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Julia Harpin

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  • RI RealTimeMLS

  • MarketStatus = OnMarket MarketStatus (value) = 0 ExpirationDate = HoursToExpiry =

    18 Railroad Avenue, South Kingstown, RI, USA, 02892

    • Posted: 6/9/2018 5:02:49 PM
    • -

    6

    Bedrooms

    2464

    sqft (approx)

    MLS ID#: 1174178

    Neighborhood: West Kingston

    $280,000 USD

    Great investment opportunity in West Kingston for owner occupant or investor! Come take a look! Splendid multifamily home that is situated on a corner lot of over an acre of land! This property has been in the family for generations and used to be a General Store located next to the Railroad station that brought people to Narragansett Pier. This property is a Legal 2 family that is currently set up as a 3 family and when fully rented had a net operating income of $25,841. If the first floor was made one three bed unit then the hud fair market rents indicate rents of $1293 which would produce a similar NOI and with the proposed GSI a Capitalization rate of 8.6%. This shows positive cash flow and income producing potential. Watch your property appreciate and build equity as you improve your property. Property is being sold in as is condition. Alternately, buy this home as an owner occupant and live in the beautiful town of SK in the spacious second floor unit that boasts beautiful hardwood floors and a gorgeous new kitchen w/ granite counter tops and stainless steel appliances. Close to the South County Bike path and historic Kingston Railroad Station. Convenient location near highways is perfect for tenants or owners to commute to nearby URI, Boston and beyond via the Railroad. There is a potential that exists to subdivide the lot and build but only if the multi family is converted to single family and town and agencies approve a small subdivision.