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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.

More Info

Basic Information

  • Gross Income $74,400
  • Mls StatusActive
  • Parcel Number 19764

Tax Information

  • Tax Assessed Value $467,900
  • Tax Year 2025
  • Taxes$9,508

Parking

  • Open Parking YN Yes
  • Parking Features Paved Drive, Off Street
  • Parking Spaces7

Rooms

  • Bathroom5
  • Bathrooms Total Decimal 5
  • Bedrooms5
  • Full Bath5

Basic Information

  • List Price$875,000
  • MLS Number73509413
  • Modification Date05/03/2026
  • Property SubType5+ Family - 5+ Units Up/Down

Location

  • Address391 Waterman Avenue
  • Building Number391
  • CountyProvidence
  • StateRI
  • StreetWaterman Avenue
  • TownEast Providence
  • Zip02914

Building

  • BasementBulkhead, Slab
  • Building Area Units Square Feet
  • Construction Materials Frame
  • FoundationConcrete Perimeter
  • Levels 5
  • Rooms11
  • Stories5
  • Units5
  • Year Built1920
  • Year Built Details Actual
  • Year Built Source Public Records

Property

  • Acreage0.1

Utilities

  • Electric Common
  • Sewer Public Sewer
  • Water Source Public

Property Information

  • Building Area Source Public Records
  • Living Area 2,672
  • Lot Size Square Feet 4,397
  • Lot Size Units Acres
  • Square Feet2,672

Legal

  • ZoningC2

Other

  • Date Listed04/29/2026
  • Farm Land Area Units Square Feet

Map Location

Driving Directions

Listed by Harry Verenis of Grove Property Group

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