9 Melton Street, Pawtucket, RI 02860
- $1,750,000
- 16
- BD
- 9
- BA
- List Price
- $1,750,000
- Status
- PENDING
- MLS#
- 1416377
- Year Built
- 1988
- Bedrooms
- 16
- Bathrooms
- 9
- Acres
- 0.20
Property Description
9 Melton Street is a cash-flowing, nine-unit multifamily property generating $15,440/month ($185,280 annually) in Pawtucket, RI. The unit mix of seven 2-bedroom/1-bath and two 1-bedroom/1-bath apartments is largely renovated seven of the nine units have been fully updated with new cabinetry, granite countertops, new flooring, new appliances, and new bathroom vanities and major systems are new, including the roof, windows, and boilers. In-place rents sit below market, offering approximately 11% upside to a $17,100/month ($205,200 annually) market level as leases roll. Priced at $1,750,000 ($194,444 per unit) a 7.2% in-place cap rate rising to 8.2% at market the offering combines immediate cash flow with a strong value-add profile. Financials and rent roll available upon request. The Seller has a contractual interest in this property but is not the legal owner.
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Additional Information
- Taxes
- $17,924
- Lot Size
- 8,817
- Flooring
- Vinyl
- Heating
- Baseboard, Gas
- Cooling System Type
- Wall Unit(s)
- Sewer
- Public Sewer
- Water Source
- Public
- Appliances
- Gas Water Heater
- Basement
- None
- Parking Spaces
- 13
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Listing courtesy of New England Apartment Group. Contact:
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