Business

Vacant land sells for $1M in largest single-lot sale on East Side


A SMALL EMPTY LOT on Benefit Street in Providence lately bought for $1 million, making it the largest-ever sale for an empty lot of land within the historical past of town’s East Side. / COURTESY RESIDENTIAL PROPERTIES LTD.

PROVIDENCE – Most lately used for residential parking, a small property on Benefit Street lately bought for $1 million, making it the largest-ever sale for an empty lot of land within the historical past of the East Side of Providence, based on Residential Properties Ltd.

Residential Properties, the true property agency that represented the vendor within the deal, mentioned two townhouse items at the moment are being deliberate on the 182 Benefit St. property.

The property has most lately been used for personal parking for the Rufus Waterman House at 219 Benefit St. The 0.18-acre property, proper subsequent to a historic armory constructing often known as the State Arsenal, at the moment consists of 3,800 sq. ft of paved asphalt.

“Historic Benefit Street is the location of this city-view lot zoned I-2, which can accommodate a multi-unit residential building,” mentioned Residential Properties in an announcement of the property sale. “The current concept for use of the lot is two townhouse units in a rowhouse style, enjoying views of the Providence cityscape.”

The property is situated close to the underside of College Hill, simply above North Main and Canal streets alongside the Providence River.

The lot was final valued by Providence assessors in 2021 to be value $387,200.

The Benefit Street property was bought by Benefits Holding Co. LLC to 182 Benefit Street LLC, based on a duplicate of the guarantee deed, a public file made out there on-line by town.

The restricted legal responsibility firm that now owns the property is registered to Joseph Ackaway, co-founder of the Johnston-based RI 1031 Exchange Co., which acts as a professional middleman serving to companies and people to defer taxes on the sale or acquisition of a property.

Marc Larocque is a PBN employees author. Contact him at Larocque@PBN.com. You may comply with him on Twitter @LaRockPBN.

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