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.
Pending
$2,799,000
230 Phenix Ave, Cranston, RI 02920
21beds
15,278sqft
Multi Family
Built in 1973
-- sqft lot
$2,787,900 Zestimate®
$183/sqft
$-- HOA
What's special
- 84 days
- 12
- 0
Zillow last checked:
Listing updated:
Listed by:
Smith & Oak Rhode Island Group 401-281-8491,
Smith and Oak Real Estate Co.,
Ronald Papa 401-281-8491,
Smith and Oak Real Estate Co.
Source: StateWide MLS RI,MLS#: 1418659
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
Video & virtual tour
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
$2,787,900
$2.65M - $2.93M
$1,826/mo
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
