23 Melrose Street, East Greenwich, RI 02818

Property Description

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property located at 23 Melrose Street in East Greenwich, RI (the Property ). The three-story building contains one (1) 2-Bedroom/2-Bathroom unit, three (3) 1-Bedroom/1 Bathroom units, and four (4) Studio units with 4,550 square feet of gross living area in 5,100 square feet of gross area. The Property is situated upon a 0.19-acre parcel and features two (2) off-street parking spaces, as well as laundry facilities for tenants' convenience. The Property has undergone a comprehensive gut renovation under current ownership, offering the opportunity to acquire a turnkey asset in an affluent coastal community. The renovation included all-new electrical wiring, plumbing, electric heating systems, laundry machines, stairs, flooring throughout the building, and additional improvements. Individual units benefit from these updated utility systems, as well as condo-quality finishes, including stainless steel appliances, quartz countertops, updated cabinetry, renovated bathrooms, and their own mini-split air conditioning unit. The extensive renovation significantly minimizes near-term CapEx requirements, improves utility efficiency and lowers operating costs, and positions prospective ownership to achieve top of the market rents and immediate cash flow.