$2,799,000

230 Phenix Avenue, Cranston RI, 02920

Price per sqft$183.20

Built in1973

Property size15,278 sqft

Property typeCommercial

Overview

Pending

Listed Jul 22, 2026

Updated Jul 26

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.

Additional information

MLS^® ID: 1418614

Interior Features

Bathrooms: 0
Heating: Yes
Basement: No

Exterior Features

Lot Size: 0.65 Acres

Other Property Details

Taxes: $26,834
Tax Frequency: Annually

Courtesy of Smith and Oak Real Estate Co., 401-281-8491

The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide MLS, Inc. Real estate listings held by brokerage firms other than are marked with the MLS logo and detailed information about them includes the name of the listing brokers. Information deemed reliable but not guaranteed. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. The MLS may, at its discretion, require use of other disclaimers as necessary to protect participants and/or the MLS from liability. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing©2026 State-Wide MLS, Inc. All rights reserved.

Data last updated 4:28 AM UTC, 7/26/2026.