Columbus Lofts

  • Title

    Multifamily Property

  • City

    Pawtucket, RI

  • Price

    $9,638,000

  • Cap Rate

    6.5%

  • Gross Leasable Area

    67,602 SF

  • No. Units

    79

  • Price/SF

    $142.57

  • Price/Unit

    $122,000

  • No. Stories

    1

Not found amenities.

Northeast Private Client Group is pleased to present the Columbus Lofts, a 79 unit live/ work commercial property located at 211 Columbus Ave in Pawtucket, Rhode Island.

The Columbus Lofts is comprised of 61- studio/ one-bedroom residential unit varying in square footage as well as 18-work/ art studio units. The property currently boasts off-street parking, tenant paid utilities, on-site laundry, mail room and is adjacent to a playing field. The old mill building went through a complete rehab in 2018 with brand new kitchen & bathroom appliances, hardwood floors, and high ceilings.

Pawtucket has become home to one of New England largest Arts Communities. Over 300 acres of the City have been designated as an Arts District that exempts resident Artists from paying State Income Taxes or charging sales tax on any work sold. There are over a dozen former Mill complexes that have been renovated to Artist Communities and as a result, Pawtucket’s artist community has been featured in both the New York Times and The Wall Street Journal. The entire City has embraced this new Revolution and has sponsored numerous Art Festivals, Sales Events and promotions year-round.

Pawtucket is a city in Providence County, RI and has an estimated population of 72,000, a 1.2% increase from the previous census. The city borders Providence, Central Falls, RI and Attleboro, MA. Pawtucket is crossed by Interstate 95 and Routes 1 and 1A. Some of the large companies with headquarters in the city are Hasbro, Fox Point Pickles and AAA Providence. In 2020 the city will complete a new rail station that will be located slightly south of the previous station that closed in 1981.This station will connect to the MBTA Station in South Attleboro, allowing quick and easy access to Boston, Providence, and the T.F. Green Airport.

The Columbus Lofts provides an investor the unique opportunity to purchase a brand new, turn-key property located in close proximity to the South Attleboro MBTA with the ability to raise rents to market level. Due to the strong arts community in Pawtucket the residential units of this work/ live building were fully leased in 4 months.

All interested and qualified parties will have the opportunity to tour the property and obtain additional information upon request.

Pawtucket, Providence County, RI

211 Columbus Lofts