Mixed-Use Property with Bar
For Sale
$829,900
605 Broadway, Pawtucket, RI 02860
Residential Income, Pawtucket, RI
Property Size4,846 SF
Lot Size0.10 Acres
Price / SF$171.25
Days on Market93
Property Features for 605 Broadway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CG
Bedrooms
6
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 3, Basement, Bathroom 4, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 5
Parking features
None
Window features
Insulated Windows
Interior features
Wall (Dry Wall), Wall (Plaster), Stairs, Wet Bar, Plumbing (Mixed), Insulation (Unknown)
Fireplace
1
Basement
Unfinished, Storage Space, Full
Appliances
Gas Water Heater, Microwave, Oven/Range, Refrigerator
Lot features
Fenced, Paved Driveway, Sidewalks
Standard status
Active
Size
4,846 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7773
Utilities
Heating system
Baseboard, Natural Gas
Amenities
kitchen space
two half baths
decorative electric fireplace
elegant columns
beautiful flooring
stylish bar & pendant lighting
fire system
ample off-street parking
Building Details
Year built
1930
Floors in Building
4
Number of units
4
Flooring type
Hardwood, Laminate
Building materials
Dry Wall, Plaster, Masonry, Vinyl Siding
Listing Agency:
Innovate Real Estate
(401) 323-8292
Listed By:
Filomena Silva · License #RES.0033998
(401) 489-2323
Added: Jun 26
Changed: Sep 13
Last Checked: Sep 26 at 9:06AM
MLS# 1416395
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.
Built in 1930, this 4,846-square-foot mixed-use property combines a remodeled first-floor commercial area with three residential units. The commercial space includes a kitchen, two half baths, wet bar, decorative electric fireplace, columns, laminate and hardwood flooring, pendant lighting, and installed plugs for TVs and speakers. A fire system and natural-gas baseboard heat are also present.
Each residential unit contains 2 bedrooms along with a stove and refrigerator, and the property includes a basement. Construction incorporates masonry, vinyl siding, drywall, and plaster. The 0.1004-acre property is located on Broadway in Pawtucket, near shopping, restaurants, public transportation, highways, and other local amenities.
Each residential unit contains 2 bedrooms along with a stove and refrigerator, and the property includes a basement. Construction incorporates masonry, vinyl siding, drywall, and plaster. The 0.1004-acre property is located on Broadway in Pawtucket, near shopping, restaurants, public transportation, highways, and other local amenities.
Key Highlights
- 4,846 square feet on 0.1004 acres
- Remodeled first‑floor commercial space with kitchen, wet bar, and two half baths
- Three residential units, each with 2 bedrooms, a stove, and refrigerator
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
$64,038
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
7.72%
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%
$1,280,760
$1.3M
Cap Rate 7%
$914,829
$914.8K
Cap Rate 9%
$711,533
$711.5K
Market Conditions
NOI Build-Up for 4,846 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
$123.9K $25.56/SF
− Vacancy
−$7.4K −$1.53/SF
EGI
$116.4K $24.03/SF
− OpEx
−$52.4K −$10.81/SF
NOI
$64.0K $13.21/SF
Area
Providence County, RI
Vacancy
6.00%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,280,760
Cap Rate 7%
$914,829
Cap Rate 9%
$711,533
Alternative Uses
Best Use
Apartment 5plus
$914.8K
$800.5K – $1.07M
NOI $64,038 @ 7.0% cap · market cap 7.72%
Second Best
Specialty Retail
$838.5K
$733.7K – $978.3K
NOI $58,696 @ 7.0% cap · market cap 7.07%
Theoretical Best
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,688 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
692
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled first-floor commercial area pairs with three residential units and CG zoning.
Where is this mixed-use property located?
The property is located at 605 Broadway Pawtucket, RI.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: 4,846 square feet on 0.1004 acres; Remodeled first‑floor commercial space with kitchen, wet bar, and two half baths; Three residential units, each with 2 bedrooms, a stove, and refrigerator
