391 Waterman Avenue East Providence

$875,000
4,397 sq ft

The Property

This well-maintained 5-unit property features a unit mix of 3 studios and 2 one-bedroom apartments. It currently generates $6,200 in monthly rental income with clear upside potential through rent increases to market levels. Two out of five apartments have been renovated. The property has had key capital improvements already completed, including a new roof (2022), repaved driveway (2016), and majority of windows replaced (2025), minimizing short-term capital expenditure for a new owner.

The building is serviced by a single Weil-McLain gas boiler providing heat to all units. Current ownership covers gas and electric, presenting a clear value-add opportunity to separate utilities and improve operating efficiency, ultimately increasing net operating income. Ideal for investors seeking a stable, cash-flowing asset with proven income and the ability to create higher returns through operational improvements and rent growth.

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Listing Details

MLS Number

1414480

Lot Size:

0.10 acres

Features

  • Free Standing
  • Year Built: 1920

Market Trends for Commercial Properties
in East Providence

  • Overview
    Homes for Sale Today16-90.8% decrease in inventory
    New on Market *3200% increase in new listings
    Avg. Asking Price/Sq.Ft. *$1.71$2 increase in List Price/Sq.Ft.
    Avg. Sale Price *$503,125$155,625 increase in Avg. Sale Price
    Avg. Sale Price as % of Asking Price *91.35%12.3% increase in Sales to List Price
    Avg. Sale Price/Sq.Ft. *$202.21$28 increase in Sale Price/Sq.Ft.
    Avg. Days on Market of Sold *83142 decrease in days on market

    * All data is calculated based on the last 30 days

  • Avg. Sale Price
  • Avg. Days on the Market
  • New Market Inventory
  • Lila's Estimate

    Realtors Property Resource

    This is an estimate home valuation provide by RPR. It is based on RPR’s estimate market value and not an appraisal. You can use it as a starting point on the home’s value.

    ...

    Zillow

    This is an estimate home valuation provide by Zillow. It is based on Zillow’s estimate market value and not an appraisal. You can use it as a starting point on the home’s value.

    Real value?

    Contact Us

    Online estimates take you only so far. One of our associates can give you a market analysis of what your homes value.

Listed by New England Apartment Group

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