230 Phenix Avenue, Cranston, RI 02920

Cranston
Local realty services provided by:ERA Key Realty Services
230 Phenix Avenue,Cranston, RI 02920
$2,799,000
Virtual Tour
  • 21 Beds
  • 17 Baths
  • 15,278 sq. ft.
  • Multi-family
  • Active
Listed by: s & o rhode island group, ronald papa
Office: smith and oak real estate co.
MLS#:1418659
Source:RI_STATEWIDE

Price summary

  • Price:$2,799,000
  • Price per sq. ft.:$183.2

About this home

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.

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Home facts

  • Year built:1973
  • Listing ID #:1418659
  • Added:1 day(s) ago
  • Updated:July 23, 2026 at 07:32 PM

Rooms and interior

  • Bedrooms:21
  • Total bathrooms:17
  • Full bathrooms:17
  • Rooms Total:62
  • Flooring:Ceramic Tile, Laminate, Vinyl
  • Basement:Yes
  • Basement Description:Exterior Entry, Finished, Full, Interior Entry
  • Living area:15,278 sq. ft.

Heating and cooling

  • Cooling:Wall Units
  • Heating:Gas

Structure and exterior

  • Year built:1973
  • Building area:15,278 sq. ft.
  • Lot area:0.65 Acres
  • Construction Materials:Drywall, Masonry
  • Foundation Description:Brick Mortar

Utilities

  • Water:Connected
  • Sewer:Connected, Sewer Connected

Finances and disclosures

  • Price:$2,799,000
  • Price per sq. ft.:$183.2
  • Tax amount:$26,834 (2024)

Features and amenities

  • Laundry features:Common Area

Parking

  • Total parking spaces:26
  • Parking description:No Garage
MLS LogoThe data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than ERA Key Realty Services are marked with the MLS logo and detailed information about them includes the name of the listing brokers. Information deemed reliable but not guaranteed. Copyright 2026 State-Wide MLS, Inc. All rights reserved. Date Last Update: July 23, 2026

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