About 191-199 Dexter
Four buildings and 14 units anchor this Dexter Street assemblage in Providence's West End/Armory neighborhood, off Westminster Street near Cranston Street, offered together on two contiguous R-3 lots totaling 13,776 square feet (Map 31, Lots 142 and 143). The unit mix spans seven one-bedroom, six two-bedroom, and one four-bedroom apartment, for 23 bedrooms and 15 bathrooms in all, with each unit separately metered for heat, hot water, and electric. A two-car garage adds to ample off-street parking, with a dedicated space assigned to every unit, and lead certificates are on file across the portfolio. The portfolio is priced at a 6.0% cap rate on current income. Long-term ownership has kept rents meaningfully below market: annualized income of $228,060 is below achievable market rents of $269,400 by roughly 15% to 18% rent upside that pushes yield to 7.6% once units are repositioned to market — an upside the asking price does not capture. Expenses are stabilized and fully documented, leaving $148,832 available for debt service today and $190,172 at market rents. Lead Certificates for all units; floor plans and 3D walk through available for most units.
