$2,799,000

230 Phenix Ave Cranston, RI 02920

Meshanticut Neighborhood

Estimated payment $17,443/month

21 Beds
17 Baths
15,278 Sq Ft
$183 Price per Sq Ft

Highlights

  • Golf Course Community
  • Cooling System Mounted In Outer Wall Opening
  • Shops
  • 0.65 Acre Lot
  • Public Transportation
  • Property near a hospital

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.

Listing Agent

S & O Rhode Island Group

Smith and Oak Real Estate Co. Listed on: 07/22/2026

Co-Listing Agent

Ronald Papa

Smith and Oak Real Estate Co. License #RES.0047243

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $26,834

Year Built

  • Built in 1973

Home Design

  • 15,278 Sq Ft Home
  • Brick Foundation
  • Masonry

Flooring

  • Laminate
  • Ceramic Tile
  • Vinyl

Bedrooms and Bathrooms

  • 21 Bedrooms
  • 17 Full Bathrooms

Finished Basement

  • Basement Fills Entire Space Under The House
  • Interior and Exterior Basement Entry

Parking

  • 26 Parking Spaces
  • No Garage

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Heating System Uses Gas
  • 440 Volts

Additional Features

  • 28,316 Sq Ft Lot
  • Property near a hospital

Listing and Financial Details

  • Tax Lot 226
  • Assessor Parcel Number 230PHENIXAVCRAN

Community Details

Amenities

  • Shops
  • Restaurant
  • Public Transportation

Recreation

  • Golf Course Community

Additional Features

  • 2 Units
  • Operating Expense $107,679

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$26,834

Year Built

Built in 1973

Lot Details

0.65 Acres

Listing Details

  • Property Sub Type: Multi Family
  • Prop. Type: Residential Income
  • Lot Size Acres: 0.65
  • Co List Office Mls Id: RIIS
  • Co List Office Phone: 401-464-2617
  • Inclusions: $171,320 NOI
  • Above Grade Finished Sq Ft: 15278.0
  • Garage Yn: No
  • New Construction: No
  • Structure Type: Apartment
  • Year Built: 1973
  • Special Features: VirtualTour
  • Stories: 0

Interior Features

  • Number Of Buildings: 1
  • Has Basement: Exterior Entry, Full, Finished, Interior Entry
  • Basement YN: Yes
  • Full Bathrooms: 17
  • Total Bedrooms: 21
  • Fireplace: No
  • Flooring: Ceramic Tile, Laminate, Vinyl

Exterior Features

  • Construction Type: Drywall, Masonry
  • Foundation Details: Brick/Mortar

Garage/Parking

  • Parking Features: No Garage
  • Total Parking Spaces: 26.0

Utilities

  • Laundry Features: Common Area
  • Cooling: Wall Unit(s)
  • Cooling Y N: Yes
  • Heating: Gas
  • Heating Yn: Yes
  • Electric: 440 Volts
  • Sewer: Connected
  • Utilities: Sewer Connected
  • Water Source: Connected

Condo/Co-op/Association

  • Community Features: Golf, Highway Access, Near Hospital, Near Schools, Public Transportation, Restaurant, Shopping
  • Senior Community: No

Lot Info

  • Land Lease: No
  • Lot Size Sq Ft: 28316.0
  • Parcel #: 230PHENIXAVCRAN

Rental Info

  • Tenant Pays: Hot Water

Multi Family

  • Number Of Units Total: 2
  • Annual Operating Expense: 107679.0

Tax Info

  • Tax Annual Amount: 26834.0
  • Tax Lot: 226
  • Tax Year: 2024

Map

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
07/22/2026 07/22/26 For Sale $2,799,000 -- $183 / Sq Ft
Source: State-Wide MLS

About the Listing Agent

S & O Rhode Island Group
S & O Rhode Island Group

Smith and Oak Real Estate Co.

(401) 307-4991

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Source: State-Wide MLS

MLS Number: 1418659

State-Wide MLS
Rhode Island Providence County Cranston 02920 Meshanticut

230 Phenix Ave, Cranston, RI

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(401) 307-4991
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