381 Central StCentral Falls, RI 02863

Property Details for 381 Central St

Year built

1890

Property type

Apartment buildings

Description

This exceptional 10-unit apartment building, located at 381 Central Street in Central Falls, Rhode Island, presents a compelling investment opportunity. The property boasts a strong current NOI of $81,114, yielding a 6.49% cap rate, with a pro-forma NOI of $92,218 and a pro-forma cap rate of 7.38%, indicating significant upside potential. Built in 1890, this two-story building sits on a substantial 20,676 square foot lot and offers a mix of one, two, and three-bedroom apartments, providing diverse rental options. All units feature spacious layouts and individual gas-fired hot water heating systems. Ample off-street parking is available for over 20 vehicles, a significant advantage in this densely populated area. Recent upgrades include the replacement of all windows, enhancing energy efficiency and curb appeal. Conveniently situated near I-95 and bordering Massachusetts, the property benefits from excellent accessibility and proximity to a larger metropolitan area. The asking price is $1,250,000, or $125,000 per unit. Central Falls, with a population of 22,583 (2020 Census), is the smallest and most densely populated city in Rhode Island, offering a strong rental market. This property represents a rare opportunity to acquire a well-maintained multifamily asset with substantial growth potential in a high-demand location.

Location Insight

City

Central Falls

County

Providence

State

Rhode Island

Latitude

41.8844

Longitude

-71.3932

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