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SIGNAL SCORE
About this property
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.
Property details
| Units | 5 |
| Living area | 2,672 sqft |
| Lot size | 4,397 sqft |
| Year built | 1920 |
| Price / sqft | $327 |
| County | Providence |
| MLS # | 73509413 |
Listing status
| Days on market | 4 days |
| Listed on | April 29, 2026 |
Taxes & financials
| Annual property tax | $9,508 |
| Tax year | 2025 |
| Assessed value | $467,900 |
| Zoning | C2 |
| Gross income (actual) | $74,400/yr |
| Net operating income (actual) | $48,552/yr |
| Total actual rent | $6,200/mo |
| Insurance expense | $5,600/yr |
Building & lot
| Stories | 5 |
| Total rooms | 11 |
| Lot size | 0.1 acres |
| Garage spaces | 0 |
| Parking spaces | 7 |
| Parking | Paved Drive, Off Street |
| Basement | Bulkhead, Slab |
| Foundation | Concrete Perimeter |
| Construction | Frame |
Utilities & systems
| Sewer | Public Sewer |
| Water | Public |
Location
Listing courtesy of Grove Property Group — Harry Verenis. Listing data © MLS PIN.
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Questions & answers
Auto-generated from the listing data — richer AI answers coming with the live site.
How many units does 391 Waterman Ave, East Providence RI 02914 have?
It is a 5-unit multi-family property with 2,672 sqft of living area, built in 1920.
How long has 391 Waterman Ave, East Providence RI 02914 been on the market?
391 Waterman Ave, East Providence RI 02914 has been listed for 4 days (since April 29, 2026).
What are the property taxes on 391 Waterman Ave, East Providence RI 02914?
Annual property taxes are $9,508 (2025), on an assessed value of $467,900.
What is the price per square foot?
At $875,000 for 2,672 sqft, that's about $327 per square foot.
Is there parking?
7 total parking spaces (paved drive, off street).
Where is this property located?
391 Waterman Ave, East Providence RI 02914 is in East Providence, Providence County, MA 02914.