A seasoned contractor expanding into development — architectural plans drawn, comps sold across the street, and a clear path to 10 new units in Rhode Island.
Bedrosian Homes wasn't built on borrowed credibility — it was built job by job, from scratch, starting November 2020. Here's the track record.
Krikor Bedrosian launched Bedrosian Homes LLC in November 2020 — during one of the most difficult periods for small business in recent memory — and built it into a thriving, 5-star-rated contracting operation with 100+ completed projects across Rhode Island.
From full gut renovations to insurance claim rebuilds, kitchens, bathrooms, exteriors, and basements, the breadth of work is matched by a consistent record of quality and client satisfaction. This is a builder who knows exactly what it costs to construct the projects he's proposing — because he does this work every day.
The move into multi-family development is a natural, calculated next step: use existing skills, relationships, and capital to build long-term wealth through ownership rather than labor alone.
Use the equity in an existing, architect-planned 1-acre asset to fund new construction — the existing 2-family is retained throughout, preserving collateral and rental income.
Existing 2-family on a full acre in Manville. Refinancing this property retires the $230k private mortgage and unlocks a revolving line of credit. The existing 2-family structure is retained throughout — the bank's collateral is preserved. 5 new townhomes are added to the rear of the 1-acre lot.
Two multi-family sales within one mile, both closed within the past 40 days — establishing a clear market value for 245 Railroad Street before the lot-size advantage and development plans are factored in.
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Sold 4/30/26
252 Railroad St
Manville, RI · directly across the street
$616,900
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Sold 4/21/26
1 Bouvier Ave
Lincoln, RI · same submarket
$670,000
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Subject property
245 Railroad St
Manville, RI · collateral
$650k–$720k
|
|
|---|---|---|---|
| Property type | 2-family | Multi-family | 2-family same |
| Lot size | 0.46 acres (20,000 SF) | TBD | 1.0 acre (26,591 SF) 2× larger |
| Square footage | 2,064 SF | Multi-unit | 1,608 SF livable + garages |
| Garages / parking | 2 garages | — | 3 garages + 10 spaces more |
| Development potential | Limited | Limited | 5 new units + 2 retained |
| Architectural plans | None | None | Complete · permit-ready |
| Sale result | $27k over asking | Closed at ask | Est. $650k–$720k |
| Value adjustment | Base: $616,900 | Base: $670,000 |
Base (252 Railroad): $616,900
+ Lot size (2×): +$30–50k + Dev plans + zoning: +$30–50k + Garages + parking: +$5–10k Est. range: $650,000–$720,000 |
Complete drawings by National Design & Drafting — floor plans, elevations, site plans, and 3D renderings for both properties. Ready to submit the day financing closes.
Based on 2026 Rhode Island construction rates ($350–$425/SF builder-grade multi-family). Plans in hand — no architectural contingency needed. Krikor manages the build as GC.
| Line item | Low | Mid | Notes |
|---|---|---|---|
| Site work | |||
| Demolition + site prep + grading | $15,000 | $25,000 | Clearing, excavation |
| Foundation + CMU + concrete slab | $60,000 | $80,000 | Per plans — CMU wall spec |
| Utilities + site connections | $20,000 | $35,000 | Water, sewer, gas, electric |
| Driveways + concrete patios × 3 | $18,000 | $28,000 | Per plans — patio per unit |
| Structure + envelope | |||
| Framing — 2×6 ext / 2×4 int · 3 floors × 3 units | $155,000 | $230,000 | Per NDD construction spec |
| Roofing — 3 pitched roofs | $45,000 | $60,000 | Architectural shingle per elevation |
| Windows + exterior doors | $45,000 | $65,000 | Double-hung windows per plans |
| Garage doors — 1 per unit | $8,000 | $12,000 | $2,500–4,000 each |
| Siding + exterior finish | $40,000 | $60,000 | Hardie board per elevation drawings |
| Insulation — 2×6 insulated spec | $25,000 | $35,000 | Spray foam + batt |
| Rear decks × 3 | $24,000 | $45,000 | Per 2nd floor plan — stairs to grade |
