Mixed-Use Two-Family
For Sale
$449,900
Pending
1854 Smith Street, North Providence, RI 02911
Residential Income, North Providence, RI
Property Size2,100 SF
Lot Size0.22 Acres
Days on Market384
Property Features for 1854 Smith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1, Basement
Parking
1
Interior features
Wall (Dry Wall), Stairs, Plumbing (Mixed), Insulation (Unknown)
Basement
Full, Unfinished
Subdivision
Centerdale
Lot features
Corner Lot
Standard status
Pending
Size
2,100 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6000
Utilities
Heating system
Natural Gas, Central, Steam
Amenities
hardwood floors
dining and living room
oversized 1 car garage
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Dry Wall, Masonry
Listing Agency:
Neighborhood Realty
Listed By:
Steve Conti
(401) 453-2268
Added: Aug 16, 2025
Changed: Aug 20
Last Checked: Sep 3 at 9:06AM
MLS# 1392786
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.
Investment Insights
Based on property information with market context.
This 2,100-square-foot mixed-use two-family property combines a versatile first-floor space with a second-floor apartment. The lower level is currently configured as a dog salon and may also serve retail, office, or residential purposes. Upstairs, the two-bedroom apartment includes hardwood floors, a dining room, living room, and two bathrooms. The property also includes an oversized one-car garage, basement, ceramic tile, and mixed masonry and drywall construction. Built in 1922, the building has a roof that is less than three years old and has been recently painted. Lead certification is in place for the two-bedroom apartment.
The 0.22-acre lot may be divisible into a separate buildable lot, subject to zoning approval. Located at 1854 Smith Street in North Providence, Rhode Island, the property offers a combination of mixed-use space and residential accommodation.
The 0.22-acre lot may be divisible into a separate buildable lot, subject to zoning approval. Located at 1854 Smith Street in North Providence, Rhode Island, the property offers a combination of mixed-use space and residential accommodation.
Key Highlights
- 2,100 SF mixed‑use two‑family property
- First floor configured as a dog salon with retail, office, or residential use potential
- Second‑floor 2‑bedroom apartment with hardwood floors, dining room, and living room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,966
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$699,320
$699.3K
Cap Rate 7%
$499,514
$499.5K
Cap Rate 9%
$388,511
$388.5K
Market Conditions
NOI Build-Up for 2,100 SF
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.
Gross rent
$53.4K $25.44/SF
− Vacancy
−$3.5K −$1.65/SF
EGI
$50.0K $23.79/SF
− OpEx
−$15.0K −$7.14/SF
NOI
$35.0K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$699,320
Cap Rate 7%
$499,514
Cap Rate 9%
$388,511
Alternative Uses
Best Use
Multifamily LT 5
$499.5K
$437.1K – $582.8K
NOI $34,966 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$396.4K
$346.9K – $462.5K
NOI $27,750 @ 7.0% cap · market cap 6.17%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 02911, RI
16,384
Population
6,894
Households
2.4
Avg Household Size
39
Median Age
33%
College-Educated
91%
High-School Grad
2.5 sq mi
ZIP Area
6,554
Density / Sq Mi
$85,803
Median Household Income
$53,209
Median Earnings
$1,480
Median Rent
$319,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible first-floor layout supports salon, retail, office, or residential use alongside a two-bedroom apartment.
Where is this mixed-use property located?
The property is located at 1854 Smith Street North Providence, RI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,100 SF mixed‑use two‑family property; First floor configured as a dog salon with retail, office, or residential use potential; Second‑floor 2‑bedroom apartment with hardwood floors, dining room, and living room
