8 Spring St

Westerly, RI 02891

$490,000
Last Sold Price
6
Beds
4,462 Sq. Ft.
$110 / Sq. Ft.
4,462
Sq. Ft.
$110
per Sq. Ft.
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Closed 7/19/21
Closed 7/19/21

Description

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...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.
  1. Listed by Lisa Chaloux • Brokerage DRE #REC.0016191 • Coldwell Banker Realty
    P: (860)-997-7767 lisamchaloux@yahoo.com

Amenities

  • Attached Garage
  • Baseboard Heating
  • Basement
  • Carpet Floors
  • Ceramic Floors
  • Dryer
  • Electric Heat
  • Electric Oven
LISTING CLOSED: 07/19/2021 12:00 AM

Property Details for 8 Spring Street

StatusClosed
MLS #1284625
Days on Market4
Taxes$4,869 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Multi Family
Year Built1900
Lot Size0.39 AC / 16,890 SF
CountyWashington County
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Location

Listing Courtesy of Coldwell Banker Realty

Sold By RE/MAX South County

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Building Information for 8 Spring Street

Stories-Residences4Year Built1900Building Size-Lot Size0.39 AC / 16,890 SF

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$2,896 per month

30 year fixed, 6.55% Interest

Principal and Interest

$2,491

Property Taxes

$406

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 8 Spring Street

Summary
Location and General Information
  • City: Westerly
  • Community Features: Near Schools, Public Transportation
  • Postal City: Westerly
  • Postal Code: 02891
  • Postal Code Plus4: 2344
  • State Or Province: RI
  • Zoning: R6
  • Human Modified Y N: No
Parking
  • Attached Garage Y N: Yes
  • Covered Spaces: 0
  • Garage Spaces: 0
  • Garage Y N: No
  • Parking Features: Attached, Garage
  • Parking Total: 8
Taxes and HOA Information
  • Tax Annual Amount: $4,869.17
  • Tax Assessed Value: 410900
  • Tax Block: 42
  • Tax Lot: 42
  • Tax Year: 2020
Virtual Tour
Property
Lot Information
  • Above Grade Fin SQFT: 4462.0
  • Building Area Total: 4462.0
  • Living Area Source: Public Records
  • Lot Size Acres: 0.3877
  • Lot Size Area: 16890.0
  • Lot Size Square Feet: 16890.0
  • Lot Size Units: Square Feet
  • Number Of Buildings: 2
  • Parcel Number: 8SPRINGSTWEST
  • Stories Total: 0
Property and Assessments
  • Buyer Financing: Cash
  • New Construction Y N: No
  • Number Of Units Total: 4
  • Property Sub Type: Multi Family
  • Property Type: ResidentialIncome
  • Senior Community Y N: No
  • Year Built: 1900
  • C L I P: 1,192,073,968
Utilities
  • Electric: Amps100
  • Sewer: Connected
  • Utilities: Sewer Connected, Water Connected
  • Water Source: Connected, Public
Interior and Exterior Features
Exterior Features
  • Foundation Details: Brick Mortar, Concrete Perimeter, Stone
  • Security Features: Security System Owned
Interior Features
  • Appliances: Dryer, Gas Water Heater, Oven, Range, Refrigerator, Washer
  • Basement: Full, Interior Entry, Unfinished
  • Basement Y N: Yes
  • Bathrooms Full: 4
  • Bathrooms Half: 0
  • Bathrooms Total Integer: 4
  • Bedrooms Total: 6
  • Cooling: None
  • Cooling Y N: No
  • Fireplace Features: None
  • Fireplaces Total: 0
  • Fireplace Y N: No
  • Flooring: Carpet, Ceramic Tile, Hardwood, Laminate, Vinyl
  • Heating: Baseboard, Electric, Forced Air, Gas, Hot Water
  • Heating Y N: Yes
  • Interior Features: Tub Shower
  • Laundry Features: In Unit
  • Rooms Total: 17
Multi Family
Income & Expenses Information
  • Operating Expense: $14,054.17
Unit 1 Information
  • Actual Rent: $750.00
  • Unit Type Area: 0.0
  • Baths Total: 1
  • Beds Total: 2
  • Num of Full Baths: 1
  • Num of Half Baths: 0
Unit 2 Information
  • Actual Rent: $900.00
  • Unit Type Area: 0.0
  • Baths Total: 1
  • Beds Total: 2
  • Num of Full Baths: 1
  • Num of Half Baths: 0
Unit 3 Information
  • Actual Rent: $730.00
  • Unit Type Area: 0.0
  • Baths Total: 1
  • Beds Total: 1
  • Num of Full Baths: 1
  • Num of Half Baths: 0
Unit 4 Information
  • Actual Rent: $670.00
  • Unit Type Area: 0.0
  • Baths Total: 1
  • Beds Total: 1
  • Num of Full Baths: 1
  • Num of Half Baths: 0
Rental
Rental Information
  • Lease Amount Per Area Unit: DollarsPerSquareFoot
  • Land Lease Y N: No
  • Tenant Pays: Hot Water

Property History for 8 Spring Street

DateEvent & SourcePriceAppreciation
Jul 19, 2021

Sold

Rhode Island Association of REALTORS® #1284625

$490,000—
Jun 7, 2021

Contract Signed

Rhode Island Association of REALTORS® #1284625

—
Jun 4, 2021

Permanently Off Market

Rhode Island Association of REALTORS® #1284540

—
DateEvent & SourcePrice
07/19/2021

Sold

Rhode Island Association of REALTORS® #1284625

$490,000
06/07/2021

Contract Signed

Rhode Island Association of REALTORS® #1284625

—
06/04/2021

Permanently Off Market

Rhode Island Association of REALTORS® #1284540

—

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

Schools near 8 Spring Street

This home is within Westerly School District.
Rating
School
Type
Grades
Distance
State Street School
Public - K to 4
Westerly Middle School
Public - 5 to 8
Westerly High School
Public - 9 to 12
Springbrook Elementary School
Public - K to 4
Rating
School
Distance
State Street School
PublicK to 4

Westerly Middle School
Public5 to 8

Westerly High School
Public9 to 12

Springbrook Elementary School
PublicK to 4

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.

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Listing Courtesy of Coldwell Banker Realty

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.