| Mechanical / electrical / plumbing | |||
| Plumbing × 3 units | $54,000 | $75,000 | ~$18–25k per unit |
| HVAC × 3 units | $45,000 | $60,000 | ~$15–20k per unit |
| Electrical × 3 units | $45,000 | $66,000 | ~$15–22k per unit |
| Interior finishes | |||
| Drywall + taping + finish | $26,000 | $41,000 | All 3 units |
| Hardwood floors — 2nd + 3rd floors | $35,000 | $52,000 | Per plans · $8–12/SF installed |
| Vinyl plank — 1st floor offices | $8,000 | $14,000 | Per plans · $4–7/SF installed |
| Kitchens × 3 | $54,000 | $84,000 | Cabinets, counters, appliances |
| Bathrooms — 6 full + 3 half | $72,000 | $108,000 | Tile, fixtures, vanities |
| Stairs + railings × 3 units | $24,000 | $42,000 | Interior + deck stairs |
| Doors + trim + interior paint | $24,000 | $36,000 | Per unit allowance |
| Laundry hookups × 3 | $5,000 | $8,000 | Per plans — 3rd floor each unit |
| Hard costs subtotal | $847,000 | $1,261,000 | |
| Soft costs | |||
| Permits + impact fees (Cumberland, RI) | $12,000 | $20,000 | Building, plumbing, electrical, mechanical |
| Architecture / structural engineering | $8,000 | $15,000 | Plans in hand — structural eng. additional |
| GC overhead + profit (12–18%) | $101,000 | $227,000 | On hard costs |
| Construction insurance | $8,000 | $12,000 | Builder's risk + liability |
| Survey + geotech | $5,000 | $10,000 | Required for permit application |
| Landscaping + final grading | $8,000 | $15,000 | Loam, seed, walkways |
| Contingency (10% on hard costs) | $85,000 | $126,000 | Cost overruns + change orders |
| Total project budget | ~$1,074,000 | ~$1,686,000 | Land excluded · plans in hand |
Based on 2026 Rhode Island construction rates. Existing 2-family is fully retained — only the 5 new rear townhomes are built. Conservative fallback of 3 units also shown.
| Line item | 3 units (low) | 5 units (mid) | Notes |
|---|---|---|---|
| Site work | |||
| Site prep + grading (rear lot only) | $12,000 | $20,000 | Existing structure untouched |
| Foundation + concrete × units | $45,000 | $75,000 | Slab per unit |
| Utilities + connections | $15,000 | $25,000 | Tap into existing where possible |
| Driveways + porches × units | $15,000 | $25,000 | Per plans — porch per unit |
| Structure + envelope | |||
| Framing — 2×6 ext / 2×4 int · 2 floors × units | $110,000 | $185,000 | Per NDD spec |
| Roofing × units | $30,000 | $50,000 | Architectural shingle |
| Windows + exterior doors | $30,000 | $50,000 | Per plans |
| Garage doors — 1 per unit | $8,000 | $13,000 | $2,500–3,000 each |
| Siding + exterior finish | $28,000 | $46,000 | Board & batten / shingle per rendering |
| Insulation | $16,000 | $26,000 | Spray foam + batt |
| Mechanical / electrical / plumbing | |||
| Plumbing × units | $36,000 | $60,000 | ~$12–15k per unit |
| HVAC × units | $30,000 | $50,000 | ~$10–12k per unit |
| Electrical × units | $30,000 | $50,000 | ~$10–12k per unit |
| Interior finishes | |||
| Drywall + finish | $18,000 | $30,000 | All units |
| Hardwood floors | $22,000 | $36,000 | Per plans · $8–12/SF |
| Kitchens × units | $36,000 | $60,000 | $12–15k per unit |
| Bathrooms × units | $40,000 | $66,000 | 2 full + 1 half per unit |
| Stairs + railings × units | $15,000 | $25,000 | Interior per unit |
| Doors + trim + paint | $15,000 | $25,000 | Per unit allowance |
| Laundry hookups × units | $3,000 | $5,000 | Per plans |
| Hard costs subtotal | $554,000 | $922,000 | |
| Soft costs | |||
| Permits + impact fees (Lincoln/Manville) | $10,000 | $18,000 | Incl. special use permit if req'd |
| Architecture / structural engineering | $5,000 | $8,000 | Plans in hand — updates only |
| GC overhead + profit (12–18%) | $66,000 | $166,000 | On hard costs |
| Construction insurance | $6,000 | $10,000 | Builder's risk + liability |
| Survey + geotech | $4,000 | $6,000 | Rear lot only |
| Landscaping + grading | $6,000 | $10,000 | Rear lot finish |
| Contingency (10%) | $55,000 | $92,000 | Cost overruns |
| Total project budget | ~$706,000 | ~$1,232,000 | Existing 2-family untouched |
A phased approach from financing today through to the long-term 7-unit value play at Railroad Street.