686 BroadwayEast Providence, RI 02914

Property Details for 686 Broadway

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.23 AC

Property size (Sq ft)

4,217 SF

Zone code

R6

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

EPRO M:305 B:16 L:002 U:

APU

EPROM305B16L002U

Description

This exceptional mixed-use investment opportunity in East Providence, Rhode Island, presents a compelling blend of commercial and residential income streams. Located at 686 N Broadway, this property boasts a substantial 10,000 square foot lot and a single building constructed in 1920. The property comprises two units: a thriving laundromat business, currently equipped with 31 washers and 23 dryers, and generating significant revenue; and six additional rental units providing consistent rental income from long-term tenants. The laundromat presents substantial growth potential, capitalizing on its established presence and high-traffic location. The combined commercial and residential income streams offer a robust return on investment. This turnkey operation is ideally suited for an investor seeking a stable, high-yield property in a desirable location close to numerous amenities. The property's size and established income make it an attractive proposition for both seasoned investors and those seeking a diversified portfolio. This is a rare opportunity to acquire a well-established, income-producing property in a prime East Providence location. The property is situated in Providence County, Rhode Island, with a zip code of 02914.

• CAP approach

  CAP return

  Valuation

  6%

  $697,196

  6.5%

  $643,566

  7%

  $597,597

• Comparable approach

  Method

  Valuation

  Relative Method

  $550,993

  Geo Method

  $550,993

• Alternative Use

  Use

  Valuation

  Residential

  $798,021

  Hospitality

  $730,983

  Educational

  $608,170

  Medical

  $629,085

  Retail

  $946,041

Location Insight

City

East Providence

County

Providence

State

Rhode Island

Latitude

41.8234

Longitude

-71.3663

CBSA code

39300

CBSA name

PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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