230 Phenix Avenue
Cranston, RI, 02920 $ 2,799,000
Bedrooms21 Baths17.0 Sq 15,278 Monthly Estimate*
$ 17,673
for $2,799,000 with 21 bedrooms and 17 full baths. This 15,278 square foot home was built in 1973 on a lot size of 0.65.
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). Minutes from downtown Providence and anchored by Rhode Island's largest employers CVS Health, Citizens Financial Group, Care New England, Brown, IGT and Amica the asset draws a deep, stable renter pool. A rare in-place, cash-flowing building with a defined path to a double-digit return.
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FeaturesGeneralSewer Connected
Heating Gas
Cooling Wall Unit(s)
Utilities Sewer Connected
Possession Rental Agreement
Garage Spaces 0
Construction Materials Drywall Masonry
Year Built 1973
Electric 440 Volts
Tenant Pays Hot Water
Property Subtype Multi Family
Tax Year 2024
Community Features Golf Highway Access Near Hospital Near Schools Public Transportation Restaurant Shopping
County Providence
Operating Expense 107679
New Construction false
Property Type Residential Income
Garage Y/N false
Total Rooms 62
Full Baths 17
Status Active
City Cranston
Senior Community Y/N false
Number Of Units Total 2
Lot Size Units Square Feet
Lot Size Square Feet 28316
Land Lease Y/N false
Tax Annual Amount 26834
Virtual Tour https://tour.RiLiving.com/230-Phenix-Avenue-Cranston-RI-02920--1418659
Structure Type Apartment
Standard Status Active
Tax Assessed Value 1316900
Tax Lot 226
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InteriorBasement Exterior Entry Full Finished Interior Entry
Flooring Ceramic Tile Laminate Vinyl
Total Fireplaces 0
Total Stories 0
Basement (Y/N) true
Air Conditioning Y/N true
Heating Y/N true
Fireplace Y/N false
Half Baths 0
Laundry Features Common Area
Total Bedrooms 21
Total Baths 17
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ExteriorParking Features No Garage
Water Source Connected
Total Parking 26
Inclusions $171 320 NOI
Lot Size Area 28316
Foundation Details Brick/Mortar
Number of Buildings 1
Building Area Total 15278
Lot Size Acres 0.65
Covered Spaces 0
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* Excluded FeaturesList BySmith And Oak Real Estate Co.Broker
Affordability Calculator
- Monthly Principal & Interest
- $17,673
- Monthly Property Taxes
- $2,236
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.49% 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.
Learn more about how to save NearbyMulti-family listings in Cranston, RI
Average List Price $640,493
Percent of Sale Price 77%
About Cranston, RI 81,883 Population
3% Since 2002
$ 62,205 Median Income
42.14 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
0 Elementary School
0 Middle School
Pricing History| Date | Price | Price Change | Description |
|---|
| 7/22/2026 | $2,799,000 | | Listed Price |