230 Phenix Avenue, Cranston, RI 02920
- $2,799,000
- 21
- BD
- 17
- BA
- List Price
- $2,799,000
- Status
- PENDING
- MLS#
- 1418659
- Year Built
- 1973
- Bedrooms
- 21
- Bathrooms
- 17
- Acres
- 0.65
Property Description
230 Phenix Avenue is a 17-unit multifamily investment in western Cranston, offered at $2,800,000 ($164,706/unit). The building four 2-bed and thirteen 1-bed units is 14 of 17 occupied and producing $280,200 in gross income today, a 6.16% cap rate on in-place rents. The upside is clear and financeable: every occupied unit sits below market, and marking rents to market while leasing the three vacant units lifts gross income to $401,400 and the cap rate to 10.49% on the same operating cost base roughly $121,200 of additional annual NOI. Held flat, operating expenses run $107,679 (taxes, insurance, utilities, landscaping/snow, cleaning, routine maintenance). Minutes from downtown Providence and anchored by Rhode Island's largest employers CVS Health, Citizens Financial Group, Care New England, Brown, IGT and Amica the asset draws a deep, stable renter pool. A rare in-place, cash-flowing building with a defined path to a double-digit return.
/u.realgeeks.media/crpremier/PREMIER_REAL_ESTATE5.jpg)
Additional Information
- Taxes
- $26,834
- Lot Size
- 28,316
- Flooring
- Ceramic Tile, Laminate, Vinyl
- Heating
- Gas
- Cooling System Type
- Wall Unit(s)
- Sewer
- Connected
- Water Source
- Connected
- Basement
- Exterior Entry, Full, Finished, Interior Entry
- Parking Spaces
- 26
Mortgage Calculator
Listing courtesy of Smith and Oak Real Estate Co.. Contact:
IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed. © 2026 State-Wide Multiple Listing Service. All rights reserved. Data Last Updated: