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    Woonsocket Mixed-Use Corner Property Title is generated by Realmo AI

    185 Spring Street, Woonsocket, RI 02895

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    Claim this Listing
    For Sale
    $600,000

    COMMERCIAL - Woonsocket, RI

    Type:Apartment
    Property size:
    2,844 SF
    Lot size:
    0.37 Acres
    Price / SF:
    $210/SF
    Added:
    Apr 6, 2026
    Days on Market:
    52
    Last Refresh:
    May 27 at 7:06 pm

    Property Features for 185 Spring Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Rooms
    Basement
    Parking
    21
    Basement
    Full
    Standard status
    Active
    Size
    2,844 SF
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4610

    Utilities

    Heating system
    Baseboard
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1930
    Number of units
    2

    We can help!

    Listing Contact
    Antoanet Sialer

    Listing agent Antoanet Sialer

    Listing office Prime Time Properties, Inc. 498 Broadway, providence, RI

    Listing date Apr 6, 2026

    MLS# 1409322

    Copyright © 2026 State Wide MLS of Rhode Island, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use property with COMBO COM M94 R3 zoning.
    • Recently renovated second‑floor apartment offering modern comforts.
    • Located on a corner lot with 3,516 square feet of living space.
    • Versatile structure that can be retrofitted for various business applications.
    • Ample space for development on a 0.36‑acre lot.
    • First floor currently occupied by a business.

    Overview

    Located at 185 Spring Street in Woonsocket, this mixed-use property presents various possibilities for future utilization. The structure can be adapted for different applications, such as hall rental, a restaurant, or other business types. Situated on a corner lot, the property provides 3,516 square feet of living space. The zoning is classified as COMBO COM M94 R3, supporting both residential and commercial uses. The lot spans 0.36 acres, offering space for development. The first floor is currently occupied by a business. The second-floor apartment has been recently renovated, providing modern comforts and an updated living environment. This property is an opportunity for business owners or investors looking to capitalize on a versatile, well-located property in Woonsocket.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $417.6K
    NOI $37,582 @ 9.00% cap · cautious / downside scenario
    Moderate
    $536.9K
    NOI $37,582 @ 7.00% cap · market / base-case scenario
    Aggressive
    $751.6K
    NOI $37,582 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $72.7k $25.56
    − Vacancy −$4.4k −$1.53
    EGI $68.3k $24.03
    − OpEx −$30.7k −$10.81
    NOI $37.6k $13.21
    2,844 SF · lease $25.56/SF/yr · vacancy 6.00% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $536.9K
    $469.8K – $626.4K (±1% cap)
    NOI $37,582 @ 7.0% cap · market cap 6.26%
    Second Best
    Mixed Use
    $479.9K
    $419.9K – $559.9K (±1% cap)
    NOI $33,595 @ 7.0% cap · market cap 5.60%
    Theoretical Best
    Multifamily LT 5
    $676.5K
    $591.9K – $789.2K (±1% cap)
    NOI $47,354 @ 7.0% cap · market cap 7.89%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Alderwood Funeral Home ... Social Service Agency Berarducci Funeral Home ... Cremation Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Woonsocket
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.516064
    Latitude
    42.008899

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    FAQs

    What type of property is this?
    Mixed-use property - Versatile mixed-use property with commercial space and renovated apartment.
    Where is this mixed-use property located?
    The property is located at 185 Spring Street Woonsocket, RI.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Mixed‑use property with COMBO COM M94 R3 zoning.; Recently renovated second‑floor apartment offering modern comforts.; Located on a corner lot with 3,516 square feet of living space.
    (401) 265-0521
    We can help!
    Listing Contact
    Antoanet Sialer
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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