230 Phenix Avenue Cranston

The Property

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).

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