Mixed-Use Property with Masonry
For Sale
$325,000
37 Mill Road, Foster, RI 02825
Commercial/Business,Commercial Sale, Foster, RI
Property Size1,800 SF
Lot Size4.63 Acres
Price / SF$180.56
Days on Market371
Property Features for 37 Mill Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
1
Lot features
Suburban
Standard status
Active
Size
1,800 SF
Lot size
4.63 Acres
Taxes and HOA fees
Tax Year
2025
Building Details
Year built
1972
Number of units
1
Building materials
Masonry
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
(401) 255-2391
Added: Aug 21, 2025
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 1393224
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 mixed-use property comprises 4.63 acres and includes an existing 1,800-square-foot masonry building. Constructed in 1972, the building is part of a commercial and residential site offered in its current as-is condition.
The property is located at 37 Mill Road in Foster, Rhode Island, within Providence County. Buyers are responsible for conducting their own due diligence regarding potential use and suitability.
The property is located at 37 Mill Road in Foster, Rhode Island, within Providence County. Buyers are responsible for conducting their own due diligence regarding potential use and suitability.
Key Highlights
- 4.63‑acre mixed‑use property
- Existing 1,800‑square‑foot masonry building
- Building constructed in 1972
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
$21,263
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
6.54%
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%
$425,260
$425.3K
Cap Rate 7%
$303,757
$303.8K
Cap Rate 9%
$236,256
$236.3K
Market Conditions
NOI Build-Up for 1,800 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
$37.8K $21.00/SF
− Vacancy
−$3.8K −$2.10/SF
EGI
$34.0K $18.90/SF
− OpEx
−$12.8K −$7.09/SF
NOI
$21.3K $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%
$425,260
Cap Rate 7%
$303,757
Cap Rate 9%
$236,256
Alternative Uses
Best Use
Mixed Use
$303.8K
$265.8K – $354.4K
NOI $21,263 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$428.2K
$374.6K – $499.5K
NOI $29,971 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 02825, RI
5,265
Population
2,027
Households
2.6
Avg Household Size
47
Median Age
34%
College-Educated
94%
High-School Grad
55.0 sq mi
ZIP Area
96
Density / Sq Mi
$110,177
Median Household Income
$51,550
Median Earnings
$1,525
Median Rent
$398,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial and residential mixed-use site with an existing masonry building.
Where is this mixed-use property located?
The property is located at 37 Mill Road Foster, RI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 4.63‑acre mixed‑use property; Existing 1,800‑square‑foot masonry building; Building constructed in 1972
