Ambassador Apartments

  • Title

    Multifamily Property

  • City

    Providence, RI

  • Price

    $7,350,000

  • Cap Rate

    5.91%

  • Gross Leasable Area

    27,288 SF

  • No. Units

    36

  • Price/SF

    $269.35

  • Price/Unit

    $204,167

  • No. Stories

    2

  • Property Type

    Multifamily

  • Lot Size

    59,893 SF

Not found amenities.

Northeast Private Client Group is pleased to present the Ambassador Apartments, a 36-unit multifamily property located at 71 Pitman and 203 Gano Street in Providence, Rhode Island.

The Ambassador Apartments is comprised of a 33-unit multifamily property at 71 Pitman St and a 3-family property at 203 Gano St. The unit mixes are comprised of 1, 1.5, 2, & 3 bedrooms with 1-2 bathrooms throughout.

The properties boast ample-off street parking, on-site laundry, storage for each unit, and a professionally maintained courtyard. Tenants are responsible for their electric expense and landlord is responsible for heat and hot water (gas operated). Currently the buildings operate at 100% occupancy and has operated at a vacancy rate of less than 1% throughout the current owner’s tenure. The apartments are withing walking distance to Thayer St and Brown University where there are numerous shops, restaurants, grocery stores, etc.

Current owner has invested in excess of $400,000 in capital improvements into the building within the past 2 years. Recent Capital Improvements include: gas conversion and high efficiency modulating furnaces, roof drains, roof replacement, soffits, exterior catwalks, high efficiency exterior lighting, and kitchens & baths (as turnovers occur), etc.

The Ambassador Apartments provides an investor the unique opportunity to purchase a turn-key apartment complex on the East Side of Providence with the potential to raise rents to market level. All interested and qualified parties will have the opportunity to obtain additional information and tour the buildings upon request.

Ambassador Apartments Offering Memo