Boston Luxury Condos and Apartments
355 Boylston St / (617) 233-5800

391 Waterman Ave

East Providence, RI ID #73509413

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391 Waterman Ave

- East Providence, RI ID #73509413

Property Description

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.

Additional Details

  • Status: NEW
  • Zip Code: 02914
  • Acres: 0.10

Parking

  • Garage Capacity: 7

Location

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391 Waterman Ave, East Providence, RI

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Content © 2026 MLS Property Information Network, Inc.
The information in this listing was gathered from third party resources including the seller and public records. Listing information provided courtesy of Harry Verenis of Grove Property Group. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations or warranties as to the accuracy of this information.