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.
391 Waterman Ave, East Providence RI 02914
East Providence, RI 02914
- Property type
- 5+ Family - 5+ Units Up/Down
- Status
- Active
- Year built
- 1920
- Lot size
- 0.1 acres
- Living area
- 2,672 sf
- MLS#
- 71da34710dea7eaee00d24cf25a24601
- Beds · Baths
- 5 · 5
East Providence, RI.
East Providence, Rhode Island, is a market our advisors follow closely — its streets, housing stock and setting each shape what a residence here is worth and how it lives day to day. We are glad to walk you through the locale in detail, and how this particular address sits within it.
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Listings updated Sep 30, 2026



