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$2,799,000 Sale Pending

  • For Sale
  • Pending
  • Apartment
  • 21 Beds
  • 17 Full Baths
  • 0.65 Acres
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230 Phenix Avenue is a 17-unit multifamily investment in western Cranston, offered at $2,800,000 ($164,706/unit). The building four 2-bed and thirteen 1-bed units is 14 of 17 occupied and producing $280,200 in gross income today, a 6.16% cap rate on in-place rents. The upside is clear and financeable: every occupied unit sits below market, and marking rents to market while leasing the three vacant units lifts gross income to $401,400 and the cap rate to 10.49% on the same operating cost base roughly $121,200 of additional annual NOI. Held flat, operating expenses run $107,679 (taxes, insurance, utilities, landscaping/snow, cleaning, routine maintenance). Minutes from downtown Providence and anchored by Rhode Island's largest employers CVS Health, Citizens Financial Group, Care New England, Brown, IGT and Amica the asset draws a deep, stable renter pool. A rare in-place, cash-flowing building with a defined path to a double-digit return.

Full Property Details for 230 Phenix Ave

General

  • Price: $2,799,000
  • Taxes: $26,834 (2024)
  • Status: Pending
  • Type: Apartment
  • Source: STWMLS
  • MLS ID: 1418659
  • Updated: 7/26/2026
  • Added to Site: 37 day(s) ago

Interior

  • Number of Rooms: 62
  • Flooring: Ceramic Tile, Laminate, Vinyl

Rooms

Bathrooms

  • Total Bathrooms: 17
  • Full Bathrooms: 17

Bedrooms

  • Total Bedrooms: 21

Other Rooms

  • Laundry: Common Area

Parking

  • Total Spaces: 26
  • Parking Features: No Garage

Location

  • County: Providence
  • Near Highway: Yes

Heating & Cooling

  • Air Conditioning: Yes
  • Cooling Type: Wall Unit(s)
  • Heating Type: Gas

Utilities

  • Sewer: Connected
  • Water: Connected
  • Utility Description: Sewer Connected

Structural Information

  • # Buildings: 1
  • Structure Type: Apartment
  • Detached/Attached: Detached
  • Construction: Drywall, Masonry
  • Basement: Yes
  • Basement Desc.: Exterior Entry, Full, Finished, Interior Entry
  • Stories/Levels: 0
  • Building Size: 15278
  • Finished Total: 15,278 Sq. Ft.
  • Finished Above Grnd: 15,278 Sq. Ft.
  • Year Built: 1973

Lot Features

  • Lot Size (Acres): 0.65
  • Lot Size (Sq. Ft.): 28,316
  • Lot Size: 28316

Financial Considerations

  • Operating Expenses: $107,679
  • Tax Amount: $26,834
  • Tax Year: 2024
  • Tenant Pays: Hot Water

Disclosures and Reports

  • Inclusions: $171, 320 NOI
  • Property ID: 230PHENIXAVCRAN
  • Lot Number: 226

Listed by Smith and Oak Real Estate Co.

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Listing agents

— 230 Phenix Ave —

  • Smith and Oak Real Estate Co.

  • Smith and Oak Real Estate Co.

Get Pre-Approved Today

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 230 Phenix Ave

School District:Cranston School District
NameGradesDistance
George J. Peters School
15 Mayberry Street, Cranston, RI 02920
K-50.3 mi
Western Hills Middle School
400 Phenix Avenue, Cranston, RI 02920
6-80.4 mi
Cranston High School West
80 Metropolitan Avenue, Cranston, RI 02920
9-120.6 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 230 Phenix Ave Get Price Alerts and Save Property

Date
Details
Price
Change
Source
7/22/2026
Listed
$2,799,000
39.95%
MLS
12/14/2021
Sold
$2,000,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 230 Phenix Ave

Year
Property Taxes
Change
Tax Assessment
Change
2025
$27,418
2%
$1,316,900
—
2024
$26,891
1%
$1,316,900
40%
2023
$26,666
2%
$940,600
—
2022
$26,120
3%
$940,600
—
2021
$25,396
-6%
$940,600
8%
2020
$27,153
50%
$871,400
—
2019
$18,099
-36%
$871,400
6%
2017
$28,371
2%
$824,500
—
2016
$27,769
—
$824,500
—
2015
$27,769
-8%
$824,500
-6%
2014
$30,092
—
$878,600
—
2013
$30,101
—
$878,600
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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NMLS#: 1598647

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Listed by Smith and Oak Real Estate Co.

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230 Phenix Avenue, Cranston, RI 02920 (MLS# 1418659) is a Apartment property with 21 bedrooms and 17 full bathrooms. 230 Phenix Avenue is currently listed for $2,799,000 and was received on July 22, 2026. Want to learn more about 230 Phenix Avenue? Do you have questions about finding other Apartment real estate for sale in Cranston? You can browse all Cranston real estate or contact a Coldwell Banker agent to request more information.

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