Off Market
391 Waterman Ave, East Providence, MA
East Providence · MA 02914
- $825,000
- Price
- 5
- Beds
- 5
- Baths
- 2672
- Sq. ft.
Overview
Property type:
Multi-Family
Year built:
Built in 1920
Units:
5 Units
Lot size:
4,397 Sq.Ft Lot
Price per square foot:
$309 / Sq.Ft
Parking:
7 Off Street Spaces
About this home
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.
Neighborhood & Transit
391 Waterman Ave, East Providence · MA 02914
Nearby transit
Within 0.5 mile, measured straight-line to the nearest station entrance.
No subway or commuter rail stations within 0.5 mile.
Price Insight
- Days on Market:
- 189 days
- Listing Price:
- $825,000
- Price per Sq.Ft:
- $309
- Tax Assessment:
- $467,900 in 2025
- Taxes:
- $792 / Monthly
Home Facts
Interior Features
- Bedrooms
- 5
- Full Bathrooms
- 5
- Half Bathrooms
- 0
- Living Area
- 2,672 Sq.Ft
- Kitchen
- Unknown
- Primary Bedroom
- Unknown
- Laundry
- Unknown
- Living levels
- Unknown
- Rooms
- Unknown
- Above grade area
- 2672
- Flooring
- Unknown
- Lead paint
- None
Utilities
- Heating Type
- Unknown
- Heating Zone
- Unknown
- Cooling
- Unknown
- Cooling Zones
- Unknown
- Water
- Unknown
- Sewer
- Unknown
- Electric Features
- Other (See Remarks)
Exterior Features
- Lot Size
- 4,397 Sq.Ft
- Lot Description
- Unknown
- Exterior Features
- Unknown
Parking
- Garage Parking
- 0 Parking Spaces
- Off Street Parking
- 7 Parking Spaces
Construction Details
- Construction Type
- Unknown
- Siding
- Unknown
- Roof
- Unknown
Green Features
- Electric Vehicle Charger
- Unknown
- Solar Panels
- Unknown
- Green Certified
- Unknown
- Insulation Features
- Unknown
- Energy Features
- Unknown
Listing information
- Listing agent
- Harry Verenis
- Listing office
- Grove Property Group
- MLS PIN #
- 73509413
- Disclosure
- Lead certs on all units, must be renewed every 2 years