391 Waterman Ave East Providence, RI $ 875,000
391 Waterman Ave
$ 875,000
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391 Waterman Ave

East Providence, RI, 02914
$ 875,000
Bedrooms5 Baths5.0 Sq 2,672

Monthly Estimate*

$ 5,388

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Multi-Family Home for sale in East Providence, RI

for $875,000 with 5 bedrooms and 5 full baths. This 2,672 square foot home was built in 1920 on a lot size of 0.1.

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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Multi-Family Active

Price

$ 875,000

Bedrooms

5

Full Bath

5

Property Type

Multi-Family

Taxes

$ 9,508

Style

5+ Family - 5+ Units Up/Down

Lot Size

0.1

Year Built

1920

Town/City

East Providence

County/Region

Providence

MLS | Web ID

73509413

List By
Harry Verenis

Listing Agent

Grove Property Group

Broker

Affordability Calculator

$6,180
Per Month
87%
13%
0%
Monthly Principal & Interest
$5,388
Monthly Property Taxes
$792
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Pricing History
DatePricePrice ChangeDescription
4/29/2026$875,000 Listed Price

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391 Waterman Ave, East Providence, RI, 02914 is a Multi-Family Home for sale at $875,000 with 2,672 sqft and a lot size of 0.1. 391 Waterman Ave has 5 bedrooms, 5.0 baths, and was built in 1920. The property's zip code is 02914 which is in East Providence, RI