PAWTUCKET – A triple-decker in the Darlington neighborhood recently sold for $716,000, marking the largest-ever sales price for a three-family home in the city, according to Residential Properties Ltd., which represented both sides of the transaction.
The record-breaking sale of 108 Suffolk Ave., according to Rhode Island Multiple Listing Service data, was completed by Residential Properties sales associate Gregory Alvares, representing the seller as the listing agent, and his colleague Ramiro Encizo, who represented the buyer as the selling agent.
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The 2,764-square-foot, three-story home, constructed in 1920, was completely renovated in 2018, with upgrades including granite countertops, central heat and air, an irrigation system, replumbing and rewiring, according to Residential Properties. The three-unit property was also fitted with new insulation in 2019, the real estate firm said.
Each of the three-bedroom units of the building come with one bathroom, eat-in kitchens and in-unit laundry machines, according to Residential Properties.
The home was most recently valued by Pawtucket assessors in 2021 as being worth $317,300, according to the city’s online property tax evaluation database. The home stands on a 0.11-acre lot, according to the database.
According to a quitclaim deed, which is a public record of a land sale, the property was transferred for zero dollars in April this year from BGRK Properties to Gregory Alvares and Beau Jacquard. Before that, the property was owned by Wells Fargo Bank in 2017, and prior to that during the same year it was owned by the R.I. secretary of housing and urban development.
Another quitclaim deed filed on May 9 this year states that Gregory Alvares and Beau Jacquard, of Pawtucket, then sold the three-family home to Raman Mehrzad, of Warwick, for $716,000.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
This purchase is obscene! With this mortgage the rent for each tenement will be close to $3,000 per month without utilities. I hope the tenements have been upgraded to include a dishwasher, washer & dryer in each unit, upgraded plumbing and electricals, and will offer designated parking spots for each unit, snow removal, trash removal, landscaping maintenance and 24-hour on call maintenance, just like the upscale apartment properties in Providence, Warwick, East Greenwich and Newport.
It is time to think about how overpriced these properties are getting to be. 10 years ago, one could live in a tenement like this one for under $1,000.00 per month. Gouging Greed has overwhelmed sellers.