Occupied Mixed-Use
For Sale
$899,900
620 Killingly Street, Johnston, RI 02919
Residential Income, Johnston, RI
Property Size3,377 SF
Lot Size0.30 Acres
Price / SF$266.48
Days on Market41
Property Features for 620 Killingly Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Bathrooms
2
Half bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1
Parking
19
Parking features
None
Interior features
Wall (Plaster), Plumbing (Mixed), Insulation (Unknown)
Appliances
Electric Water Heater, Gas Water Heater
Subdivision
Killingly
Standard status
Active
Size
3,377 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13252
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Central Air, Window Unit(s)
Amenities
newer heating systems
solid Trex stairway
Building Details
Year built
1996
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Hardwood
Building materials
Plaster, Masonry
Listing Agency:
Re/Max Properties · RE/MAX International
(401) 232-3900
Listed By:
Kenneth Scotti · License #13099
(401) 354-4971
Added: Jul 17
Changed: Aug 20
Last Checked: Aug 26 at 7:06AM
MLS# 1417962
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 contains four units across two buildings, including three commercial spaces and one residential apartment. The 3,377-square-foot asset was built in 1996 and is fully occupied. One building includes a combined commercial space leased to a pizza and pasta restaurant with 5 years remaining on the lease. The other structure has a commercial unit on the first floor and an apartment above, with month-to-month tenancy in both spaces.
The property occupies a 0.3-acre parcel and includes updated security and fire-code compliance. Both buildings have newer heating systems, while the front structure has a Trex stairway. Interior finishes include plaster walls, vinyl and hardwood flooring, and a mix of central air and window-unit cooling. Heating is provided through natural gas and baseboard systems.
The property occupies a 0.3-acre parcel and includes updated security and fire-code compliance. Both buildings have newer heating systems, while the front structure has a Trex stairway. Interior finishes include plaster walls, vinyl and hardwood flooring, and a mix of central air and window-unit cooling. Heating is provided through natural gas and baseboard systems.
Key Highlights
- Four total units: three commercial spaces and one residential apartment
- 3,377 square feet on a 0.3‑acre lot
- Fully occupied across commercial and residential uses
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
$40,903
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
4.55%
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%
$818,060
$818.1K
Cap Rate 7%
$584,329
$584.3K
Cap Rate 9%
$454,478
$454.5K
Market Conditions
NOI Build-Up for 3,377 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
$60.8K $18.00/SF
− Vacancy
−$6.2K −$1.85/SF
EGI
$54.5K $16.15/SF
− OpEx
−$13.6K −$4.04/SF
NOI
$40.9K $12.11/SF
Area
Providence County, RI
Vacancy
10.28%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$818,060
Cap Rate 7%
$584,329
Cap Rate 9%
$454,478
Alternative Uses
Best Use
Specialty Retail
$584.3K
$511.3K – $681.7K
NOI $40,903 @ 7.0% cap · market cap 4.55%
Second Best
Mixed Use
$569.9K
$498.6K – $664.9K
NOI $39,891 @ 7.0% cap · market cap 4.43%
Theoretical Best
Multifamily LT 5
$803.3K
$702.9K – $937.2K
NOI $56,229 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
63k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 33%
Beauty & Spa 2%
Electronics 1%
Dunkin' Donuts
Dining
18,842 visits/mo
0.1 miles
Cumberland Farms
Shops & Services
18,472 visits/mo
0.3 miles
Shell
Shops & Services
16,316 visits/mo
0.3 miles
Seasons Corner Market
Shops & Services
6,046 visits/mo
0.3 miles
Hometown Pizza
Dining
1,930 visits/mo
0.1 miles
Demographics for 02919, RI
29,473
Population
11,993
Households
2.5
Avg Household Size
45
Median Age
29%
College-Educated
91%
High-School Grad
23.5 sq mi
ZIP Area
1,254
Density / Sq Mi
$87,811
Median Household Income
$56,068
Median Earnings
$1,259
Median Rent
$326,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit commercial asset combining three business spaces with one apartment and multiple existing tenancy arrangements.
Where is this mixed-use property located?
The property is located at 620 Killingly Street Johnston, RI.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Four total units: three commercial spaces and one residential apartment; 3,377 square feet on a 0.3‑acre lot; Fully occupied across commercial and residential uses
