$7,800,000
SOLD JAN 24, 2025

35&50, 20 Lake St Oakland Beach Ave Warwick, RI 02886

Oakland Beach Neighborhood
82 Beds
45 Baths
39,612 Sq Ft
2.68 Acres

Recently Sold

$197 Per Sq Ft

4% Above List Price

48 Days on Market

Highlights

  • Medical Services
  • Property is near public transit
  • Shops
  • 2.68 Acre Lot
  • Park
  • 2-minute walk to Oakland Beach Skateboard Park

About This Home

As of January 2025

The Oakland & Lake Estates multi-family investment portfolio is located at 35 & 50 Lake Street and 20 Oakland Beach Avenue in Warwick, RI. The Portfolio is a well maintained, stabilized asset in a growing, high demand real estate market that offers additional upside. The Portfolio is comprised of four multi-family buildings and contains forty-five residential units: two Studio units, four 1-Bed/1-Bath units, and thirty-nine 2-Bed/1-Bath units. Within the past three years, 31 units have been renovated, exteriors and interiors of the properties have been painted, hallway carpets have been replaced, and new high efficiency gas heating systems have been installed. The opportunity exists to drive rental rates through programmatic upgrades and renovations to the kitchens and bathrooms in the unrenovated units, allowing the incoming owner to maximize rents in a supply constrained market.

Last Agent to Sell the Property

Dennis Kelleher

Horvath & Tremblay Listed on: 10/15/2024

Last Buyer's Agent

Dennis Kelleher

Horvath & Tremblay Listed on: 10/15/2024

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $54,196

Year Built

  • Built in 1960

Home Design

  • Shingle Roof
  • Rubber Roof

Interior Spaces

  • 39,612 Sq Ft Home
  • Property has 1 Level

Bedrooms and Bathrooms

  • 82 Bedrooms
  • 45 Full Bathrooms

Parking

  • 80 Car Parking Spaces
  • Off-Street Parking

Location

  • Property is near public transit
  • Property is near schools

Additional Features

  • 2.68 Acre Lot
  • Separate Meters

Listing and Financial Details

  • Total Actual Rent $32,767
  • Rent includes unit 1(heat water hot water), unit 2(heat water hot water)

Community Details

Overview

  • 45 Units

Amenities

  • Medical Services
  • Shops

Recreation

  • Park

Building Details

  • Operating Expense $347,339
  • Net Operating Income $575,017

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$54,196

Year Built

Built in 1960

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: 5+ Family - 5+ Units Up/Down
  • Year Built: 1960
  • Buyer Agency Type: %
  • Year Built Details: Actual
  • Compensation Based On: Net Sale Price
  • APOD AVAILABLE: Yes
  • ResoPropertyType: ResidentialIncome
  • ResoBuildingAreaSource: PublicRecords
  • Special Features: None
  • Stories: 3

Interior Features

  • Fireplace YN: No
  • Total Bedrooms: 82
  • Full Bathrooms: 45
  • Total Bathrooms: 45
  • Living Area: 39612
  • Spa YN: No
  • Stories Total: 3
  • MAIN LO: AN2723
  • MAIN SO: AN2723

Exterior Features

  • Foundation Details: Other
  • Home Warranty YN: No
  • Road Frontage Type: Public
  • Roof: Shingle, Rubber
  • Waterfront Features: Beach Front, 1/2 to 1 Mile To Beach
  • Waterfront YN: No

Garage/Parking

  • Garage YN: No
  • Parking Features: Off Street
  • Total Parking Spaces: 80

Utilities

  • Sewer: Public Sewer
  • Electric: Individually Metered
  • Water Source: Public
  • Hot Water: Natural Gas, Electric

Condo/Co-op/Association

  • Community Features: Public Transportation, Shopping, Park, Medical Facility, Highway Access, Private School, Public School, T-Station, University
  • Rent Includes: Unit 1(Heat,Water,Hot Water), Unit 2(Heat,Water,Hot Water)
  • Senior Community YN: No

Lot Info

  • Zoning: Comm Apts
  • Farm Land Area Units: Square Feet
  • Lot Features: Other
  • Lot Size Acres: 2.68
  • Lot Size Sq Ft: 116740
  • Lot Size Units: Acres
  • ResoLotSizeUnits: Acres

Tax Info

  • Tax Year: 2024
  • Tax Annual Amount: 54196

Multi Family

  • Net Operating Income: 575017
  • Number Of Units Total: 45
  • Operating Expense: 347339
  • Total Actual Rent: 32767
  • LEVELS 1: 1
  • Basement Included Sq Ft: No
  • LEASE 2: Y
  • LEASE 1: N

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
01/24/2025 01/24/25 Sold $7,800,000 +4.0% $197 / Sq Ft
12/02/2024 12/02/24 Pending -- -- --
10/15/2024 10/15/24 For Sale $7,500,000 -- $189 / Sq Ft
Source: MLS Property Information Network (MLS PIN)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2025

    Dennis Kelleher

    Horvath & Tremblay

    Section Image
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Map

Source: MLS Property Information Network (MLS PIN)

MLS Number: 73302196

MLS Property Information Network (MLS PIN)
Rhode Island Kent County Warwick 02886 Oakland Beach

35&50, 20 Lake St Oakland Beach Ave, Warwick, RI

Sold

MultiFamily

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MLS Property Information Network (MLS PIN) The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

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