35-50 20 Lake Street

Warwick, RI 02889

$7,500,000
Price
82
Beds
45
Baths
39,612 Sq. Ft.
$189 / Sq. Ft.
39,612
Sq. Ft.
$189
per Sq. Ft.

Description

The Oakland & Lake Estates multi-family investment portfolio is located at 35 & 50 Lake Street and 20 Oakland Beach Avenue in Warwick, RI. The Portfolio is a well maintained, stabilized asset in a growing, high demand real estate market that offers additional upside. The Portfolio is comprised of four multi-family buildings and contains forty-five residential units: two Studio units, four 1-Bed/1-Bath units, and thirty-nine 2-Bed/1-Bath units. Within the past three years, 31 units have been renovated,...The Oakland & Lake Estates multi-family investment portfolio is located at 35 & 50 Lake Street and 20 Oakland Beach Avenue in Warwick, RI. The Portfolio is a well maintained, stabilized asset in a growing, high demand real estate market that offers additional upside. The Portfolio is comprised of four multi-family buildings and contains forty-five residential units: two Studio units, four 1-Bed/1-Bath units, and thirty-nine 2-Bed/1-Bath units. Within the past three years, 31 units have been renovated, exteriors and interiors of the properties have been painted, hallway carpets have been replaced, and new high efficiency gas heating systems have been installed. The opportunity exists to drive rental rates through programmatic upgrades and renovations to the kitchens and bathrooms in the unrenovated units, allowing the incoming owner to maximize rents in a supply constrained market.
  1. Listed by Dennis Kelleher • Horvath & Tremblay
  2. Listed by Sean McHale • Horvath & Tremblay
  3. Listed by John Pentore • Horvath & Tremblay

Property Details for 35-50 20 Lake Street

Town
Warwick
Area
RI-Warwick
Garage Spaces
0
Parking Spaces
80.00
Parking Spaces Total
80
LISTING UPDATED: 10/19/2024 03:05 AM

Property Details for 35-50 20 Lake Street

StatusActive
MLS #73302196
Days on Market37
Taxes$54,196 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5+ Family - 5+ Units Up/Down
Year Built1960
CountyKent County

Building Information for 35-50 20 Lake Street

Stories3Residences45Year Built1960Building Size-Lot Size2.68 AC / 116,740 SF

Property Information for 35-50 20 Lake Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Park, Medical Facility, Highway Access, Private School, Public School, T-Station, University
  • Living Area: 39612.0
  • SqFt with Basement: No
  • Total Units: 45
  • Waterfront: No
  • Year Built Details: Actual
  • Year Built Source: Public Records
Features
Interior Features
  • Num of Baths: 45.0
  • Num of Full Baths: 45
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 45.00
  • Bathrooms Total Integer: 45
  • FireplaceYN: No
  • Fireplaces: 0
  • SpaYN: No
Exterior Features
  • Lot Description: Other
  • Roof Material: Shingle, Rubber
  • Waterfront Features: Beach Front, 1/2 to 1 Mile To Beach
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Off-Street
  • Parking Features: Off-Street
  • Parking Features: Off-Street
Utilities
  • Electric: Individually Metered
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Road Frontage Type: Public
  • Disclosures: Total monthly rent is $76,398. The maximum total monthly rent allowed by MLS is $32,767. There are 170 total rooms. The maximum total # of rooms allowed by MLS is 99.
Tax Information
  • Assessments: $4,492,800
  • Book: 9990
  • Tax Year: 2024
  • Zoning: Comm Apts
Building / Association Information
Living Characteristics
  • Beds Total: 82
  • Total Living Levels: 3
Other Building Characteristics
  • Foundation: Other
Income / Expenses
  • GOI: $922,356.00
  • GRE: $347,339
  • NOI: $575,017.00
  • Operating Expense: $347,339.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: N
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: Y
  • Levels U2: 1
Rental Info
Rental Info
  • Total Actual Rent: $32,767.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 1.75

Property History for 35-50 20 Lake Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 35-50 20 Lake Street

This home is within Warwick School District.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 5
Rating
School
Distance
Oakland Beach School
PublicPK to 5

Warwick Veterans Jr. High School
Public6 to 8

Pilgrim High School
Public9 to 12

Park School
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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35-50 20 Lake Street is a multi-family home for sale in Warwick, RI 02889. This property was listed for sale on October 15, 2024 by Horvath & Tremblay, it's currently listed at $7,500,000. This listing's school district is Warwick School District. Nearby schools include Oakland Beach School, Warwick Veterans Jr. High School and Pilgrim High School. 35-50 20 Lake Street is a 82-bed, 45-bath, 39,612 sqft multi-family home built in 1960.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity. Subject to change at any time. Compass makes no guarantee, warranty or representation regarding the accuracy of any waterfront feature, water view or waterfront view.

Listing Courtesy of Horvath & Tremblay

Based on information from one of the following Multiple Listing Services: Rhode Island Association of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Rhode Island Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.