtown Providence. In addition, the Federal Hill neighborhood is recognized as one of the top culinary destinations in the country, with numerous award-winning restaurants to choose from. Other recreational amenities in Downtown Providence include the Dunkin Donuts Center, Providence Performing Arts Center, WaterFire, and more. There is also RIPTA bus service available directly outside the property on Plainfield Street, which offers service to Downtown Providence. The property has had strong historical performance with 3.9% annual rent growth since the beginning of 2016 and historic occupancy between 95-98%. With average in-place rents of $1.47/sf, the property has the opportunity to close the gap with comparable properties in neighboring Providence, where rents exceed $2.00/sf. In addition, in-place rents at Lofts at Pocasset Mill are below older, unrenovated properties in Johnston and Cranston, which are renting for an average of $1.75/sf +/-. A new owner could also look to grow rents by refreshing the substantial amenity space or implementing modest unit upgrades such as bathroom flooring upgrades, kitchen backsplashes or NEST thermostats. To find out more at the Lofts at Pocasset Mill, please download and execute the Confidentiality Agreement.