51 Wood Ave, Woonsocket, RI, 02895
About This Home
An exceptional opportunity to acquire a professionally managed, multifamily investment consisting of two buildings on one lot—a seven-unit apartment building and a detached single-family residence—totaling eight units in one of Northern Rhode Island’s most consistent cash-flow markets. The property offers a clear path to increased revenue through lease-up and rent optimization. Upon stabilization, the asset is projected to achieve approximately:$133,080 in Annual Gross Income. This offering presents a rare blend of in-place income and clear operational upside, making it well-suited for investors seeking both immediate yield and long-term value creation. The primary structure features six (6) two-bedroom, one-bath units and one (1) one-bedroom, one-bath unit, each approximately 800+ sf, offering efficient layouts and strong rental appeal. The secondary structure is a separate single-family residence comprising three (3) bedrooms and one (1) bathroom, totaling just under 1000 sf, providing additional income diversification within the asset. The property has been well maintained with continued capital investment, including: Updated roofing systems Improved driveway and parking areas Numerous mechanical upgrades throughout
Getting Around
Somewhat Walkable
Some Transit
Somewhat BikeableSchools
Construction
Condition
- Year built: 1910
Materials
- Foundation: Mixed
- Construction materials: Vinyl Siding
Type & Style
- Home type: MultiFamily
- Property subType: Multi Family
Interior
Appliances
- Appliances included: Electric Water Heater,Gas Water Heater
Basement
- Has basement: Yes
- Basement: Full,Interior and Exterior,Partially Finished,Bath/Stubbed,Bedroom(s),Laundry,Utility
Bedrooms & Bathrooms
- Bedrooms: 16
- Bathrooms: 8
- Full bathrooms: 8
Features
- Plumbing (Mixed)
- Window features: Insulated Windows
- Flooring: Ceramic Tile,Hardwood,Laminate,Other,Carpet
Heating & Cooling
- Heating features: Natural Gas,Gas Connected,Gas on Gas
- Cooling features: None
Interior Area
- Total structure area: 9,820
- Total interior livable area: 6,300 sqft
Property
Details
- Attached to another structure: Yes
- Zoning: R4
- Foundation area: 1974
Features
- Stories: 2
- Patio & porch: Porch
Lot
- Lot size: 8,712 sqft
Parking
- Total spaces: 13
- Parking features: No Garage
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
- Heat Wave
- 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 | $5,992 | $71,904 |
| Home Insurance * | $570 | $6,840 |
| Property Taxes | $1,175 | $14,100 |
| Electricity | $1,283 | $15,396 |
| Total | $9,020 | $108,240 |
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)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-13 | Listed for sale | $1,185,000 |
| 2025-03-30 | Listing removed | $2,250 |
| 2025-02-19 | Listed for rent | $2,250 |
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