391 Waterman Ave, East Providence, RI, 02914
About This Home
This well-maintained 5-unit property features a unit mix of 3 studios and 2 one-bedroom apartments. It currently generates $6,200 in monthly rental income with clear upside potential through rent increases to market levels. Two out of five apartments have been renovated.The property has had key capital improvements already completed, including a new roof (2022), repaved driveway (2016), and majority of windows replaced (2025), minimizing short-term capital expenditure for a new owner.The building is serviced by a single Weil-McLain gas boiler providing heat to all units. Current ownership covers gas and electric, presenting a clear value-add opportunity to separate utilities and improve operating efficiency, ultimately increasing net operating income.Ideal for investors seeking a stable, cash-flowing asset with proven income and the ability to create higher returns through operational improvements and rent growth.
Getting Around
Very Walkable
Some Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1920
Materials
- Foundation: Concrete Perimeter
- Construction materials: Frame
Type & Style
- Home type: MultiFamily
- Property subType: 5+ Family - 5+ Units Up/Down
Interior
Basement
- Has basement: Yes
- Basement: Bulkhead,Slab
Bedrooms & Bathrooms
- Bedrooms: 5
- Bathrooms: 5
- Full bathrooms: 5
Features
- Finished area above ground: 2,672
Interior Area
- Total structure area: 2,672
- Total interior livable area: 2,672 sqft
Property
Details
- Parcel number: 19764
- Zoning: C2
- Exclusions: No
Lot
- Lot size: 4,397 sqft
Parking
- Total spaces: 7
- Parking features: Paved Drive,Off Street
- Has uncovered spaces: Yes
- Uncovered spaces: 7
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Cold Wave
- Hurricane
- Heat Wave
- Inland Flooding
- Tsunami
How This Home’s Risks Compare
FEMA Declared Disasters Across Rhode Island Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $4,171 | $50,052 |
| Home Insurance * | $354 | $4,248 |
| Property Taxes | $818 | $9,816 |
| Electricity | $544 | $6,530 |
| Total | $5,887 | $70,644 |
Income You'd Need if You Spent...
Rhode Island FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
No zestimate history available
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-29 | Listed for sale | $875,000 |
| 2015-01-05 | Listing removed | $750 |
| 2014-12-24 | Listed for rent | $750 |
| 2011-11-05 | Sold | $160,000 |
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