Property Description
This 6-family property, located in a desirable C2 zoning district, offers strong, stable cash flow with long-term tenants in place. The building features a total of 13 bedrooms across six units, almost all of them remodeled, providing a solid blend of updated interiors and value-add potential. Layout consists of FIVE 2-bed apartments, ONE 3-bed apartment. Tenants pay all utilities, keeping operating expenses low and enhancing returns. With a cap rate of 7%+, this property is ideal for investors seeking immediate income and long-term appreciation. Situated on highly visible Charles Street, directly behind Hopkins Junior High School near the intersection of Charles St and Branch Ave, the location supports consistent rental demand. The exterior boasts low-maintenance vinyl siding and replacement windows. While there is currently no on-site laundry, the addition of coin-op or card-operated machines offers an easy opportunity to increase revenue. 528 Charles St is available as a stand-alone purchase or as part of a package including the adjacent 4,000 SF vacant lot at 532 Charles St (MLS #1404801), also zoned C2. The package price for both properties is $1,100,000. The vacant lot comes with plans for a 9-unit multifamily residential building with on-site parking.
Overview
Property Type
Commercial
Location
528 Charles Street, Providence, RI 02904
Zoning
C2
MLS ID
1404796
Listing Last Updated
Property Features & Amenities
Interior
Exterior
Stories
4
Water Source
Connected, Public
Utilites
Cable Available, Electricity Available, Natural Gas Connected, Municipal Utilities, Sewer Connected, Water Connected
Heat Type
Ductless, Individual
Air Conditioning
Central Air, Ductless
Sewer
Connected, Sanitary, Storm Sewer
Substructure
Combination
Security Features
Carbon Monoxide Detector(s), Fire Alarm, Smoke Detector(s), Fire Sprinkler System
Details
Total Area
8,662 Sq.Ft.
Financial
Price
$850,000
Real Estate Tax
$20,712/yr
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