Mixed-Use Building with
New
For Sale
$839,000
11 Peck Street, Providence, RI 02903
Commercial/Business,Commercial Sale, Providence, RI
Property Size2,771 SF
Lot Size0.04 Acres
Price / SF$302.78
Days on Market3
Property Features for 11 Peck Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Downtown
Standard status
Active
Size
2,771 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
18444
Building Details
Year built
1920
Number of units
2
Building materials
Brick
Listing Agency:
Lenox Realty Group
(401) 572-3322
Listed By:
Gabe Francis · License #REB.0016894
(617) 513-9156
Added: Sep 24
Last Checked: Sep 26 at 6:06AM
MLS# 1424287
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.
At 11 Peck Street in downtown Providence, this 2,771-square-foot brick building contains two commercial storefronts and seven office suites on the second floor. Built in 1920, it sits on a 0.043-acre parcel. The heating and electrical systems, roof, and exterior structure are described as being in good condition.
The property is within an Opportunity Zone. The listing describes the possibility of adding four floors, as well as alternative commercial, office, or residential configurations; these are redevelopment concepts, not stated approvals.
The property is within an Opportunity Zone. The listing describes the possibility of adding four floors, as well as alternative commercial, office, or residential configurations; these are redevelopment concepts, not stated approvals.
Key Highlights
- Two commercial storefronts and 7 second‑floor office suites
- 2,771 square feet on a 0.043‑acre parcel
- Brick construction; built in 1920
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
$41,253
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
4.92%
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%
$825,060
$825.1K
Cap Rate 7%
$589,329
$589.3K
Cap Rate 9%
$458,367
$458.4K
Market Conditions
NOI Build-Up for 2,771 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
$61.5K $22.20/SF
− Vacancy
−$2.6K −$0.93/SF
EGI
$58.9K $21.27/SF
− OpEx
−$17.7K −$6.38/SF
NOI
$41.3K $14.89/SF
Area
Providence, RI
Vacancy
4.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$825,060
Cap Rate 7%
$589,329
Cap Rate 9%
$458,367
Alternative Uses
Best Use
Retail
$589.3K
$515.7K – $687.6K
NOI $41,253 @ 7.0% cap · market cap 4.92%
Second Best
Mixed Use
$559.9K
$490.0K – $653.3K
NOI $39,196 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$927.1K
$811.2K – $1.08M
NOI $64,894 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,769
Businesses Nearby
29k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Hotels & Casinos 34%
Dining 7%
Marathon
Shops & Services
8,137 visits/mo
0.5 miles
Residence Inn Providence Downtown
Hotels & Casinos
6,054 visits/mo
0.4 miles
Bank of America
Shops & Services
4,543 visits/mo
0.2 miles
Homewood Suites by Hilton Providence Downtown
Hotels & Casinos
3,707 visits/mo
0.3 miles
BayCoast Bank
Shops & Services
2,442 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Providence, RI
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two retail storefronts and a second-floor office component occupy this brick building in downtown Providence.
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 $839,000.
What are key features of this property?
This property features: Two commercial storefronts and 7 second‑floor office suites; 2,771 square feet on a 0.043‑acre parcel; Brick construction; built in 1920
