Mixed-Use Building with
For Sale
$1,375,000
Pending
216 Main Street, Pawtucket, RI 02860
Commercial/Business,Commercial Sale, Pawtucket, RI
Property Size9,798 SF
Lot Size0.07 Acres
Days on Market232
Property Features for 216 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Downtown
Standard status
Pending
Size
9,798 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
16656
Building Details
Year built
1901
Number of units
2
Building materials
Steel
Listing Agency:
Century 21 Limitless · Century 21 Real Estate
(508) 567-3468
Listed By:
Kyle Seyboth · License #32535
(508) 726-3492
Added: Jan 6
Changed: Aug 19
Last Checked: Aug 26 at 6:06AM
MLS# 1402729
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 vacant mixed-use building contains 9,798 square feet within a steel construction completed in 1901. The layout includes two retail spaces at the commercial level and eight residential units above, creating a combination of storefront and multifamily components under one roof.
The property is located at 216 Main Street in downtown Pawtucket, within a commercial corridor near public transportation, shops, and restaurants. The site encompasses 0.07 acres in Providence County and is identified by ZIP code 02860.
The property is located at 216 Main Street in downtown Pawtucket, within a commercial corridor near public transportation, shops, and restaurants. The site encompasses 0.07 acres in Providence County and is identified by ZIP code 02860.
Key Highlights
- 9,798‑square‑foot mixed‑use building
- Two retail spaces with eight residential units above
- Steel construction completed in 1901
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
$115,739
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
8.42%
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%
$2,314,780
$2.3M
Cap Rate 7%
$1,653,414
$1.7M
Cap Rate 9%
$1,285,989
$1.3M
Market Conditions
NOI Build-Up for 9,798 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
$205.8K $21.00/SF
− Vacancy
−$20.6K −$2.10/SF
EGI
$185.2K $18.90/SF
− OpEx
−$69.4K −$7.09/SF
NOI
$115.7K $11.81/SF
Area
Providence County, RI
Vacancy
10.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,314,780
Cap Rate 7%
$1,653,414
Cap Rate 9%
$1,285,989
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,476 @ 7.0% cap · market cap 9.42%
Second Best
Mixed Use
$1.65M
$1.45M – $1.93M
NOI $115,739 @ 7.0% cap · market cap 8.42%
Theoretical Best
Multifamily LT 5
$2.33M
$2.04M – $2.72M
NOI $163,141 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 02860, RI
47,894
Population
21,467
Households
2.2
Avg Household Size
37
Median Age
25%
College-Educated
80%
High-School Grad
5.3 sq mi
ZIP Area
9,037
Density / Sq Mi
$59,954
Median Household Income
$42,038
Median Earnings
$1,112
Median Rent
$287,400
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 - Vacant downtown property combines two retail spaces with eight residential units in a steel-frame building.
Where is this mixed-use property located?
The property is located at 216 Main Street Pawtucket, RI.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 9,798‑square‑foot mixed‑use building; Two retail spaces with eight residential units above; Steel construction completed in 1901
