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
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$16.84
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Other Income |
-
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-
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Vacancy Loss |
-
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-
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Effective Gross Income |
$393,416
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$16.84
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Taxes |
-
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-
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Operating Expenses |
-
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-
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Total Expenses |
$241,229
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$10.33
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Net Operating Income |
$152,186
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$6.51
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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 | - | - |
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