8 Spring St, Westerly, RI 02891

Investment Property! Front Building is four units and the back building is 2 units with garage style bays. Fully occupied with month to month tenants. Turn of the Century Building A has two 1 bedroom apartments on the 1st floor (1st floor right has Stackable washer/dryer), the second floor apartment is spacious with two bedrooms, formal dining room, kitchen, pantry with washer/dryer hookup, living room and den. The third floor has two bedrooms, living room, den and kitchen. The back building 1st floor is a two room apartment with great covered front porch open living area, kitchen and full bath. The second floor of the back building has two bedrooms, living room, kitchen, washer/dryer hookup. Property generates over $40k in yearly income. Rents are currently below market. With some TLC and updates you could get much higher rental amounts. Front building has 4 Family Fire Detection System connected to the fire department and is inspected yearly per code. All tenants pay their own heat and electric. The utilities are a combination of natural gas and electric. 6 unit buildings will require commercial loans and most likely 25% down. Front building has windows, roofing and siding replaced approx. 14 years ago. The rear building roofing was replaced in 2020. Convenient location walk to downtown, schools and shopping.