www.cbre.us/providence
FOR SALE
STUDENT HOUSINGPORTFOLIO52 & 55 JOHN STREET / 157 WILLIAMS STREETProvidence, RI
PROPERTIES OVERVIEW
3 PROPERTIES • 7 UNITS • 28 BEDS • UNIQUE OPPORTUNITY
For sale $2,385,000
55 John Street
52 John Street157 Williams Street
THE OFFERING
CBRE is pleased to present 52 & 55 John Street and 157 Williams Street (the “Portfolio”) on the East Side of Providence for sale. The three-property Portfolio consists of 28 beds in seven units. Historically, the Portfolio has operated at 0% vacancy and has no downtime. The Portfolio has been well maintained and is located a short walk from the main Brown University campus. The Portfolio is also highly accessible to the Wickenden Street corridor and the Jewelry District via the new pedestrian bridge.
The Portfolio is typically leased two years in advance and is currently leased for June 2019 thru May 2020 and the Landlord has leased 55 John Street and 157 Williams Street for June 2020 thru May 2021, and is still actively leasing 52 John Street.
Current ownership does not charge a management fee and operates at 0% vacancy. The NOI is approximately $175,820 for June 2019-May 2020 and anticipated $181,393 for June 2020-May 2021.
For investment underwriting purposes a 3% general vacancy is assumed as well as a management fee of 5% of gross revenue. This results in an NOI of approximately $156,294 for June 2019-May 2020 and anticipated $161,257 for June 2020-May 2021.
The asking price is $2,385,000 (6.55% cap rate).
More information will be provided to qualified investors.
BUILDING SPECIFICATIONS
55 JOHN STREET (PLAT 16 LOT 277)
+ 6,272 SF gross area/4,049 SF living area
+ 2 units, 9 beds, 3 full bathrooms
+ Parking: 6 cars
+ Gas heat
+ Asphalt shingle roof
+ 3 hot water tanks
+ Built in 1844
52 JOHN STREET (PLAT 16 LOT 626)
+ 6,371 SF gross area/4,406 SF living area
+ 3 units, 11 beds, 3 full bathrooms
+ Parking: 7 cars
+ Gas heat
+ Asphalt shingle roof
+ 2 hot water tanks
+ Built in 1900
157 WILLIAMS STREET (PLAT 16 LOT 624)
+ 5,356 SF gross area/3,294 SF living area
+ 2 units, 8 beds, 3 full bathrooms
+ Parking: 5 cars
+ Gas heat
+ Asphalt shingle roof
+ 2 hot water tanks
+ Built in 1920
STUDENT HOUSINGPORTFOLIO
WALKING PROXIMITY
+ Thayer Street: 2 minute walk
+ Wickenden Street: 3 minute walk
+ Brown University Main Gate: 12 minute walk
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6
The City of ProvidenceRHODE ISLAND
0 80 160 240 320
Feet
Legend
Parcel LinesParcel
Road
Paper Street
Water
Rail Road
City Boundary
InActive Parcel Line
Easements
Edge of Pavement
Hook
Leader
Misc
Building Footprint
Parking Lots
Water Bodies
.
Showing parcels of real estate as assessed Dec. 31, 2018
This map was prepared for asessment purposes only. It is not for appraisal of, description of, or conveyance of land.
The City of Providence and it's mapping contractors assume no legal responsibility
for the information contained herein.
1 inch = 127 feet
Plat No. 016
012
018
017
020
013
022
021
010
014
019011
016
PLAT MAP
FOR SALE52 & 55 JOHN STREET /
157 WILLIAMS STREETProvidence, RI
BRO
OK
STRE
ET
WILLIAMS STREET
JOHN STREET
55 JOHN STREET
52 JOHN STREET
157 WILLIAMS STREET
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CONTACT US
ANDREW GALVINFirst Vice President+1 401 330 [email protected]
JOHN CREGANVice President+1 401 621 [email protected]
STUDENT HOUSINGPORTFOLIO
FOR SALE52 & 55 JOHN STREET /
157 WILLIAMS STREETProvidence, RI
www.cbre.us/providence
52 & 55 JOHN STREET / 157 WILLIAMS STREET
PEDESTRIAN BRIDGE
JOHNSON & WALESUNIVERSITY
BROWN UNIVERSITYMEDICAL SCHOOL
URI & RICNURSING PROGRAMS
195
WIC
KENDEN
STRE
ET
FINANCIAL DISTRICT
BROWN UNIVERSITY
JEWELRY DISTRICT
95
95
