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98-102 Penn Street 98 Penn St 8 Unit Apartment Building $1,800,000 ($225,000/Unit) Providence, RI 02909
INVESTMENT HIGHLIGHTS
- Prime Multi-Family Investment Portfolio in Providence’s West Side
- Three adjacent multi-family properties
- 98, 100, & 102 Penn Street, Providence, RI
EXECUTIVE SUMMARY
Prime Multi-Family Investment Portfolio in Providence’s West Side
Located in Providence's highly sought-after West Side neighborhood, this exceptional investment portfolio comprises three adjacent multi-family properties: 98, 100, and 102 Penn Street. The West Side is renowned for its eclectic charm and vibrant community, making properties here rarely available and highly prized.
This unique opportunity offers strong income potential, streamlined management, and future possibilities for condo conversion. The portfolio includes:
• 98 Penn Street: A well-maintained three-family home featuring three two-bedroom, one-bath units with hardwood floors, architectural details, and updated mechanicals. Long-term tenancy has kept rents below market, presenting immediate value-add potential.
• 100 Penn Street: A modern two-family home with immaculate, contemporary units offering spacious layouts and turn-key efficiency. This newer construction property appeals to renters seeking modern amenities.
• 102 Penn Street: A large three-family property with two three-bedroom, one-bath units and one two-bedroom, one-bath unit. It features a maintenance-free exterior, updated interiors, and ample off-street parking.
Conveniently situated between Atwells Avenue and Broadway, these properties offer tenants easy access to downtown Providence, the East Side, hospitals, highways, and the train station. With long-term occupancy, below-market rents, and strong appreciation potential, this portfolio generates immediate cash flow with significant upside. This rare opportunity allows investors to acquire a well-positioned, income-producing asset in one of Providence’s most vibrant and in-demand neighborhoods.
Located in Providence's highly sought-after West Side neighborhood, this exceptional investment portfolio comprises three adjacent multi-family properties: 98, 100, and 102 Penn Street. The West Side is renowned for its eclectic charm and vibrant community, making properties here rarely available and highly prized.
This unique opportunity offers strong income potential, streamlined management, and future possibilities for condo conversion. The portfolio includes:
• 98 Penn Street: A well-maintained three-family home featuring three two-bedroom, one-bath units with hardwood floors, architectural details, and updated mechanicals. Long-term tenancy has kept rents below market, presenting immediate value-add potential.
• 100 Penn Street: A modern two-family home with immaculate, contemporary units offering spacious layouts and turn-key efficiency. This newer construction property appeals to renters seeking modern amenities.
• 102 Penn Street: A large three-family property with two three-bedroom, one-bath units and one two-bedroom, one-bath unit. It features a maintenance-free exterior, updated interiors, and ample off-street parking.
Conveniently situated between Atwells Avenue and Broadway, these properties offer tenants easy access to downtown Providence, the East Side, hospitals, highways, and the train station. With long-term occupancy, below-market rents, and strong appreciation potential, this portfolio generates immediate cash flow with significant upside. This rare opportunity allows investors to acquire a well-positioned, income-producing asset in one of Providence’s most vibrant and in-demand neighborhoods.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$156,300
|
$70.06
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$156,300
|
$70.06
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$35,056
|
$15.71
|
| Net Operating Income |
$121,244
|
$54.35
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $156,300 |
| Annual Per SF | $70.06 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $156,300 |
| Annual Per SF | $70.06 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $35,056 |
| Annual Per SF | $15.71 |
| Net Operating Income | |
|---|---|
| Annual | $121,244 |
| Annual Per SF | $54.35 |
PROPERTY FACTS
| Price | $1,800,000 | Building Class | C |
| Price Per Unit | $225,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 6,332 SF |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 0.47/1,000 SF |
| Zoning | R3 - R3 zone | ||
| Price | $1,800,000 |
| Price Per Unit | $225,000 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 6,332 SF |
| No. Stories | 3 |
| Year Built | 1920 |
| Parking Ratio | 0.47/1,000 SF |
| Zoning | R3 - R3 zone |
AMENITIES
UNIT AMENITIES
- Eat-in Kitchen
- Basement
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | $1,700 | 847 - 1,092 |
| 3+1 | 2 | $1,525 | 1,092 |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (83)
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98-102 Penn Street | 98 Penn St
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