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428 Pine Street

Providence, RI 02907
  • $1,400,000
  • STATUS: Closed
  • ON SITE: 442 Days
  • MLS #: 1331150
Sold - 05/30/2023
$1,400,000
SOLD - 05/30/2023
  • 0
    BEDS
  • 0.38
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1863
County:
Area:

School Ratings & Info

Description

Not to be missed - here is your fantastic opportunity to own 3 magnificent buildings with a combined 13 rental units! Conveniently located near downtown Providence and Federal Hill, these beautiful buildings are a rare opportunity to own a significant footprint in a neighborhood undergoing a dramatic revitalization. Boasting ample off street parking and green space, the buildings bear the hallmark of their era with beautiful exterior moldings and window pediments. The interiors reveal high ceilings and hardwood flooring throughout, but with modern improvements including replacement windows, newer wiring and upgraded plumbing. Current rents are below market. Modest improvements in rent quickly yield a cap rate of 9+%. See attached disclosures with rent roll. Recently installed $60k+ hard-wired smoke detector system is a huge win! Full basements, coin-op laundry, large lot sizes and good renters in place. Tenants pay their own electric, heat, cable and internet. Landlord pays hot water and water/sewer. 2 units are intentionally left vacant so that a new owner can establish their own market rents. This opportunity is a portfolio builder and hard to come by. In total these 3 buildings, their land and 2 additional parking lots make up almost one half of an entire city block! Property is being sold as-is. See the attached video which showcases interiors of each unit.

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[Rhode Island Statewide MLS] logo

© 2024 State-Wide Multiple Listing Service. All rights reserved. The data relating to real estate for sale or lease on this web site comes in part from the Internet Data Exchange (IDX) program of the State-Wide MLS. Real estate listings held by brokerage firms other than The Martone Group | RE/MAX Properties are marked with the MLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Information is deemed reliable but is not guaranteed accurate by the MLS or The Martone Group | RE/MAX Properties. 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. Data last updated: 2024-05-25T13:37:48.213.
www.martonegroup.com/homes/137592173
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428 Pine Street Providence, RI 02907

  • Price: $1,550,000
  • Status: Closed
  • On Site: 442 Days
  • Updated: 149 min ago
  • MLS #: 1331150
0
Beds
0
Baths
0
½ Baths
0.38
Acres
1863
Built
Neighborhood:
Pine St / Friendship
County:
Providence
Area:
Providence
Property Description
Not to be missed - here is your fantastic opportunity to own 3 magnificent buildings with a combined 13 rental units! Conveniently located near downtown Providence and Federal Hill, these beautiful buildings are a rare opportunity to own a significant footprint in a neighborhood undergoing a dramatic revitalization. Boasting ample off street parking and green space, the buildings bear the hallmark of their era with beautiful exterior moldings and window pediments. The interiors reveal high ceilings and hardwood flooring throughout, but with modern improvements including replacement windows, newer wiring and upgraded plumbing. Current rents are below market. Modest improvements in rent quickly yield a cap rate of 9+%. See attached disclosures with rent roll. Recently installed $60k+ hard-wired smoke detector system is a huge win! Full basements, coin-op laundry, large lot sizes and good renters in place. Tenants pay their own electric, heat, cable and internet. Landlord pays hot water and water/sewer. 2 units are intentionally left vacant so that a new owner can establish their own market rents. This opportunity is a portfolio builder and hard to come by. In total these 3 buildings, their land and 2 additional parking lots make up almost one half of an entire city block! Property is being sold as-is. See the attached video which showcases interiors of each unit.
Exterior Features

Foundation Details CombinationConcrete PerimeterStone Levels Three Or More Lot Features Corner Lot Parking Total 20

Interior Features

Basement Full Basement YN Yes Furnished Unfurnished Heating Forced AirHot WaterSpace Heater

Property Features

Association Fee 0 Buyer Financing Cash Community Features GolfHighway AccessMarinaNear HospitalNear SchoolsPublic TransportationRecreation AreaShoppingStreet LightsSidewalks Electric Circuit Breakers Inclusions All Non-Tenant Owned Appliances Convey And Seller Will Provide Estoppel Letters For Any Month To Month Tenants. Additional info: TaxesAssessmentsGross SfLand And Parking Are Combined For 428 And 430-434 Pine St. A 14th Unit That Does Not Have A Kitchen is Rented For $650/Mo. Coin-Op Laundry Produces $140/Month. This Additional income is Not included in The Rent Roll. The Grass Area To The East Of 428 Pine St. is Part Of The Property. If The Parking Lots Were LinedAdditional Parking Could Land Lease YN No Laundry Features Common AreaLaundry Room Owner Pays Common Area MaintenanceGrounds CareHot WaterInsuranceManagementPest ControlRepairsRoof MaintenanceSnow RemovalSewerTaxesWater Possible Use Residential Property Sub Type Commercial Road Frontage Type City Street Road Surface Type Paved Security Features Security System OwnedSecurity SystemClosed Circuit Camera(S)Carbon Monoxide Detector(S)Fire AlarmFire EscapeSmoke Detector(S)Security LightsBuilding Security Sewer ConnectedStorm Sewer Tax Annual Amount 32782 Tax Assessed Value 1101100 Tax Lot 99100101102 Tax Year 2023 Tenant Pays Cable TvElectricityHeatTelephone Utilities Electricity AvailableNatural Gas AvailableNatural Gas ConnectedMunicipal UtilitiesWater ConnectedSewer Connected Water Source ConnectedPublic Zoning R3

[Rhode Island Statewide MLS] logo Listing information © 2024 State-Wide Multiple Listing Service.
Listing provided courtesy of Compass: .



[Rhode Island Statewide MLS] logo

© 2024 State-Wide Multiple Listing Service. All rights reserved. The data relating to real estate for sale or lease on this web site comes in part from the Internet Data Exchange (IDX) program of the State-Wide MLS. Real estate listings held by brokerage firms other than The Martone Group | RE/MAX Properties are marked with the MLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Information is deemed reliable but is not guaranteed accurate by the MLS or The Martone Group | RE/MAX Properties. 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. Data last updated: 2024-05-25T13:37:48.213.
 
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The Martone Group | RE/MAX Properties
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Smithfield RI, 02917