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Property Description

One of the best-located two-families on the East Side, positioned right between Wayland Square and College Hill. Fully gut renovated in 2020 from the foundation up. Structure, systems, interior, exterior, all rebuilt to a high standard. This is as turnkey as it gets. Eight bedrooms and five baths across two apartments. Unit 1 is a true 3 bed / 2 bath with its own independent footprint. Unit 2 spans two levels with 5 beds / 3 baths and lives like a private townhouse. Leased through May 2027 with zero vacancy history. Tenants pay gas and electric. $8,800/month gross rent. $80,040 NOI. Central air, in-unit laundry, off-street parking, and full-height basement with ADU potential. The value here is flexibility. Hold it as a stabilized long-term rental. Convert to condos and sell individually down the road. Explore an ADU for a third income stream. Let leases reset in 2027 and push rents to market. Or live in the townhouse unit yourself while the first floor offsets ownership costs. Multiple ways in. Multiple ways out. Priced at $1,500,000 with $80,040 NOI and a clear path toward a 6%+ return over time. Buy it stabilized. Reposition it on your terms.

Overview

Property Status
For Sale
Lot Size
3,485 Sq.Ft.
MLS ID
1413277
Property Type
Multi-Family
Year Built
1900

Features & Amenities

Total Area
3,435 Sq.Ft.
Neighborhood
Providence
Architecture Styles
Stacked
Stories
3
Water Source
Connected, Public
Utilites
Sewer Connected
Parking
No Garage
Heat Type
Forced Air, Gas
Air Conditioning
Central Air
Laundry Room
In Unit
Fireplace
None
Appliances
Gas Water Heater, Tankless Water Heater
Other Interior Features
Bathtub, Tub Shower
Sewer
Connected, Public Sewer
Substructure
See Remarks
Other Exterior Features
Porch
Sales Price
$1,500,000
Real Estate Tax
$18,131/yr
Zoning
R3

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12 University Avenue

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for your interest in 12 University Avenue, Providence, RI 02906

12 University Avenue
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12 University Avenue

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  • CallScott Champagne

    License #REB0018893 - RI | #1000605 - MA

    (401) 447-8210
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