TL;Dr

Four-unit multifamily investment in Pawtucket, RI, offering 3,912 sq. ft. of living space with significant value-add potential. Features a mix of one, two, and three-bedroom units, separate electric meters, gas service, and ample parking on a 7,866 sq. ft. lot. Prime location near the Pawtucket–Central Falls Station, ideal for investors looking to renovate and capitalize on high commuter demand for Providence and Boston.

23 Spring Street

Pawtucket, RI 02860 (MLS #1403024)
Bedrooms
7
Bathrooms
4
Square Ft.
3,912
Units
4
$579,000.

Located in the heart of Pawtucket, this four-unit multifamily investment opportunity is ideal for flippers and value-add investors seeking scale, flexibility, and upside. Set on a 7,866-square-foot lot, the property offers over 3,912 square feet of living space with a layout that supports multiple renovation strategies and income optimization. The first-floor unit features two bedrooms and one full bathroom, with potential to convert to a three-bedroom, creating immediate value-add potential. The second floor includes two separate one-bedroom, one-bath units, well suited for maximizing rental income. The third floor offers a three-bedroom, one-bath unit, appealing to tenants seeking additional living space. The property includes ample on-site parking, gas service, separate electric meters for each unit, and a house meter, providing a solid operational foundation. A full basement adds valuable storage and utility space, supporting future improvements or system upgrades. Conveniently located near Pawtucket–Central Falls Station, major highways, and downtown Pawtucket, this location supports strong commuter demand with easy access to Providence and Boston. Nearby amenities, shopping, dining, and transit enhance long-term rental appeal. This is a compelling opportunity for investors looking to renovate, reposition, and unlock equity in a well-located multifamily asset within a growing Pawtucket market.

Features
Bedrooms
7
Bathrooms
4
Square Ft.
3,912
Floors
3
Units
4
Year Built
1910
Land SqFt
7,866
Mortgage Calculator
Monthly Payment
$0
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Alex Parmenidez
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$446,412
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Schools In The Area

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Agnes E. Little Elementary School 401-729-6256 Public KG-5
Francis J. Varieur Elementary School 401-729-6266 Public KG-5
Lyman B. Goff Middle School 401-729-6500 Public 6-8
Jacqueline M. Walsh School 401-721-2148 Public 9-12
Agnes E. Little Elementary School 401-729-6256 Public KG-5
Flora S. Curtis Elementary School 401-729-6252 Public PK-5
Henry J. Winters Elementary School 401-729-6272 Public KG-5
Francis J. Varieur Elementary School 401-729-6266 Public KG-5
Potter-Burns Elementary School 401-729-6250 Public KG-5
Nathanael Greene Elementary School 401-729-6260 Public PK-5
International Charter School 401-721-0824 Public KG-5
Curvin McCabe Elementary School 401-729-6258 Public KG-5
Fallon Memorial Elementary School 401-729-6254 Public PK-5
M. Virginia Cunningham Elementary School 401-729-6262 Public KG-5
Elizabeth Baldwin Elementary School 401-729-6264 Public KG-5
St Teresa School 401-726-1414 Private PK-8
Darlington Early Childhood Center 401-725-6240 Private PK-KG
St Cecilia School 401-723-9463 Private KG-8
Agnes E. Little Elementary School 401-729-6256 Public KG-5
Francis J. Varieur Elementary School 401-729-6266 Public KG-5
Flora S. Curtis Elementary School 401-729-6252 Public PK-5
Henry J. Winters Elementary School 401-729-6272 Public KG-5
Potter-Burns Elementary School 401-729-6250 Public KG-5
Nathanael Greene Elementary School 401-729-6260 Public PK-5
International Charter School 401-721-0824 Public KG-5
Curvin McCabe Elementary School 401-729-6258 Public KG-5
M. Virginia Cunningham Elementary School 401-729-6262 Public KG-5
Fallon Memorial Elementary School 401-729-6254 Public PK-5
Joseph Jenks Middle School 401-729-6520 Public 6-8
Lyman B. Goff Middle School 401-729-6500 Public 6-8
Samuel Slater Middle School 401-729-6480 Public 6-8
Elizabeth Baldwin Elementary School 401-729-6264 Public KG-5
St Teresa School 401-726-1414 Private PK-8
St Cecilia School 401-723-9463 Private KG-8
Lyman B. Goff Middle School 401-729-6500 Public 6-8
Joseph Jenks Middle School 401-729-6520 Public 6-8
Samuel Slater Middle School 401-729-6480 Public 6-8
St Cecilia School 401-723-9463 Private KG-8
St Teresa School 401-726-1414 Private PK-8
Jacqueline M. Walsh School 401-721-2148 Public 9-12
Blackstone Academy Charter 401-726-1750 Public 9-12
William E. Tolman Senior High School 401-729-6400 Public 9-12
Charles E. Shea Senior High School 401-729-6445 Public 9-12
St Raphael Academy 401-723-8100 Private 9-12

Frequently Asked Questions

Q: Why is this Pawtucket four-unit property a good investment opportunity?

A: This property offers scale and flexibility in a growing market. With over 3,912 square feet of living space and a versatile layout, it provides immediate value-add potential for investors looking to optimize rental income through strategic renovations.

Q: What is the unit breakdown for this multifamily home?

A: The property includes a first-floor 2-bed (convertible to 3-bed), two 1-bed units on the second floor, and a 3-bed unit on the third floor. Contact Alex Parmenidez today to schedule a walkthrough and see the layout in person!

Q: How is the property set up for utilities and parking?

A: The home is equipped with gas service, separate electric meters for each unit, and a house meter. It also features a full basement for storage and a large lot providing ample on-site parking for all tenants.

Q: Is the location convenient for commuters to Providence or Boston?

A: Yes, being minutes from the Pawtucket–Central Falls Station and major highways ensures high commuter demand. View the full property details and location map on our website.

Q: What makes this a "value-add" investment?

A: The potential for a first-floor bedroom conversion and basement upgrades allows investors to quickly unlock equity. Reach out to Alex Parmenidez to discuss your investment strategy for this property!