3-5 Morrill Ln 12 Unit Apartment Building $5,965,046 CAD ($497,087 CAD/Unit) 2.55% Cap Rate North Providence, RI 02904

INVESTMENT HIGHLIGHTS

  • Luxury 3 Bedroom Condo Townhouses

EXECUTIVE SUMMARY

ATTENTION INVESTORS An exceptional and rare investment opportunity in North Providence! This meticulously maintained condo townhouse complex consists of 12 well-appointed residential units. Each unit offers three levels of living space, featuring 3 spacious bedrooms, 2.5 baths, and generous outdoor deck/patio areas on every floor. Each unit also boasts a garage and driveway space for added convenience. With central heating and A/C throughout, these units offer year-round comfort. All units are fully rented, ensuring a steady income stream and making this a highly profitable investment. Situated in a prime, highly sought-after location, this is a must-see for investors seeking a stable and lucrative property. Don't miss this incredible opportunity to add a high-performing asset to your portfolio with lots of upside rental potential! Great opportunity to buy all condos and split up to sell separately, approximately $600k profit!

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL (CAD) ANNUAL PER SF (CAD)
Gross Rental Income $393,416 $16.84
Other Income - -
Vacancy Loss - -
Effective Gross Income $393,416 $16.84
Taxes - -
Operating Expenses - -
Total Expenses $241,229 $10.33
Net Operating Income $152,186 $6.51

PROPERTY FACTS

Price $5,965,046 CAD
Price Per Unit $497,087 CAD
Sale Type Investment
Cap Rate 2.55%
No. Units 12
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low-Rise
Building Class B
Lot Size 0.93 AC
Building Size 23,361 SF
Average Occupancy 100%
No. Stories 3
Year Built 2005
Parking Ratio 0.51/1,000 SF
Opportunity Zone Yes

UNIT AMENITIES

  • Air Conditioning
  • Heating
  • Tub/Shower
  • Wheelchair Accessible (Rooms)

SITE AMENITIES

  • 24 Hour Access
  • Laundry Facilities
  • Tenant Controlled HVAC
  • Storage Space
  • Individual Locking Bedrooms
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
3+2.5 12 - -
  • Listing ID: 35115932

  • Date on Market: 2025-03-12

  • Last Updated:

  • Address: 3-5 Morrill Ln, North Providence, RI 02904