Pending

$2,799,000

230 Phenix Ave, Cranston, RI 02920

21beds

15,278sqft

$18,873/mo

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Multi Family

Built in 1973

-- sqft lot

$-- Zestimate^®

$183/sqft

$-- HOA

What's special

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.

5 days

515

38

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 21
Bathrooms: 17
Full bathrooms: 17

Heating

Natural Gas, Gas Connected

Cooling

Wall Unit(s)

Appliances

Laundry: In Building

Features

Wall (Dry Wall)
Flooring: Ceramic Tile, Laminate, Vinyl
Basement: Full,Interior and Exterior,Finished
Has fireplace: No

Interior area

Total structure area: 15,278
Total interior livable area: 15,278 sqft

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Property

Parking

Total spaces: 26
Parking features: No Garage

Lot

Size: 0.65 Acres

Details

Parcel number: 230PHENIXAVCRAN

Construction

Type & style

Home type: MultiFamily
Property subtype: Multi Family
Attached to another structure: Yes

Materials

Dry Wall, Masonry
Foundation: Brick/Mortar

Condition

New construction: No
Year built: 1973

Utilities & green energy

Electric: 440+ Volts
Utilities for property: Sewer Connected, Water Connected

Community & HOA

Community

Features: Near Public Transport, Golf, Highway Access, Hospital, Private School, Public School, Restaurants, Schools, Near Shopping

HOA

Has HOA: No

Location

Region: Cranston

Financial & listing details

Price per square foot: $183/sqft
Annual tax amount: $26,834
Date on market: 7/22/2026
Inclusions: $171, 320 NOI
Total actual rent: 23250
Tenant pays: Hot Water

Estimated market value

Not available

Estimated sales range

Not available

Price history

Date	Event	Price
7/26/2026	Pending sale	$2,799,000$183/sqft
Source: StateWide MLS RI #1418659 Report a problem
7/22/2026	Listed for sale	$2,799,000$183/sqft
Source: StateWide MLS RI #1418659 Report a problem

Public tax history

Tax history is unavailable.

Monthly payment

Est. payment

Payment breakdown

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Principal & interest
$1,547
Mortgage insurance
$0
Property taxes
$170
Home insurance
$105
HOA fees
$0
Utilities
Not included

All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.

HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.

Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.

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