391 Waterman Ave, East Providence, RI 02914

East Providence
Local realty services provided by:Better Homes and Gardens Real Estate The Shanahan Group
391 Waterman Ave,East Providence, RI 02914
$875,000
  • 5 Beds
  • 5 Baths
  • 2,672 sq. ft.
  • Multi-family
  • Active
Listed by: harry verenis, harry verenis
Office: grove property group
MLS#:73509413
Source:MLSPIN

Price summary

  • Price:$875,000
  • Price per sq. ft.:$327.47

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.

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Home facts

  • Year built:1920
  • Listing ID #:73509413
  • Updated:May 03, 2026 at 01:26 PM

Rooms and interior

  • Bedrooms:5
  • Total bathrooms:5
  • Full bathrooms:5
  • Rooms Total:11
  • Basement Description:Bulkhead, Slab
  • Living area:2,672 sq. ft.

Structure and exterior

  • Year built:1920
  • Building area:2,672 sq. ft.
  • Lot area:0.1 Acres
  • Construction Materials:Frame
  • Foundation Description:Concrete Perimeter

Utilities

  • Water:Public
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$875,000
  • Price per sq. ft.:$327.47
  • Tax amount:$9,508 (2025)

Parking

  • Total parking spaces:7
  • Parking description:Off Street, Paved Drive
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

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