Mixed-Use Building with
For Sale
$859,000
11 Peck Street, Providence, RI 02903
Residential Income, Providence, RI
Property Size3,676 SF
Lot Size0.04 Acres
Price / SF$233.68
Days on Market104
Property Features for 11 Peck Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Basement, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
None
Basement
Full, Unfinished
Appliances
Gas Water Heater
Standard status
Active
Size
3,676 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
18766
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Number of units
3
Building materials
Brick
Listing Agency:
Lenox Realty Group
(401) 572-3322
Listed By:
Gabe Francis
(617) 513-9156
Added: May 13
Changed: Aug 20
Last Checked: Aug 24 at 3:06PM
MLS# 1412531
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 3,676-square-foot mixed-use building at 11 Peck Street contains two small commercial storefronts at street level and seven office suites on the second floor. The brick property was built in 1920 and includes a basement, natural gas forced-air heating, central air, and a gas water heater. Parking is not provided on site.
The property is in downtown Providence and within an Opportunity Zone. An architect’s drawing and plans for a potential second-floor loft are included, while the existing layout could also support continued office use or another commercial configuration. The source information also describes the possibility of adding 4 floors to the structure. The heating, electrical, roof, and exterior structure are described as being in great shape.
The property is in downtown Providence and within an Opportunity Zone. An architect’s drawing and plans for a potential second-floor loft are included, while the existing layout could also support continued office use or another commercial configuration. The source information also describes the possibility of adding 4 floors to the structure. The heating, electrical, roof, and exterior structure are described as being in great shape.
Key Highlights
- 3,676‑square‑foot mixed‑use building at 11 Peck Street, Providence, RI 02903
- Two commercial storefronts on the ground floor
- Seven office suites occupy the second floor
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
$62,901
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
7.32%
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%
$1,258,020
$1.3M
Cap Rate 7%
$898,586
$898.6K
Cap Rate 9%
$698,900
$698.9K
Market Conditions
NOI Build-Up for 3,676 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
$99.3K $27.00/SF
− Vacancy
−$15.4K −$4.19/SF
EGI
$83.9K $22.81/SF
− OpEx
−$21.0K −$5.70/SF
NOI
$62.9K $17.11/SF
Area
Providence, RI
Vacancy
15.50%
Lease Rate
$27.00 /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%
$1,258,020
Cap Rate 7%
$898,586
Cap Rate 9%
$698,900
Alternative Uses
Best Use
Office B
$898.6K
$786.3K – $1.05M
NOI $62,901 @ 7.0% cap · market cap 7.32%
Second Best
Retail
$781.8K
$684.1K – $912.1K
NOI $54,726 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M
NOI $86,088 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,769
Businesses Nearby
Explore this area
Business Placement
Demographics for 02903, RI
13,264
Population
6,588
Households
2
Avg Household Size
33
Median Age
53%
College-Educated
89%
High-School Grad
1.7 sq mi
ZIP Area
7,802
Density / Sq Mi
$62,987
Median Household Income
$40,294
Median Earnings
$1,640
Median Rent
$365,600
Median Home Value
Market
Vacancy Rate% for Office in Providence, RI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial storefronts and second-floor office suites create a flexible downtown Providence configuration.
Where is this mixed-use property located?
The property is located at 11 Peck Street Providence, RI.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: 3,676‑square‑foot mixed‑use building at 11 Peck Street, Providence, RI 02903; Two commercial storefronts on the ground floor; Seven office suites occupy the second floor
